ICICI Term Insurance FAQs

Yes. You can avail tax benefits on the premium paid for ICICI Prudential term insurance plans under Section 80C of the Income Tax Act, 1961. You can avail tax deductions for upto Rs. 1.5 Lakh per annum.

It is essential to get a term insurance plan to secure yourself as well as your family's protection in case you are not there with them in the future.

ICICI Prudential term insurance plans come with an optional cover of critical illnesses which include 34 listed illnesses including CABG, blindness, chronic lung disease, surgery to the aorta, etc.

Under term insurance plans, you can opt to form the following riders:

• Accidental death benefit rider
• Accelerated death benefit rider
• Accidental disability benefit rider
• Critical illness benefit rider
• Waiver of premium rider
• Income benefit rider.

You will require a copy of FIR and a copy of the driving license (if the policyholder was driving the car at the time of the accidents) to lodge a claim for accidental death with ICICI Prudential Term Insurance policy.

A term policy claim will be rejected when an important fact is not disclosed by the policyholder in the proposal which affects the policy issuing decision or when the policyholder provides incorrect information or withhold information while filling up the proposal form.

Yes, suicide is covered under ICICI Prudential Term Insurance plans.

Yes, the ICICI Prudential term life insurance plan keeps you covered outside India even if you are travelling abroad.

As a general thumb rule, you should have ideal term insurance cover up to 10 times of your annual income.

Yes, if the policyholder passes away due to COVID-19, its nominee will get the sum assured as a death benefit.

Yes, the ICICI Prudential Term Life policy covers death due to suicides.

You can buy the plan at a minimum age of 18 years.

Yes, as per section 80 C of the Income Tax Act, 1961, the tax deduction is offered against premiums paid for term insurance. A policyholder can claim deductions for up to Rs 1.5 Lakh, against a term insurance premium payable over 1 year.

Yes, the policyholder can make changes to the specific person and policy information at any time within the duration of the policy. The relevant forms can be downloaded from the official website of ICICI Prudential Life Insurance and then needs to be submitted at the insurance company’s branch in order to request changes in the details including:

• The spelling of the Policyholder’s name
• Nominee
• Residential Status
• Date of Birth
• Premium Payment mode or frequency
• Contact Details

However, no modifications can be done to the policy duration after purchasing the plan

Under a term insurance plan, all types of deaths are covered including illness, accidental, natural, murder and natural calamities. Only the death happening because of suicide are not given coverage in the first year of the plan.

After the death of the policyholder, if any unfortunate event results in the demise of the nominee prior to the sum assured is paid, then the benefits of the policy are received by the legal representative/ heir/ succession certificate holder.

The earlier you buy ICICI Prudential Term Insurance the cheaper and better it is. With increasing age, ICICI Prudential Term Insurance plans become expensive.

Your ICICI Prudential Term Insurance premium amount will be based on your age, gender, pre-existing diseases, occupation and cover-up to which age.

Age is a critical factor in determining the premium. The higher will be the age, the higher will be the premium.

You can show Premium Receipt to avail the tax benefits under 80C of the Income Tax Act.

No, your ICICI Prudential Term Insurance premium rates won’t change after a period of time. The premium amount is decided at the purchase of the policy and it remains fixed throughout.