ICICI PRU

Group Term Life Solutions

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Why ICICI Pru Group Term Life insurance cover?

The Group Term Life insurance cover from ICICI Prudential is a pure term group insurance product which ensures financial security for your member's family in the event of unfortunate death of the member.


ICICI Prudential Group Term Life plan is an offering to both Employer-Employee groups and non employer - employee groups, which include microfinance institutions, non banking financial institutions, banks and other professional groups.. The plan provides for a lump sum benefit (Sum Assured) at an affordable cost in the event of death of a member. The plan is offered through a single master policy issued to the group administrator .

details

Minimum group size50
Minimum premiumRs. 10,000 at policy level
Minimum sum assuredRs. 1,000 at member level
Minimum / Maximum age at entry18 to 69 years (age last birthday)
Maximum age at policy expiry70 years (age last birthday)
Policy term1 year
Benefits payable
  • Multiples of salary
  • Flat cover
  • Graded cover
  • Cover against outstanding loans
Benefits to be paid toNominee of the member
Medical examinationNo medical examination for members up to Free Cover Limit (FCL), only members above FCL have to undergo medicals
Rider benefits
  • Critical illness rider
  • Accident benefit rider
  • Accident and disability benefit rider
  • Accelerated critical illness rider
Mode of premium paymentMonthly, Quarterly, Half Yearly / Yearly
Scheme administrationMonthly addition and deletion of members
Exclusions For non employer employee groups,
  • Death due to suicide is not covered for the first policy year
  • Natural death is not covered for the first 45 days of joining the policy

ICICI Pru Group term life insurance plans offer great advantage to you


  • One of the affordable life insurance product
  • It offers a cover with no or limited medical examination
  • Ease of administration through simple documentation
  • Death benefits & administration process can be customized to meet your requirement

You as a group administrator can offer these plan to your members so as to address the two critical needs: Security for their family and safeguarding their own financial interests.

More..

Benefits of Formal Group Term Life Cover

Benefits of Informal Group Term Life Cover


Benefits of Formal ICICI Pru Group Term Life Cover

In case of formal groups, ICICI Pru group term life plan offers distinct advantages to the employer and employees whereas

As an employer:

  • Provide welfare benefits to the employees and their family at affordable cost
  • Strong retention tool and loyalty building mesure for employees
  • Simple and customizable administration procedure
  • Optional riders at nominal cost
  • Tax benefits as per prevailing Income Tax & Rules*

As an employee:

  • Financial security of family members and dependants
  • Easy enrolment process with no medical examination required upto free cover limit
  • Flexible and low cost cover, in case of voluntary top up cover opted by the member
  • Coverage of 24 hours a day, 7 days a week, anywhere in the world
  • Life protection with choice of optional riders

Benefits of Informal Group Term Life Cover

ICICI Pru Group term life plan offers distinct advantages in case of informal groups for covering various loans / liabilities of members arising on account of death, disability or critical illness

As a group administrator you can

  • Have an option to pay for the life cover or recover the premiums from your members
  • Provide appropriate death benefits to the member's families
  • Help mitigate loan defaults in event of demise of member
  • Simple administration procedures

Members of your group

  • Can avail Insurance protection at affordable costs
  • Easy enrolment process with no medical examination required upto free cover limit
  • Coverage of 24 hours a day, 7 days a week, anywhere in the world
  • Avail optional range riders in addition to life Protection
  • Tax benefits to are as per prevailing Income Tax Laws*

Additional rider benefits that can be offered

The benefits for group term plans can be enhanced by availing additional riders, which provide insurance against accidents, disability and critical illness. You can opt for one or many of the following riders at an extra nominal cost.


  1. Accident Benefit Rider (ABR)

    • The benefit under this rider is payable in the event of death of the life assured due to an accident. The maximum benefit is equal to the basic sum assured.
  2. Accident and Disability Benefit Rider (ADBR)

    • The benefit under the rider is payable if death occurs due to an accident. The maximum benefit is equal to the basic sum assured.
    • Further if the member is disabled totally and permanently due to an accident, caused by violent, external and visible means the benefit shall become payable. The benefit under this case again cannot exceed the basic sum assured.
  3. Critical Illness Rider (CIR)

    The benefit under this rider shall be paid in addition to the Group Term Plus cover if the member is diagnosed with any of the following nine illnesses:

    • Cancer
    • Coronary Artery By-Pass Graft Surgery (CABGS)
    • Heart attack
    • Major Organ Transplant
    • Aorta-surgery
    • Heart valve replacement/surgery
    • Kidney Failure
    • Stroke
    • Paralysis
  4. Accelerated Critical Illness Rider (ACIR)

    If the employee suffers from any of the nine critical illnesses listed above and this is proved to the satisfaction of the medical officer of ICICI Prudential Life Insurance, the critical illness benefit shall become payable as a lump sum immediately. On payment of this benefit, the basic sum assured and all other rider benefits shall terminate. The maximum benefit under this rider is capped at lower of two times the annual salary or the basic sum assured.

How does this plan work ?


ICICI Pru Group term life insurance cover is offered through a master policy issued to the group administrator. The master policy holder pays an initial premium covering all the members for a period of one year.

There is an option to choose sum assured to be provided to the members,. This can either be a flat cover amount, graded or even linked to salary or loan amounts etc.

Once you as a master policy holder make the premium payment to ICICI Prudential, the members are covered for a period of one year from the date of risk commencement subject to receipt of premium. In the event of death of a member due to any cause the nominee of the member is paid the death benefit or sum assured. This ensures the financial security of the family of the member.

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