- Life Cover!a + Multiple Benefits9## in 1 plan
- Covers COVID-19 life claims8
Steps to buy
The Life Cover is payable to the nominee
for 10 years
Life & Health Cover of
₹1 crore & Critical Illness
Cover of ₹20 lakh for 30 years
She is paid ₹20 lakh as a lump sum &
policy continues with the Sum Assured
reduced to ₹80 lakh
at the age of 55,
her nominee gets
₹80 lakhs as lump sum
Term Plan Calculator
What is a Term Plan?
When should I buy a term plan?
Who should buy a term plan?
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
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 term insurance cover do I need?
What is limited pay option?
Which payout option should I choose?
- Monthly Income : Your term life cover will be paid to your nominee as a monthly installment for a period of 10 years/20 years/30 years (chosen at inception). This option is ideal for those who want to ensure that the burden of outstanding liabilities and monthly household expenses does not befall their loved ones while also paying affordable premiums.
- Increasing Monthly Income : Your term life cover is paid out to the nominee in the form of a monthly income, which increases by 10% every year for 10 years. It has been designed to keep in mind that the financial needs of the family will keep increasing due to inflation, and they should be able to manage these without any burden.
- Lump-sum : Your entire term life cover amount is paid to your nominee in one go. This is the most preferred option for our online buyers. It can help your family possibly close the pending home loan EMIs. They can also use the huge sum of money (life cover amount) to further invest it in instruments that will ensure needs like sending children abroad for higher education, is taken care of, as such an amount invested as principal and can reap high returns thus fulfilling all your family’s dreams even in your absence.
- Lump-sum + Monthly Income : You can choose for your family to receive the life cover payout in 2 parts. In case of death of the policyholder, your family will get one installment as a lumpsum payout immediately and the rest in the form of monthly income for a period of 10 years/20 years/30 years (chosen at inception). This will ensure that the life cover amount can help the family with immediate needs (lumpsum) like loans as well as take care of day-to-day expenses (monthly income).
What are the benefits of a term insurance premium calculator?
- Flexibility to customise - The term insurance calculator gives you the flexibility to design your term plan as per your needs. You can pick and choose your own life cover amount, choose to strengthen your coverage by adding riders, choose the premium payment term and payout method as per your financial plan.
- Efficient - The term insurance premium calculator can generate a customised quote for you within 2 minutes And all of this is free of charge
What is Accidental Death benefit9 (optional)?
What is Critical Illness benefit##(optional)?
What is Inbuilt Terminal illness benefit3?
What is Inbuilt Permanent disability benefit5?
What is a Term Insurance calculator?
How does a term insurance calculator work?
- You provide basic personal information such as your age, gender and whether you are a Non-Resident Indian (NRI).
- You are asked about certain lifestyle factors, such as tobacco consumption, to determine your overall health, including any pre-existing medical conditions.
- The term insurance premium calculator requests details about your annual income.
- The term life insurance calculator assesses your occupation and educational qualifications to gauge the level of risk associated with your profession.
- Your location, including your pincode and city, can impact your premium. The term insurance plan calculator collects this information to generate an accurate quote for your plan.
- Once you have provided all the necessary information, the calculator will provide you with a quote, showing you the estimated premium for the specified coverage.
How is your term insurance premium calculated?
Steps to use the term insurance premium calculator
- Enter your name, email address, and phone number
- Enter your date of birth and gender
- Enter your annual income
- Mention lifestyle habits like smoking, consuming tobacco or alcohol (if any)
- Enter policy related details like the life cover amount, policy tenure, premium payment method, frequency of premium payment (monthly, half-yearly, annual, etc.)
- 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
Rider Options With ICICI Pru Life Plans
Claim Settlement Process
Why choose ICICI Prudential Life?
on March 31, 2023
March 31, 2023
(free look) the policy and
get your money back
Frequently Asked Questions
- 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.
- 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.
- 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.
- 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 ₹2.40 tn18 (as on Mar 31, 2022).
- 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 2021-22) ~ and has paid ₹2.04 tn ` in claims (since inception up to Mar 31, 2022) You can check our last 5 years' claim settlement ratio here .
- 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.
- Ease and convenience - You can complete your purchase in just a few minutes anytime anywhere. You can explore our plans on your mobile too
- 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.
- 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.
- Full security - Your personal and health information is private and secure.
- Online discount - ICICI Prudential provides up to 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).
- Dedicated Relationship Manager - From the moment you purchase a policy till the time you receive the policy kit, a dedicated Relationship Manager will be assigned to you who will assist you at every step, right from uploading of documents to fixing up your medical appointments to any other doubts/issues your might have about our process.
- Terminal Illness Benefit3: You receive 100% claim payout in case you contract a terminal illness 3
- Permanent Disability Benefit5: All your future premiums are waived off while your policy continues if you get a permanent disability 5
1.There for you
Taking the customer first approach, we have made the online insurance buying process very easy and seamless. Be it offering 5% discount`= on premiums throughout the policy term or providing assistance at the time of purchase or assigning a dedicated Relationship Manager to assist you every step of the way, you can be assured that ICICI Prudential Life will be there for you.
2.There for your family
At ICICI Prudential Life, we put our customers first and have been striving to improve our claims experience over time. Your family has the option to report claim either online, at our branches, central office, via SMS, e-mail or through our call centre as per their convenience. We also provide an option of door step claim document pick-up (within India). To avail this service, the beneficiary needs to submit a request at firstname.lastname@example.org or at our call-centre. Our special ClaimCare team will assess your claim, and inform you in case any further documents need to be submitted. Post receiving all the necessary documents, we will process your claim request. When it comes to settling claims you can trust ICICI Prudential Life's track record of high claim settlement ratios. You have made the right choice by choosing us as your Life Insurance partner.
A term insurance calculator also offers a lot of flexibility wherein you can add or remove benefits/riders based on your requirement, choose how you would want your nominee to receive the life cover` amount in case of unfortunate death as well as choose to pay premiums in a frequency which you would be more comfortable with.
- His minimum sum assured should be ₹60 lakh.
- His minimum policy term chosen at inception should be 31 years.
- The age of the policy holder at the time of exercising this benefit should be 60 or above.
- At the time of availing the benefit, his policy should be in-force for at least 25 years.
- He cannot avail this benefit in the last 5 years of his policy term chosen at inception.
- The Policy is in-force with all due premiums paid at the time of exercising this option.
- No claim for any of the underlying benefits has been registered and is under evaluation/ or accepted/ or paid/ being paid on the Policy.
- Critical Illness## Cover: This is an optional benefit the customer can purchase wherein he/she receives a pre-determined claim amount in case of diagnosis of any of 34 specified critical illnesses ##. No bills or proof of expenditure is required. There is also no restriction of network hospitals. You can use the claim amount to get a treatment of your choice or however else you deem fit. This benefit is accelerated and not additional, which means the policy will continue with the Death Benefit reduced by the extent of the critical illness## benefit paid.
- Accidental Death Cover 9: This is another optional benefit wherein an additional cover is payable in case of death due to accident. The maximum cover that can be availed is ₹2 crore.
- Lump sum - entire claim amount is paid out at once
- Monthly income -life cover payout in made in equal monthly instalments
- Increasing income - life cover payout in monthly instalments that increase by 10% every year
- Lump sum + Income - one large payout at once and remaining in monthly instalments
- Our term insurance premium calculator allows you to check premiums for each of these payout options and you can choose whichever is the best suited for you.
The lump sum payout can help your family possibly close the pending home loan EMIs. They can also use the huge sum of money (life cover amount) to further invest it in instruments that will ensure needs like sending children abroad for higher education, is taken care of, as such an amount invested as principal and can reap high returns thus fulfilling all your family’s dreams even in your absence.
This option is ideal for those who want to ensure that the burden of outstanding liabilities and monthly household expenses does not befall their loved ones while also paying affordable premiums.
This payout option is suitable for those who want to opt for a longer policy term e.g.: coverage till the age of 75 or a whole life term i.e., coverage till the age of 99. It will ensure that the life cover payout will keep increasing considering inflation and your family’s expenses will be managed. The increasing payout will also take care of your child’s higher education in your absence, thus taking into account the rising cost of education.
This payout option is suitable for individuals who are currently at a life stage akin to marriage, birth of their first or second child and/or are thus looking to buy their own house. This means that your responsibilities are increasing and in the long term you will need to secure finances for your children’s/child’s higher education as well as to finance the home loan EMIs.
The lumpsum part will take care of the EMIs thus reducing the burden on your family and the income part will ensure that your family’s needs are taken care of without them having to be hassled about managing a huge sum of money.
- Personal Information: Here, you need to enter your full name, marital status, highest education level, occupation, PAN number, and your communication address. In case you are salaried, you will be required to give details of the organization you work for & the name and type of organization. In addition to this, you will also be asked to enter details of your nominee & their full name, gender, date of birth and relationship with life assured. You will be required to declare any other life insurance policies you might have.
- Health Details: Here, you need to enter your height, weight and details of pre-existing health conditions, if any. Fill in this page very carefully and to the best of your knowledge to prevent rejection of claim due to incorrect information later.
- Documents Upload: You can choose to upload documents now for faster issuance or proceed to payment directly and upload the documents later. Documents needed are your photograph, PAN card, Address Proof (Aadhar card/Passport/Driving License/Voter's ID) and Income Proof (last 3 months' salary slips/ last 3 years' ITR/ last 6 months' bank statement/ Form 16). Accept the declaration that all the information submitted by you is correct and move to the payments page.
- i. One recent photograph
- ii. PAN card (mandatory)
- iii. Income proof (last 3 months' salary slip/ last 3 years' ITR/ Form-16/ last 6 months' bank statement)
- iv. Official ID proof (passport/driving license/voter's ID/Aadhar card)