ICICI Prudential Life Term Insurance Plan

By | May 24, 2024
ICICI Prudential Life Insurance started its operations in 2001. The life insurance arm was established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited with assets under management (AUM) of approx. ₹1 billion (US$13 million).

In 2005, the company crossed the mark of 1 million policies.In 2008, it crossed the mark of 5 million policies and ₹100 billion (US$1.3 billion) in total premiums received.

ICICI Prudential term insurance cover for COVID-19 claims. The iProtect Smart term plan has four benefit options.
  • Life Option – Death Benefit + Terminal Illness + Waiver of premium on permanent disability
  • Life Plus – Death Benefit + Terminal Illness + Waiver of premium on permanent disability + Accidental Death benefit
  • Life & Health – Death Benefit + Terminal Illness + Waiver of premium on permanent disability + Accelerated Critical Illness benefit
  • All in One – Death Benefit + Terminal Illness + Waiver of premium on permanent disability + Accidental Death benefit + Accelerated Critical Illness benefit

 

Further, ICICI Pru pays term benefits on the first diagnosis of 34 critical illnesses. The death / terminal illness benefit include Cancer, Heart disease, Brain and nervous system-related disease.

ICICI Prudential Term Life Insurance claim settlement ratio – 97.80%

ICICI Prudential Term Insurance Policy Terms

 

Minimum age
at entry
18 years
Maximum age
at entry
Up to 65 years
Max. Maturity age up to Whole Life (99 years less age at entry)
Min. Sum Assured As per premium
Max. Sum Assured Unlimited
Policy term 8 – 81 years
Premium payment term Regular at annual, semi-annual,
or monthly

Riders

  • ICICI Pru Accidental death benefit rider plus
  • ICICI Pru Critical Illness rider

ICICI Prudential Life Best Term Insurance Plans

  • ICICI Pru iProtect Smart Term Plan
  • ICICI Pru POS iProtect Smart Term Plan
  • ICICI Pru iProtect Smart Money Back Term Plan

 

What I Liked

  • Long whole life cover till 99 years of age
  • 34 Critical illness benefit

What I Didn’t Like

No rebate on premium for higher sum assured.

Leave a Reply

Your email address will not be published. Required fields are marked *