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Term Insurance Calculator

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Policy Issued

How the plan works?

35 Years
Anil chooses
ICICI Pru iProtect Smart
with Life Cover of
₹1 crore for 30 years
35-65 Years
Anil makes regular
premium payment
65 Years
After his unfortunate death-
The Life Cover is payable to the nominee
Anil’s Wife
The nominee gets
₹83,333 as
monthly income
for 10 years
32 Years
Priya chooses ICICI Pru iProtect Smart
with Life & Health Cover of
₹1 crore & Critical Illness
Cover of ₹20 lakh for 30 years
40 Years
She is diagnosed with a critical illness.
She is paid ₹20 lakh as a lump sum &
policy continues with the Sum Assured
reduced to ₹80 lakh
Priya’s Daughter
On Priya's unfortunate demise
at the age of 55,
her nominee gets
₹80 lakhs as lump sum

Quick Guide to your plan

Term Plan

Additional Benefits

Term Plan Calculator

Quick Guide to your plan

Term
Plan
Additional
Benefits
Term Plan
Calculator
What is a Term Plan?
Term Insurance plan is a simple and pure risk cover form of life insurance. It provides financial protection to your family against a fixed premium paid for a specified term. You can get a large amount of life cover (sum assured) at affordable premiums. The nominee receives the death benefit in case of death of the policyholder
When should I buy a term plan?
The earlier you buy a Term Plan, the better it is as the premiums are lower when you are young. Also, with current lifestyles and increasing instances of illnesses, it may become difficult to get a term plan later, as you grow older
Anil, 30 years old
Non-smoker
ICICI Pru iProtect Smart
Policy duration:
30 years
Premium:
₹885 p.m
Arun, 40 years old
Non-smoker
ICICI Pru iProtect Smart
Policy duration:
30 years
Premium:
₹1,784 p.m
Who should buy a term plan?
Parents
If you have children or dependent adult family members and are responsible for paying for their needs and upkeep then you must buy a term plan
Young individuals
The premium for term insurance increases with age. So it makes smart sense for young professionals without financial liabilities to buy term plan early – this way they get lower premium rates and the rates will not increase over time
Newly married couples
A term plan can help you create a financial safety net for your growing family so that their dreams are never compromised, even when you are not around
Home loan repayment
In case of an unfortunate incident, the responsibility of paying the outstanding loans should not fall on your loved ones. In case of your unfortunate demise, the death benefit payout from the term plan can be used by your family to repay your loans
How much life cover do I need?
The life cover you need depends on your current annual income. We recommend that a life cover equivalent to 10-15 times your annual income is sufficient to provide for a safe future for your family
If budget is a problem, you can go for a monthly premium payment option over a yearly commitment. However, it is important to have a sufficient life cover so that your family’s financial security is not compromised
What is limited pay option?
With the limited pay option, you can pay premiums for a specific pre-agreed period of time (5, 7 or 10 years) and enjoy the life cover for the whole policy duration, irrespective of the premium payment period. You can save up to 65% over the entire policy duration with this option
Which payout option should I choose?
ICICI Pru iProtect Smart has four payout options:
  1. Lump sum - The entire life cover is payable as a lump sum (single payment)
  2. Regular income - 10% of the life cover is payable every year for 10 years. This is paid in equal monthly installments
  3. Increasing Income - The life cover is payable in monthly installments for 10 years starting with 10% of the life cover in the first year. The income amount will increased by 10% per annum thereafter
  4. Lump sum + Income - You have the flexibility to split the life cover amount that you want your nominee into two parts – one part of the life cover as a lump sum and the remaining life cover will be paid in equal monthly payments for 10 years
What is Accidental Death benefit9 (optional)?
In case the policyholder dies due to an accident during the policy term, the nominee/legal heir will be paid an extra amount. A maximum cover of ₹2 crore is available with this benefit, which you can add during purchase or even after the purchase
Anil - Age 30
Anil chooses a life cover of ₹1 crore with Accidental Death benefit cover of ₹50 lakh.
Anil - Age 45
Anil dies due to an accident and his nominee gets ₹1.5 crore
What is Critical Illness benefit##(optional)?
Critical illness benefit pays claim amount on first diagnosis of any of the 34 critical illnesses. It means that just a photo copy of diagnosis report is needed and no hospital bills are required to initiate the claim. For women, there is an option to cover critical illnesses like breast cancer and cervical cancer as well. Once the claim for critical illness is paid out, the life insurance cover minus the critical illness cover stays in force with reduced premium.
What is Inbuilt Terminal illness benefit3?
If the policyholder is diagnosed with a terminal illness like AIDS, full sum assured is paid out immediately. This is an in-built benefit and thus, comes at no extra cost
Anil - Age 30
Anil buys ICICI Pru iProtect Smart with a life cover of ₹1 crore
Anil - Age 45
He is diagnosed with a terminal illness. His entire life cover amount is paid to him.
What is Inbuilt Permanent disability benefit5?
The policyholder does not need to pay future premiums in case of permanent disability due to an accident. The life cover continues for the entire policy term. This is an in-built benefit and thus, comes at no extra cost
Ajay- Age 32
Ajay buys ICICI Pru iProtect Smart with a life cover of 30 years and a policy term of 30 years
Ajay- Age 45
Ajay meets with an accident and he was not able to move, climb or bend. The company waived off all his future premiums and the life insurance cover stayed in force for the entire policy term.
What is a Term Insurance calculator?
A term insurance plan offers you a life cover in exchange for a premium. This premium is directly proportional to the sum assured and tenure of your plan. A high sum assured and long tenure may result in a high premium and interfere with your budget. On the other hand, a low sum assured and short tenure may get you a low premium but may not be adequate for your family’s future requirements.
Ascertaining the right premium, sum assured, and tenure can be confusing. But a term plan calculator can help you.
A term insurance calculator is an online tool that lets you calculate term insurance premium for your plan. You can use this calculator free of charge and understand the estimated premium amount of your desired plan. Using a term insurance calculator is simple and completely hassle-free. All you need to do is add a few details like your name, age, annual income, etc., and the calculator will calculate term insurance premium for you.
How does a term insurance calculator work?
The term insurance calculator takes into account details like your age,lifestyle habits like smoking or drinking, income, age, gender, policy term, sum assured, riders, etc. and calculates an estimated premium amount for the chosen plan. You can also choose premium payment options like monthly, half-yearly, annual, etc., to get a clear picture of the premium amount for each option.
The term plan calculator gives you estimate based on the information you feed. So, if you change any of the information, the calculator will show you a different result.
What factors determine your term plan premium?
Various factors can determine your term plan premium, such as your age, gender,income, lifestyle habits, occupation, policy term, sum assured amount, additional riders, medical history, premium payment term, and the frequency of premium payment.
Steps to use the term insurance premium calculator
You can follow these steps when using a term insurance calculator:
  1. Enter your name, email address, and phone number
  2. Enter your date of birth and gender
  3. Enter your annual income
  4. Mention lifestyle habits like smoking, consuming tobacco or alcohol (if any)
  5. Enter policy related details like the life cover amount, policy tenure, premium payment method, frequency of premium payment (monthly, half-yearly, annual, etc.)
  6. Choose riders like the terminal illness benefit, the critical illness benefit, the permanent disability benefit, or the accidental death benefit. Riders are optional, but you can add them if you want additional protection
The term plan calculator will provide you with an estimated premium amount instantly. If you are not satisfied with the result, you can tweak the information, like increase or decrease the life cover amount, shorten or extend the policy tenure, add or remove riders, etc.

Why choose ICICI Prudential Life?

5.68 Cr
Lives covered as
on March 31, 2021
₹1.73 Lakh Cr`
Benefits paid till
March 31, 2021
₹2.14 Lakh Cr18
Assets under
management as on
March 31, 2021
30 Day Return Policy
If not satisfied, return
(free look) the policy and
get your money back
If not satisfied, return (free look) the policy and get your money back

Frequently Asked Questions

Term insurance is a simple form of life insurance. It provides financial protection to your family at the most affordable rates. With term insurance, you can get a large life cover (i.e. sum assured) at a relatively low premium rate. The benefit amount is paid out to the nominee in case of death of the policyholder during the term of the policy.
While traditional life insurance plans have both a protection and an investment component, term insurance plans are pure protection plans that don’t give any payout on surviving the policy term. However, as compared to traditional life insurance plans, term plans have the advantage of providing large sum assured coverage at much more affordable rates.
In today’s uncertain times, it is important to ensure your dependents are financially protected even if you are not around. Buying a term plan is a simple and cost-effective way to do this. With term insurance, you can get a large amount of life cover at a relatively low premium rate. You can get a ₹1 crore life cover starting at just ₹490 per month2, which is less than half the cost you would typically pay for an outing with your family. The benefit amount will be paid to the nominee in case of death of the policyholder during the term of the policy.
Many companies today provide insurance cover for their employees. However, it is advisable to get an individual policy for yourself for the following reasons:
  1. Not enough cover – The cover provided by company’s life insurance policy (generally ₹10-15 lakh) may not always be sufficient to sustain your family in case something happens to you.
  2. Will lose coverage if you change your job – This coverage is dependent on your job. If you leave the job, the insurance cover ends then and there, till you join a new job. The period between the end of the old job and the start of the new one would be without cover.
  3. Standard policy for all employees, not customized to your needs – The life insurance policies provided by your employer are standardized policies which are not customized according to your specific needs and don’t generally contain any provisions for critical illness, terminal illness and disabilities.
Hence, even if you are covered under your company’s group policy, you may still buy a separate term plan with a life cover that is at least 10-15 times your annual income to make sure your family is able to sustain their current standard of living and is adequately provided for in your absence.
The earlier you buy a term plan, the better it is. In today’s world, where lifestyle related illnesses are becoming more and more common each day, it’s always better to be secure beforehand. Also, term insurance premiums increase with age. For example, for ₹1 crore cover amount, premiums for a 30-year-old, non-smoker male would amount to ₹885 p.m. for a 30-year policy duration of ICICI Pru iProtect Smart - Life option with regular pay and regular income payout option. The premium increases to ₹1,784 p.m. if the policy is bought at age 40. It is important to note that the premiums get fixed at the age you purchase the policy, for the entire policy duration. Buying early can thus help you lock lower premiums for the entire policy term. There are also lower chances of your policy getting rejected if you buy earlier.
Yes, the minimum and maximum age for buying a term plan are 18 and 60 years respectively.
There are various factors you need to consider when selecting the best term plan. These are:
  1. Brand: Choose a well-known brand that is financially strong and sure to be around for a long time. ICICI Prudential Life Insurance is an old and trusted private sector life insurance company in the country with an Assets Under Management value of ₹1529.68 bn $ (as on Mar 31, 2020).
  2. Claim settlement: Select an insurance company with a consistently high claim settlement ratio and an easy and hassle free claim settlement process. With ICICI Prudential’s term plan, you can get your claim settled within 1 day*. The company has a claim settlement ratio of 97.8% (FY 2019-20)~ and has paid ₹195.28 bn$ in claims (since inception up to Mar 31, 2020). You can check our last 5 years’ claim settlement ratio here.
  3. Additional benefits: Look for additional benefits such as critical illness coverage and accidental death coverage. ICICI Prudential Life term plan provides the option to get health coverage for 34 critical illnesses## up to ₹1 crore and accidental death coverage9 up to ₹2 crore.
There are various benefits of buying a term plan online:
  1. Ease and convenience - You can complete your purchase in just a few minutes anytime anywhere. The plans can be accessed via mobile internet too.
  2. Better control – Buying a term plan online lets you customize it according to your exact needs instead of relying on someone else to do so.
  3. Complete transparency – As there are no intermediaries involved and you buy directly from the insurance company, the entire process is transparent and you are not set up for any unpleasant surprises later on.
  4. Full security – Your personal and health information is private and secure.
  5. Online discount – ICICI Prudential provides 5% discount‘ when you purchase our term plan online (If you are an ICICI group employee, you get 10% discount throughout the policy term, even if you leave the organization after purchase of the policy).
All kinds of deaths are covered under the plan including natural, accidental, murder, illnesses and natural calamities. You are covered under this plan as soon as your policy is issued and there is no waiting period==. Coverage of death due to suicide is not available only in the first year of policy. Also, once you buy the policy, you stay covered whether you are in India or abroad.
The life cover you need depends on your current annual income. We recommend getting a life cover that is at least 10-15 times your annual income to provide for a safe future for your dependents. You can opt for monthly premium payment option instead of a yearly premium commitment too. However, it is important to have a sufficient life cover so that your family’s financial security is not compromised. To get a more accurate measure of how much life cover to get, visit our Human Life Value calculator.
You should get a policy till your retirement age. But financial liabilities can continue beyond retirement too. ICICI Prudential Life term plan also gives you the option to get a whole life plan till the age of 99 years. It will be cheaper to buy a policy for a longer term now than to purchase another one later.
ICICI Prudential Life term plan comes with two in-built benefits:
  1. Terminal Illness Benefit: You receive 100% claim payout in case you contract a terminal illness3
  2. Permanent Disability Benefit: All your future premiums are waived off while your policy continues if you get a permanent disability5
Refer to our product guide to know more about these benefits.
Our ICICI Pru iProtect Smart offers life cover up to ₹2 crore and an additional critical illness benefit (optional) of up to ₹25 lakh with only telemedicals process (subject to underwriting). The same can be completed from the safety of your home. In case you are required to undergo physical medicals, our team will contact you for the same.