ICICI Term Insurance
ICICI Prudential Life works on the core philosophy of customer centricity. The company offers long-term savings and protection solutions to meet different life stage requirements of its customers. The company is known for its superior quality services and cost-effective insurance products. ICICI Prudential believes in providing a hassle-free claim settlement experience and hence is deemed as best in the industry.
ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Company was established in the year 2000 as collaboration between ICICI Bank and Prudential Corporation Holdings Limited. The collaboration started its operations in the fiscal year 2001. The brand has successfully established itself as one of the top insurance brands in the Indian insurance market since then. The company is one of the first private sector insurance organisations in India to be listed on NSE and BSE.
ICICI Prudential Life operates on the core philosophy of customer centric services. The company offers a wide array of protection solutions as well as long-term savings to fulfil different life stage requirements of its customers.
ICICI Prudential Life has developed and implemented various schemes to provide cost-affordable products and superior services to its customers. The brand is also known for its hassle-free claim settlement experience amongst the users. As per IRDA reports, the claim settlement ratio of the company for the Financial Year is of 97.88%, which is a recommendable figure.
Let’s have a look at different ICICI term insurance plans offered by ICICI Company:
ICICI Term Insurance Plans
ICICI Life provides 2 Term Insurance plans that offer several other benefits other than providing pure protection. These ICICI term plans can be purchased both in online and offline mode. Interested customers can buy these plans through various modes including agents, brokers, bancassurance, etc.
|Plan Name||Entry Age (Min – Max)||Maturity Age (Min – Max)||Sum Assured (Min – Max)||Tax Benefit|
|ICICI Pru iProtect Smart||18 – 65 years||23 – 75 years||Subject to the minimum premium – Unlimited||Tax Benefit Under Section 80C and 80D of Income Tax act|
|ICICI Pru iCare II||18 – 60 years||Max – 65 years||Rs 87,423 – No Limit||Tax Benefit Under Section 80C of the Income Tax act|
ICICI Pru iProtect Smart Term Insurance
- Longer cover
- Offers claim payout on first diagnosis of any of the covered 34 Critical Illnesses.
- Four pay out options:
- Lump sum
- Increasing Income
- Lump sum plus income
- Life cover paid in diagnosis of terminal illness (including AIDS)
- Allows you to add accidental cover of your choice during buying the plan or even later
- Option to buy under MWP (Married Women Protection) Act
ICICI Pru iCare II Term Insurance plan
- Offers One Pay option and Regular Pay option
- Choose between the options to cover between 5, 10, 15, 20, 25 or 30 years
- Minimum premium of Rs 2,400 (excluding taxes)
Benefits of ICICI Term Insurance Plans:
In the unfortunate event of the demise off the policyholder during the policy term, her/his nominee will receive one of the following two death benefits:
- Sum Assured chosen by the policyholder
- Sum Assured chosen by the policyholder plus Accidental Death Benefit
Maturity or paid-up or survival benefit:
There is no maturity, paid-up value or survival benefit available under this product.
Surrender value is only applicable of the policyholder has chosen the option of One Pay
Tax benefits are applicable under section 80C and 10 (10D) of the Income Tax Act, 1961, making their policies a great place to invest.
ICICI Prudential Life has made its policies available online or its customers. This not only saves the prospective buyers from the hassle of dealing with agents and intermediaries purchase but also saves them a goo aunt of money.
Riders available with ICICI Term Insurance:
ICICI term insurance offers various riders for its customers. They are:
Accidental Death Benefit Rider:
In case the life assured dies due to an accident, he/his nominee will receive basic sum assured along with additional accidental death benefit rider sum assured.
Accidental and Disability Rider:
In case the life assured goes through an accident and faces disability due to it, her/hi nominated beneficiary will get the sum assured along with the additional accidental and disability rider benefit.
Terms and Conditions of ICICI Term Plan:
If the policyholder is not satisfied with her/his ICICI term policy, s/he may cancel it by returning the policy document to ICICI Prudential citing the reasons within:
a) 15 days from the date s/he has you received it, if it’s an electronic (online) policy.
b) 30 days from the date s/he has received it, if its purchased through distance marketing.
Once the policy is cancelled, the policyholder will get the premium paid by her/him after the deduction of expenses borne by the company for any medical test, stamp duty paid under the policy and proportionate risk premium for the cover period.
Accidental Death Benefit:
The death shouldn’t be due to any of the following reasons:
- Attempted suicide or self-inflicted injuries while sane or insane
- Under the influence of any narcotic substance/intoxicating liquor/
- Due to engagement in aerial flights (including skydiving and parachuting)
- Due to criminal activity
- Due to war or relate activity
- Due to engagement in hazardous sports or pastimes, e.g. taking part in (or practising for) climbing, caving, boxing, jet-skiing, horse racing, martial arts, jet skiing, underwater diving, mountaineering, power boat racing, any race, trial or timed motor sport or yacht racing.
It should be understood that the ICICI term policy must be in-force at the time of accident. In absence of which, the company will not be liable to pay this benefit.
A grace period for payment of premium of 15 days applies for monthly premium payment mode and 30 days for other modes of premium payment. If the premium is not paid within the grace period, the ICICI term plan shall lapse and cover will cease.
If the premium is not paid either on the premium due date or within the grace period, all benefits under this policy will cease. No benefit will be payable in case of death of the policyholder while the policy is in lapsed condition. This condition is applicable only for Regular Pay option.
This feature is only applicable for Regular Pay option. A policy may be revived within 2 years from the date of non-payment (subject to the conditions mentioned in the policy document)
- Sum Assured and the policy type once chosen at the time of buying the policy cannot be changed alter on.
- No loans facility is available under the policy.
Claim Process of ICICI Term Insurance:
ICICI Prudential Life stands tall with its claim settlement ratio of 97.88%. The company is known for offering the claim benefits at the earliest within the set timelines by IRDA of India.The claim process of ICICI term plan is as follows:
Intimation of Claim for ICICI Term Plan:
- The nominee has to intimate the company about the demise of the policyholder by filing a claim form. One can report her/his claims online, at the company’s branches or through a text message as per her/his convenience. The claim will only be registered formally once the company has received a written request of claim settlement at its branch or Claims Cell office.
- The ClaimCare team of the company then reviews the nominees’ claim details and guides them about the process.
- The ClaimCare team will assess the claim and will inform the policyholders in case any documents are pending. One can also contact the company’s touch points to check the status of her/his claims.
- Once the ClaimCare team has received all the relevant documents, it will proceed to settle the claim.
- The company believes in a hassle-free claim settlement procedure and hence enabling its customers to experience the ultimate service it is known for.
ICICI Claim Helpline:
Documents required for Death Claim
Below enlisted is the list of documents one will require to raise a Death Claim:
- Claim intimation or the claimant’s statement
- Death certificate photocopy issued by the Local Municipal Authority
- Photocopy of the claimant’s photo ID Proof & current address proof
- Cancelled cheque for bank account details
Additional Documents for Non-Accidental Death
- Photocopy of Medico Legal Cause of Death Certificate
- Photocopy of medical records including discharge/death summary, admission notes, test reports, etc.)
- Hospital Certificate or medical attendant’s form to be filled by the treating doctor –
- Employer certificate(for salaried individuals)
Additional Documents for Accidental Death
- Photocopy of FIR and Panchnama & Post Mortem Report or Inquest Report for suicide cases & accidental death
- Photocopy of Driving License if the insured was driving the vehicle at the time of accident (This condition is applicable for the cases where ‘Accident and Disability Benefit Rider’ is opted)
ICICI Term Insurance – FAQ’s:
Q1: What can be done if a policyholder has lost her/his original policy document?
The life insured will have to submit a request with the nearest ICICI Life Insurance Branch to get a duplicate copy of the policy. The policyholder will also need to submit a notarized copy of an indemnity bond. It can be downloaded from the company’s website an should be printed on a stamp paper worth Rs 500/-along with a copy of self-attested ID proof.
Please understand that there will also be a reprint charge of Rs 200 applicable.
Q2: How to track the status of a ICICI term insurance policy application?
One can check the status by visiting the ‘Application Tracker’ page on the company’s website. The applicant needs to enter her/his ‘Application Number’ and ‘Date of Birth’ in the respective fields and the application status will be displayed on the screen.
Q3: What is meant by distance marketing channels?
By distance marketing it means purchasing a plan through the following mode:
- Short Messaging Service (SMS)
- Voice mode, which includes telephone-calling
- Electronic mode such as internet, e-mail and interactive television (DTH)
- Physical mode such as direct postal mail, newspaper or magazine inserts
Q4: What is the procedure to cancel a policy within the free look period?
If a policyholder is not satisfied with the terms & conditions of a policy one has bought, s/he can return the policy document within the free look period for the cancellation.
To get the policy cancelled, the policyholder needs to visit her/his nearest ICICI Prudential Life Insurance branch carrying the below enlisted documents:
- Payout request form
- Original policy certificate (sent with the policy document)
- Self-attested copy of valid photo ID proof
- Self-attested cancelled cheque. Please make sure that your name and account number is clearly visible on the cheque.
Once the policy will be cancelled, the applicant will receive a refund for the premium s/he had already paid after deductions made for stamp duty charges, medical tests expenses borne by the insurer( if any), etc.
Q5: What are the different options to pay for the ICICI term plan premium policy?
Following are the different options to pay your premium via online mode:
- Net Banking
- Debit Card
- Credit card
- Bill Junction
- Bill Desk
- Unified Payments Interface (UPI)
- Bharat QR
- Bank Website
- Infinity (specifically for the ICICI Prudential policyholders who have ICICI bank account)
You can walk into the following bank branches to drop a cheque or deposit cash for your premium payment:
- Any ICICI Bank Branch
- Any ICICI Prudential Branch
- Any Axis Bank Branch
- Any State bank of India Branch
- Selected Yes Bank Branches
- Common Service Centre Outlets
Q6: How to confirm if the premium paid has been updated to the policy or not?
The premium payment details are available on the policyholders’’ individual ICICI Prudential account on the company’s website.
Q7: Is there an option to revive the policy later on if someone forgets to make the premium payments?
Yes, one can definitely do so.
For less than six months:
The policyholder needs to visit ‘Pay Premium’ page on the company’s website and pay the due premium amount to revive the policy.
For more than 6 months:
The policyholder can pay the due premium amount and submit a personal Health Declaration form which needed to be sent to the official email id of the company: lifeline@iciciprulife[dot]com or can be submitted at the nearest ICICI Pru Life branch.
Q8:What is meant by ‘policy lapse’ and ‘policy discontinuation’?
If the policyholder doesn’t pay the due premium amount within the lock-in period, her/his policy will lapse and all the benefits of the particular policy will lapse, which is also known as ‘policy lapse’.
In this case, the policyholder gets a grace period of 15 days for monthly premium account and 30 days grace period for half yearly and yearly premium payment frequency.
In case, the policyholder hasn’t paid the due premiums even after the completion of 45 days of the grace period, the policy will be discontinued, which is known as ‘policy discontinuation’. The policy benefits will be ceased in this case and the premium paid till date will be moved to the discontinued fund. This amount would be locked in uptil next 5 years (also known as lock-in period).
Please note that the policyholder will have access to the discontinued fund only after the lock-in period of 5 years is completed.