All You Need To Know About ICICI Term Insurance Plan

ICICI Prudential Life Insurance Company, a leading name in the life insurance industry, is a private life insurance company owned by ICICI Bank Limited and Prudential Corporation Holdings Limited. The company was established in the year 2001 and ever since then the company has grown by leaps and bounds. As of the financial year ending 31st March 2019, the Assets under Management of ICICI Prudential Life Insurance Company was more than INR 1600 billion which shows the company’s strong financial position. ICICI Prudential offers different types of life insurance policies to its customers. A variety of term insurance plans are also offered by the company. 

Types of ICICI Term Insurance Plans

Here is a complete list of ICICI term insurance plans along with their features, benefits and eligibility conditions –

1. ICICI Pru iProtect Smart Plan

ICICI Pru iProtect Smart is the most comprehensive term insurance policy offered by the company. The plan allows different types of coverage options and secures you against life as well as health-related contingencies.

Features of ICICI Pru iProtect Smart Plan- 

• There are four coverage benefit options under the plan – Life, Life Plus, Life & Health, All-in-One. You can avail coverage not only for death but also for critical illnesses, accidental death and disability depending on the coverage option yo choose
• The plan benefit can be taken in a lump sum, in instalments or partly in a lump sum and partly in instalments
• There are different and flexible premium payment modes and you can pay your premiums regularly, for a limited period or at once
• Female-specific critical illnesses are also covered under the Accelerated Critical Illness Benefit coverage
• The sum assured can be increased on marriage and/or childbirth

2. ICICI Pru iCare II Plan

This is a pure term insurance plan which gives you the options of availing coverage against accidental deaths too. Features of ICICI Pru iCare II Plan- 

• There are two coverage options under the plan. Under the first option, the sum assured is paid on death.
• Under the second option, there is an inbuilt accidental benefit rider which pays an additional sum assured in case of accidental death
• Single premiums are also accepted under the policy
• Coverage can be enjoyed up to 85 years of age

3. ICICI Pru Precious Life Plan

This is a unique term insurance policy offered by ICICI Prudential which offers coverage even to those who have existing illnesses like diabetes, hypertension, etc.

Features of ICICI Pru Precious Life Plan- 

• Individuals who have recovered from cancer or other major surgeries can also buy the plan
• The plan offers two coverage benefits of Life and Life Plus
• Accidental death benefit rider is inbuilt in the Life Plus coverage option which provides an additional death benefit in case of accidental deaths
• The death benefit can be taken in lump sum, in instalments or in a combination of both
• Premiums can be paid at once, for a limited period or for the entire duration of the policy

4. ICICI Pru Life Raksha Plan

This is a short term life insurance policy which 
is offered for a limited duration and provides term insurance coverage to the insured.

Features of ICICI Pru Life Raksha Plan- 

• In case of death, higher of the sum assured, 10 times the annual premium or 105% of total premiums paid is paid as the death benefit
• The policy has a fixed duration of 5 years
• You need to pay premiums for the entire term of the plan to avail coverage

5. ICICI Pru POS iProtect Smart Plan

This term insurance plan provides a comprehensive scope of coverage and can be bought through a simple online process.

Features of ICICI Pru POS iProtect Smart Plan-

• Two coverage options are offered by the plan. The first one is called Life which offers the sum assured in case of death during the tenure. The second option is the Life Plus option wherein an Accidental Death Benefit Rider comes inbuilt. In case of accidental death, an additional benefit is paid
• You can choose to pay premiums regularly, for a limited time or at once

6. ICICI Pru POS Life Raksha Plan

This is a term insurance plan which allows you to buy the policy instantly without undergoing any medical check-ups.

Features of ICICI Pru POS Life Raksha Plan- 

• The sum assured is paid if the insured dies during the policy period
• The policy has a fixed coverage duration of 5 years
• Regular premiums are required under the plan

Conclusion

ICICI Prudential offers a range of term insurance plans with varying coverage levels and features. These plans, therefore, allow customers to choose the most suitable coverage for themselves. The premiums are affordable and the company offers an easy claim settlement process so that their customers’ claims can be settled quickly. So, ICICI term insurance plan is a good choice for your term insurance needs and can be bought for financial security.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.