ICICI Prudential Term Insurance

Since its first launch in the market, the term plan of ICICI Prudential has become a pioneer of its genre in terms of sales. This is a very friendly term plan offering financial protection to the family along with the insured against death, critical illnesses, accidents, etc. one of the major highlights of this plan is that it requires a nominal premium payment more so if it is bought early in age. It is a non-linked non-par life insurance pure risk premium product.

Most Popular ICICI Prudential Term Insurance Plans

There is a single term insurance plan under ICICI Prudential term insurance. It is known as ICICI Pru iProtect Smart. There are three aspects to this plan: basic term plan, term insurance with critical illness cover, term insurance with the accidental death benefit.

ICICI Pru iProtect Smart

This is one of the most popular term plans. There are multiple benefits associated with the scheme. One of the major highlights of the scheme is that it offers protection towards critical illness cover (optional) to the family along with accidental death coverage of up to INR 2 crores. 

Highlighting features of the plan

• The plan offers coverage against 34 critical illnesses
• Long-life coverage of up to 85 years or even whole life coverage up to 99 years is also available
• Four types of payout options available for the benefits of the buyers
• tax benefit of up to INR 54,600 under Section 80C and Section 80D of the ITA is applicable here
• An accidental death benefit coverage of up to INR 2 crores is available
• Additional riders can be added to the basic plan for enhanced benefits
• Special benefits for women

Eligibility conditions

Benefits of buying ICICI Prudential Term Plan

There are a number of benefits associated with the buying of the ICICI Prudential term plan such as the following:

• Reasonable rates

ICICI Pru iProtect Smart is noted specifically for being cost-effective. Despite the wide range of coverages, it requires a reasonable premium payment.

• Wide coverage

Depending on your circumstances and requirements, ICICI Pru iProtect Smart offers an impressively wide range of coverage options.

• Easy payment systems

To ensure the maximum benefit of the customers, the term plan premium payment can be done easily through the official online portal of the company. You can choose the payment module to be either monthly/quarterly/half-yearly/annual.

• Long tenure of coverage

ICICI Pru iProtect Smart offers life coverage of up to 99 years.

• Rider facility

You have the option to enhance the benefits of the base by adding on the rider facilities as per your requirements and convenience. 

• Simple processes

Starting from the buying of the policy to surrendering the policy, ICICI Pru iProtect Smart follows simple and easily understandable processes for the benefit of the customers.

• Tax benefits

There are provisions for tax benefits under this scheme based on the prevalent tax laws.

What is Covered in ICICI Pru iProtect Smart Plan?

1. Long-life coverage: 
   ICICI Pru iProtect Smart provides long life coverage. It ensures coverage for up to 85 years. You also have the option of receiving whole life insurance coverage for up to 99 years.
2. Critical illness: 
   This term plan covers 34 critical illness coverage. No hospital bills are required for the payment on the diagnosis of any one of those prescribed 34 illnesses.
3. Protection against other claims: 
   You can buy this term plan under the Married Women's Property Act, thus ensuring the protection of the money paid towards the policy of any other claims. Extra security is provided here.
4. Permanent disability: 
   In case of any permanent disability caused due to an accident, the company pays all the due premiums following the terms and conditions laid down by the plan.

Other common coverage like Suicide such that if the life insured commits suicide within twelve months from the date of commencement of the policy, the company will pay the higher of 80% of the entire amount of premiums paid inclusive of the extra premiums if applicable, till death.

Other Benefits of ICICI Pru iProtect Smart Plan:

1. Grace period: 
   There is a grace period of fifteen days in case of the due premium payment under the regular premium payment module.
2. Nomination: 
   There is the facility of nominating the beneficiary under this scheme as per the prevalent laws.
3. Free Look period: 
   There is the provision of a free look period of 15 days from the date of the receipt of the policy document and 30 days in case of electronic policies or policies that have been sourced through distance mode.

What is not Covered in  ICICI Pru iProtect Smart Plan?

Every term insurance policy comes with a certain set of exclusions. ICICI term plan is also no exception to this rule. Despite the fulfilment of all the terms and conditions of this scheme, the assured sum will not be paid if the death of the life insured occurs under certain circumstances including:

• Drugs/narcotics/alcohol overdose
• Due to involvement in any sort of riot/war/warlike situations
• Due to involvement in any sort of dangerous activities like adventure sports including scuba diving, bungee jumping, flying activities or any other hazardous activities
• Due to any direct or indirect involvement in any sort of illegal affair
• Accidental death due to any sort of intoxication
• Death caused by any sort of self-inflicted injury or suicide
• The policy must be active at the time of death

Exclusions for ACI (Accelerated Critical Illness) Benefit

• No more than one claim will be entertained and accepted in case of the same critical illness during the tenure of the policy. Once that claim gets exhausted no further CI claims can be made
• The limit of the ACI (Accelerated Critical Illness) Benefit is approved by the Board and under no circumstances, that regulation can be violated
• Pre-existing condition(s) will be excluded
• AIDS is not covered under this plan

For further in-depth details, read the insurance brochure carefully.

How to Apply for ICICI Pru iProtect Smart Plan?

Before buying any term insurance plan, you must first carefully judge your requirements and do your research for selecting the best suitable plan. The important factors that you need to consider during this research include the coverage amount, the premium amount, the payout option(s) and the eligibility criteria. Once all these factors are settled and sorted out, you can proceed to buy the term plan. 

There are a few easy steps that you need to follow while applying for the ICICI Pru iProtect Smart plan. These steps are as follows:

1. First, visit the company’s official website at www.iciciprulife.com or click on the company’s calculator page for requesting a call back option
2. You can also send an email at buyonline@iciciprulife.com or give a missed call on 18003157751
3. When the relevant page opens, enter the life cover amount, age, date of birth, gender and your smoking habit details
4. Enter your name and contact details
5. Choose the relevant life cover option and the payout option
6. Click on continue
7. Fill in the application form furnishing all the relevant data as required
8. Complete the necessary paperwork
9. Proceed to make the payment

ICICI Pru iProtect Smart Riders

1. Premium waiver: 
   This ensures that the particular term plan remains active despite your inability to pay premiums. It waives off the future premiums keeping the absolute benefits the same
2. Critical illness cover: 
   In case you are suddenly diagnosed with any of the critical illnesses that are mentioned in the policy document, this rider will provide the essential coverage for dealing with the medical costs for treatment
3. Accidental death:
   Under this rider, the insurer is liable to pay double the sum assured in case the policyholder dies in an accident.
4. Disability: 
   Under this rider, the insurer pays a particular sum assured for the next 5 or 10 years in case the policyholder suffers any partial, temporary or permanent disability.
5. Income benefit: 
   This ensures a regular fixed source of income after the sudden demise or disability of the policy buyer.

This is a wholesome guide regarding the ICICI Prudential term insurance plans. Depending on your personal choice, preference and requirements, you can choose to proceed with any of these plans. 

ICICI Prudential Term Insurance Claim Process

ICICI Pru follows three simple steps for claim settlement. theses are as follows:

• Claim reporting

Reporting your claims is the primary step. It can be done online, at any of the ICICI branches, through an SMS ‘ICLAIM<space>Policy number to 56767, email at claimsupport@iciciprulife.com

• Insurance claim review

The relevant authorities will thoroughly check and scrutinise your claim details step by step. They will duly assess the claim, inform and contact you in case of any need for any additional document and complete the step as soon as possible. 

• Insurance claim settlement

Once all the paperwork is completed along with the verification and scrutinisation, the claim is duly settled without any further delay. The claim settlement is done through online mode for reduced paperwork and easy convenience.

ICICI Prudential Term Insurance Customer Care Details

ICICI Pru iProtect Smart Plan Review 

This has been termed as “truly a commendable term insurance plan”, devoid of too many payout options and features. It is an easily affordable plan with easy and user-friendly terms and conditions.