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Term insurance is a type of life insurance policy that only pays out on the death of the life assured during the term of the policy. Within this category, ICICI Prudential Life Insurance offers two policies - ICICI Pru iProtect Smart & ICICI Pru Precious Life, both of which cover a diverse range of needs. Salient features mentioned below will help you understand these term insurance plans and select the one for yourself based on your needs and health conditions.

Our Term Plans Offering

Feature ICICI Pru IProtect Smart ICICI Pru Precious Life
Category Term Insurance Term Insurance
Minimum Entry Age 18 years 18 years
Maximum Entry Age 65 years(except for Pay till 60 premium payment mode in which case, 55 years) 65 years
Maximum Maturity Age 99 years 70 years
Minimum Sum Assured As per premium ₹ 2,00,000
Maximum Sum Assured Unlimited Unlimited
Minimum Annualised Premium ₹ 2,400 ₹ 2,400
Policy Terms 5 - 81 years 5 - 40 years
Whole Life Cover Yes No
Premium Paying Options Single, Regular, Limited or 60 - age at entry Single, Regular or Limited
Premium Payment Frequency Single, Yearly, Half-yearly, Monthly Single, Yearly, Half-yearly, Monthly
Tax benefit under Section 80 C Yes Yes
Tax exemption on benefits under Section 10 (10) (D) Yes Yes
Lump sum Payout Yes Yes
Income Payout Yes Yes
Increasing Income Yes Yes
Lump sum + Income Yes Yes
Critical Illness Protection (optional) Yes No
Accidental Death Benefit(optional) Yes No
Can Accidental Death Benefit cover be added later during the Policy term?* Yes No
Terminal Illness Benefit Yes No

Salient features of Term Insurance Plans

Term Insurance Plans are designed to address the core needs of your family in the event of an untimely death. Apart from that, here are some other features of term insurance plans that you need to know about.
Accident Death Benefit (Optional)+
Both ICICI Pru iProtect Smart and ICICI Pru Precious Life also offer you the option to get extra coverage benefit in case of accidental death+. You can add these benefits either at the time of taking the policy or later during the policy term*.
Critical Illness Protection^ICICI Pru iProtect Smart^ offers an optional critical illness protection benefit. This is a popular option among our online buyers, chosen by 1 in every 4 customers~ . The Accelerated CI benefit is payable on the first occurrence of any of the covered 34 critical illnesses including heart attacks and cancer. You do not have to submit any hospital bills either, just a copy of the diagnosis report.
Terminal Illness Protection3ICICI Pru iProtect Smart pays you the full death benefit on the diagnosis of terminal illness, including AIDS.
Life Stage ProtectionUnder ICICI Pru iProtect Smart, you can enhance your life insurance cover at key life milestones. The policy allows you to increase the cover by 50% on marriage, 25% on the birth or legal adoption of your first child and another 25% on the birth or legal adoption of your second child.
Flexibility of PayoutHandling a large sum of money is difficult, especially for a family dealing with the grief of a member’s death. Both ICICI Pru iProtect Smart and ICICI Pru Precious Life allow your family to take the benefit amount as a lump sum, monthly income for 10 years or a combination of a lump sum and income. Not just this, the policy also gives you the option to take the death benefit as an increasing income.


Are the term plans in the market similar in all aspects?

All term plans serve the same purpose, which is providing you pure life cover. But these term plans may differ from each other in terms of additional features such as terminal and critical illness cover, permanent disability benefit, accidental death benefit, etc.

Can I have two term insurance policies?

Yes, you can buy multiple term insurance plans as far as you are eligible in terms of your age, annual income, medical condition, etc.

How much term insurance can I get?

Life insurance companies decide the upper limit for your term insurance cover based on various factors such as your age, annual income, medical condition, etc. You can use the HLV Calculator to calculate suitable term insurance cover for yourself.

Is it secure to buy term insurance plans online?

Yes, buying term insurance online is not only safe but also easy. When you buy a term plan online from a life insurance company’s website, you buy directly from the insurance provider without any intermediaries. Transactions on these websites are not only transparent and safe but more cost-effective too.

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^Critical Illness Benefit (CI Benefit) is optional and available under Life and Health and All in One options under ICICI Pru iProtect Smart. This benefit is payable, on first occurrence of any of the 34 illnesses covered. Only doctor's certificate confirming diagnosis needs to be submitted. The benefit is payable only on the fulfillment of the definition of the diagnosed critical illness. The CI Benefit, is accelerated and not an additional benefit which means the ICICI Pru iProtect Smart policy will continue with the Death Benefit reduced by the extent of the CI Benefit paid. On payment of claims for treatment of Angioplasty, if the CI Benefit is more than ₹ 5,00,000 the policy will continue for other CIs with CI Benefit reduced by Angioplasty payout. Premium payment on account of CI Benefit will cease after payout of CI Benefit and the future premiums payable under the policy for death benefit will reduce proportionately. If CI Benefit paid is equal to the Death Benefit, the ICICI Pru iProtect Smart policy will terminate on payment of the CI Benefit. To know more in detail about CI Benefit, terms & conditions governing it, kindly refer to the sales brochure of ICICI Pru iProtect Smart. Critical Illness benefit is available for the entire policy term or till the age of 75 years, whichever is lower.

~Based on the number of policies sold online between April 2018 - March 2020.

3Please refer to the product brochure for definitions, exclusions and other terms and conditions applicable for terminal illness.

++Nothing herein contained shall operate to destroy or impede the right of any creditor to be paid out of the proceeds of any policy of assurance, which may have been effected with intent to defraud creditors. In case of any third party claim in the Courts of India with regards the insurance proceeds, the amount shall be subject to the judiciary directions. Please seek professional legal advice for the applicability of this provision.

+Accidental Death benefit is up to ₹ 2 Crores. Accidental Death Benefit is available in Life Plus and All in One options under ICICI Pru iProtect Smart. In case of death due to an accident, Accidental Death Benefit will be paid out in addition to Death Benefit. Accidental Death Benefit is only available for the policy term or till the age of 80 years, whichever is lower.

*If not chosen at inception of the policy, you can choose to enhance your coverage by adding Accidental Death Benefit during the policy term, except in the last 5 years of the policy. Deletion of benefits is not allowed. This feature is available only with Regular Pay option.

ICICI Pru iProtect Smart UIN 105N151V06

ICICI Pru Precious Life UIN 105N178V01