Claim Settlement Ratio (FY2025)
Premium
Refund Option°
Instant Claim Payout5
Terminal Illness Benefit6
12-month Premium Break Option4
Accidental Death Cover9 (Optional)
60 Critical Illness Cover## (Optional)
Up to 15%S Salaried Discount (1st Year)
Up to 5%` Lifetime Online Discount
Flat 15%F Lifetime Female Discount
Terminal Illness Benefit6
12-month Premium Break Option4
Accidental Death Cover9 (Optional)
60 Critical Illness Cover## (Optional)
Prashant’s Age | 30 |
Retirement age | 60 |
Annual Income | ₹ 11 Lakhs |
Current Family Expense (Per year) | ₹ 3 Lakhs |
Family’s overall expenses for the next 30 years (assumed inflation rate 6%) | ₹ 2.4 Crores |
Other expenses (loan, education expenses etc.) | ₹ 35 Lakhs |
Personal Savings | ₹ 10 Lakhs |
Value of personal savings after 30 years (@10% assumed growth rate) | ₹ 1.5 Crores |
Recommended Life cover | ₹ 2.75 Crores – ₹ 1.5 Crores = ₹ 1.25 Crores |
You need to research the different term plans available to ensure the product you buy satisfies all your requirements. Here are some parameters you should look into before purchasing a term insurance plan:
Affordable
Life cover of ₹1 Crore at an affordable premium rate>>
Increase Cover
Option to increase life cover1 in future up to 3X of original life cover, based on life stagesL like marriage, birth of children or taking a home loan
Premium Break Feature
Option to avail multiple 12-month premium breaks4, even during maternity break, business slowdowns or job loss
Add-ons
Useful add-ons to enhance your life cover1, offering upfront lumpsum payouts in case of accidental dealth9 or the 60 critical illnesses## covered in the plan
Extent Option
The choice to extend coverage up to 99 years of age
Discount Benefit
Up to 5%' lifetime online discount throughout policy term on iciciprulife.com