Q: Do I need to buy term insurance even if I'm covered under my company's group policy?

There are various benefits of buying a term plan online: 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. 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.

Question 1

What is 3 Lakh claim intimation payout⁵ benefit?

Accepted Answer

In case of death of Life Assured, Instant relief in form of Rs. 3,00,000 to be paid. This benefit is for Sum Assured greater than or equal to 1 Crore & will be offered within one working day from the claim registration date as gesture to provide interim support.

Question 2

What is a term plan?

Accepted Answer

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 term insurance cover (sum assured) at affordable premiums. The nominee receives the term insurance amount in case of death of the policyholder

Question 3

When should I buy a term plan?

Accepted Answer

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. For Life Cover1 of 1 Crore with Monthly income payout option of 10 years & Policy Term of 30 years Anil, a Non-smoker Salaried Male will pay Premium at age 30 - ₹ 825/month Premium at age 40 - ₹ 1833/month Neha, a Non-smoker Salaried Female will pay Premium at age 30 - ₹ 701/month Premium at age 40 - ₹ 1558/month

Question 4

Who should buy a term plan?

Accepted Answer

I • 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.

Question 5

How much term insurance cover do I need?

Accepted Answer

While it’s recommended that the life cover be 10 to 15 times your annual income, you also need to take into account your current expenses and the impact that inflation would have on your future expenses. If you are the sole breadwinner, you have dependent family members whom you need to always protect financially. Also, if you take a home loan or an education loan for your child, you need to ensure that, in case something happens to you, your family should not be burdened by loan EMIs. All these factors should be considered when choosing the ideal life cover1 amount. New age term insurance plans also give one the flexibility to decide how they want their loved ones to receive the life cover¹ payout as a lumpsum, in the form of a monthly income or a combination of both.

Question 6

Is it safe to buy a term plan online?

Accepted Answer

Yes, you can purchase a term plan online with verified payment methods like UPI, debit or credit card, or net banking. As long as you select a reputable insurance company, you have nothing to worry about. In case of any issues, you can also reach out to the customer service team.

Question 7

How is a term insurance plan different from other life insurance plans?

Accepted Answer

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.

Question 8

Why should I buy a term plan?

Accepted Answer

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 term insurance cover starting at just ₹460 per month2a, 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.

Question 9

Do I need to buy term insurance even if I'm covered under my company's group policy?

Accepted Answer

There are various benefits of buying a term plan online:

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.

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.

Question 10

How do I get a term plan online?

Accepted Answer

You can get a term plan online by visiting the ICICI Prudential Life website and clicking on Term Insurance. You can download the brochure to go through the details of the policy or fill your basic details like age, gender, tobacco usage, income etc. in our term insurance premium calculator and generate a customised quote. You can then make the payment, submit the documents, and complete the medical check-up. Your policy will be issued once all these formalities have been completed.

Question 11

Are there any age limits for buying this term plan?

Accepted Answer

Yes, the minimum and maximum age for buying this term plan are 18 and 60 years respectively. For NRIs and housewives, the minimum and maximum age for buying this term plan is 21 and 60 years respectively.

Question 12

How to select the best term plan for myself?

Accepted Answer

There are various factors you need to consider when selecting the best term plan. These are:

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 ₹2.9 tn¹⁸ (as on Mar 31, 2024).
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^!j 99.3% (FY 2024-25) and has paid ₹2.77 Lakh Crore ` in claims (since inception up to Mar 31, 2024).
Additional covers: Look for additional covers such as critical illness coverage and accidental death coverage. ICICI Prudential Life term plan provides the option to get health coverage for 20 or 60 critical illnesses²up to ₹1.5 crore and accidental death coverage³ up to ₹3 crore.

Question 13

What are the benefits of buying a term insurance policy online?

Accepted Answer

There are various benefits of buying a term plan online:

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.

Question 14

What kind of deaths are covered in this term insurance plan?

Accepted Answer

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.

Question 15

How much term insurance cover do I need?

Accepted Answer

The term insurance cover you need depends on your current annual income. We recommend that a term insurance 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 term insurance cover so that your family's financial security is not compromised. A term insurance premium calculator will help you in choosing the term insurance cover well suited to your budget

Question 16

Why should I buy the term insurance plan from ICICI Prudential Life Insurance?

Accepted Answer

ICICI Prudential Life was founded in the year 2001. With a legacy of 21 years, ICICI Prudential Life has earned itself the trust of its customers by being one of the top private insurers in the country today. Not only that, with time we have adapted ourselves wth the changing consumer needs with customer centricity being one of our cornerstones.

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.
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 claim.support@iciciprulife.com 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.

Question 17

What are the various benefits of using a term insurance calculator?

Accepted Answer

A term insurance calculator can help you save time and effort. It is a free online tool that gives an accurate result of the premium which you have to pay for the life cover of your choice. Online term insurance calculators also make it easier to create a budget and accommodate your insurance needs within it. 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.

Question 18

What is a Term Insurance calculator?

Accepted Answer

A term insurance plan offers you a life cover in exchange for a premium. This premium is directly proportional to the life cover1 and tenure of your plan. A high life cover1and long tenure may result in a high premium and interfere with your budget. On the other hand, a low life cover1and short tenure may get you a low premium but may not be adequate for your family's future requirements. Ascertaining the right premium, life cover1, 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 the term insurance 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.

Question 19

How does a term insurance calculator work?

Accepted Answer

A term insurance calculator is a tool designed to help you determine the appropriate coverage amount and premium cost for a term life insurance policy. Here's how it typically works:

1. You provide basic personal information such as your age, gender and whether you are a Non-Resident Indian (NRI).

2. You are asked about certain lifestyle factors, such as tobacco consumption, to determine your overall health, including any pre-existing medical conditions.

3. The term insurance premium calculator requests details about your annual income.

4. The term life insurance calculator assesses your occupation and educational qualifications to gauge the level of risk associated with your profession.

5. 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.

6. 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.

Question 20

How is your term insurance premium calculated?

Accepted Answer

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. Starting point to know your premium would be through a term insurance calculator

Question 21

Steps to use the term insurance premium calculator

Accepted Answer

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 or consuming tobacco (if any)

5. Enter policy related details like the life cover1 amount, policy tenure, premium payment method, frequency of premium payment (monthly, half-yearly, annual)

6. Choose riders like the critical illness 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, the term insurance premium calculator allows you to tweak the information, like increase or decrease the life cover amount, shorten or extend the policy tenure, add or remove riders, etc.

Question 22

What policy term should I select?

Accepted Answer

You should get a policy at least till your retirement age. Sometimes, financial liabilities can continue beyond retirement too, so we recommend a higher policy term than till age 60. Since India is a fast-paced developing country with average life expectancy of 68 years, we recommend covering that age and increasing your policy term. The best thing about this is that if your responsibilities are completely over early, you get an option to exit the plan and get 100% of paid premiums back°. 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.

Question 23

What are the in-built benefits/features offered under ICICI Pru iProtect Smart Plus term insurance?

Accepted Answer

ICICI Prudential Life term plan comes with 4 in-built benefits:

1. 3 lakh claim intimation payout5: You receive 3 Lakh claim payout5 in case of death of the Life Assured (for life cover1 >= ₹1 crore)

2. Premium break4: Policyholders have an option to take 12 months premium break4 from paying the premiums when you face financial difficulties.

3. Terminal Illness Benefit6: You receive 100% payout of death benefit in case you contract a terminal illness6

4. Life Stage ProtectionL: Option to increase life cover1 in future up to 300% based on life stages like marriage, birth of children or taking a home loan

Refer to our product brochure to know more about these benefits.

Question 24

­Do I need to visit ICICI Prudential Life Insurance Company's branch for anything or the entire process of buying a term insurance plan is online?

Accepted Answer

You don't have to visit any of our branches as the entire process is online. Yes, there maybe a situation where you may have to visit one of our health partners (diagnostic center) to undergo physical medicals. Also if our Health Partners are available in close proximity to your place of residence we will arrange for a home visit. The cost of the medical tests (For Non-NRI Customers) are completely borne by ICICI Prudential Life Insurance. For NRI Customers, please discuss with the relationship manager.

Question 25

What is Premium Break benefit?

Accepted Answer

You have an option to take 12 months premium break4 from paying the premiums when you face financial difficulties. All premiums for the said period will be deferred to next year but the life cover and rider(s) will continue as per the terms and conditions. This benefit option can be availed multiple times with at least 5 policy years between two Premium Break periods. The Premium Break4 will not be available during the last 3 policy years of the premium payment term. To know more the about the process, please refer the brochure.

Question 26

What are the conditions for availing Premium Break?

Accepted Answer

This benefit option is available subject to the following conditions:

The policy should have paid premiums for at least first five policy years from the date of commencement of risk and the policy is in force.
A written request is received from the policyholder at least 30 days (15 days in case of monthly mode policy) in advance each time the policyholder intends to opt for the above benefit. If a premium (including the rider(s) premium, applicable taxes, etc. If any) remains unpaid with no prior request, the policy (including for rider(s), if any), will lapse at the end of the grace period, as per the terms and conditions of the policy.
This benefit option can be availed multiple times during thje premium payment term. However, there should be a gap of at least 5 policy years between two Premium Break periods within the premium payment term. For example, if you opt for this benefit in the 6th policy year for the first time, the second Premium Break will be available to be exercised after 5 years, i.e. In the 12th policy year, provided the premium payment term extends beyond 12 years.
The Premium Break will not be available during the last 3 policy years of the premium payment term. The deferred amount is to be paid at the end of Premium Break period to ensure continuance of the risk cover under the policy.
The deferred amount can be paid anytime during the said Premium Break period, without necessarily waiting for the end of Premium Break period.
In case the above outstanding amounts are not paid within 30 days (15 days in case of monthly mode) of the commencement of the next policy year after expiry of the cover Premium Break period, the policy (including rider(s), if any) will lapse and the cover will cease.
The company will be entitled to recover such dues from any amounts or benefits payable under the policy or rider(s).
During the above cover continuance benefit period, the policyholder may surrender the policy anytime, however, the surrender value, if any, will be first adjusted towards the deferred amount.

Question 27

How is Terminal Illness benefit different from Critical Illness benefit? Is it included in the basic benefit or an add-on?

Accepted Answer

Terminal Illness is an in-built feature of our Term plan as it does not incur any extra cost. Any condition or illness which, in the opinion of two independent medical practitioners’ specializing in treatment of such illness, is highly likely to lead to death within 6 months will be considered as a Terminal Illness. The terminal illness must be diagnosed and confirmed by medical practitioners’ registered with the Indian Medical Association and approved by the Company. On the other hand, Critical Illness Cover is an optional benefit that you can purchase wherein you receive a pre-determined claim amount in case of diagnosis of any of 20/60 specified critical illnesses2. 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 at a hospital of your choice or however else you deem fit. The premium for this benefit remains constant throughout policy term.

Question 28

What is Premium Refund^° Option?

Accepted Answer

Under the Premium Refund^° Option available with ICICI Pru iProtect Smart Plus term plan, the policyholder can exit the policy early once the required eligibility conditions are met and receive 100% total premiums paid° , excluding any extra premium, and taxes, if collected explicitly. Availing this option provides you with the flexibility of exiting the policy early in case your financial responsibilities are no longer there and receive 100% total premiums paid° at no additional cost. You can exercise 100% Premium Refund option° in any policy year after 25 years have passed, but not during the last 5 policy years, provided the life assured is at least 60 years old at the time of exercise.

Question 29

What is the minimum sum assured for which Premium Refund Benefit is applicable?

Accepted Answer

The minimum Sum Assured at the inception of policy should be ₹50 lakh.

Question 30

What conditions are needed to be fulfilled for availing 100% Premium Refund?

Accepted Answer

A policy holder needs to fulfill the following conditions to avail 100% Premium Refund^°:

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.

Question 31

Can the nominee be changed after I have purchased the policy?

Accepted Answer

Yes, you can change the nominee at any time during the policy term by informing the company. You can also add multiple nominees. In case you want to change the nominee prior to the issuance of your policy you can write us at buyonline@iciciprulife.com or get in touch with your Relationship Manager on 1860 267 9997. In case you change your mind about your nominee post the issuance of your policy, you can write to us here https://www.iciciprulife.com/services/write-to-us-csr.html or on our Email ID lifeline@iciciprulife.com. If you want to speak to someone you can call on our service hotline toll free number 18002660.

Question 32

Can I get return of premium for Critical Illness Benefit and Accidental Death Benefit?

Accepted Answer

Critical Illness Cover premium² will not be refunded back while exiting the policy but Accidental Death Benefit premium³ will be refund back if it is opted while purchasing the policy and if it is not claimed till the exit.

Question 33

Can I get return of premium if I have already claimed Critical Illness Benefit in the past?

Accepted Answer

In case the customer has already received the claim for the Critical Illness Benefit, no premiums will be paid back to the customer, as in case of claim, special exit feature doesn’t apply.

Question 34

How much premium is returned on availing Premium Refund ^° Benefit?

Accepted Answer

On availing this benefit, the customer will receive 100% of Total premium paid ^° (including Life Cover^!a premium and Life Stage premium) excluding any extra premium, and taxes, if collected explicitly. The return amount is dependent on satisfying the conditions to avail this feature

Question 35

How much Premium will be returned if I have opted for Life Stage Benefit during policy term?

Accepted Answer

In cases where Life Stage Protection option has been exercised, Total Premiums Paid includes premium paid for every subsequent increase in sum assured purchased.

Question 36

What is the process of adding Premium Refund^° Benefit in the policy at the time of buying?

Accepted Answer

Smart Exit^° Benefit is automatically added to your policy once the required eligibility conditions have been met.

Question 37

Can an existing customer who has already bought the policy before Premium Refund benefit was applicable claim its benefit?

Accepted Answer

Existing customers who have the Premium Refund^° benefit mentioned in their Policy document can avail it provided they satisfy the eligibility conditions.

Question 38

What is lump-sum payout and who should choose it?

Accepted Answer

Under lump sum payout, the entire life cover amount is paid to your nominee in one go. This is the most preferred option for our online buyers and is especially helpful if you have a large outstanding loan to be paid off like a home loan.

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.

Question 39

What are the payout options available under Our Term Plan?

Accepted Answer

You can choose how you want your nominee to receive the term insurance claim payout, from our four flexible payout options:

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.

Question 40

What is monthly income plan and who should choose it?

Accepted Answer

Under the monthly income plan, you choose the period for which you want your family to receive monthly income. Options available under this payout out are 10 years, 20 years and 30 years. For example, if you choose monthly income for 10 years then 10% of the benefit amount is payable to your nominee every year for 10 years. This is paid in equal monthly instalments, at the rate of 0.83333% of the total benefit amount. This is the most economical payout option.

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.

Question 41

What is increasing monthly income plan and who should choose it?

Accepted Answer

Under this option, your term life cover is paid out to the nominee in the form of a monthly income, which increases by 10% every year, for the next 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.
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.

Question 42

What is lump-sum + monthly income option and who should choose it?

Accepted Answer

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) as well as take care of day to day expenses (monthly income). 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.

Question 43

Which payout option should I choose?

Accepted Answer

Before choosing the ideal payout option, you need to thoroughly evaluate your current lifestyle and the reality of your dependent family members. This will give you fair idea as to how the life cover amount needs to be paid out to your family which will not only take care of their financial needs but also ensure that they are able to manage huge sum of money (the life cover amount) without any hassle in your absence.

Monthly Income^D1 : Your term life cover will be paid to your nominee as a monthly instalment for a period of 10 years. 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^D2 : 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^D3 : 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 instalment as a lumpsum payout immediately and the rest in the form of monthly income for a period of 10 years. 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).

Question 44

What all details of the nominee are required to purchase this plan online?

Accepted Answer

The details needed of the nominee are their full name, gender, date of birth and relationship with life assured. Your nominee can be your spouse, children, parents, siblings or their spouses, uncles, aunts, nieces, nephews, or even your grandparents or grandchildren.

Question 45

What all information should my nominee know?

Accepted Answer

Make sure you tell your nominee about their nomination in this plan and share all the details of the plan with them including the cover amount, policy term and payout method chosen by you. You should also tell them if you have opted for any riders. Your nominee should know where the policy kit is. They should understand the claims process properly and know what all documents are needed to make a claim.

Question 46

What will happen if my nominee passes away before me?

Accepted Answer

If your nominee passes away before you, you will have to appoint some other person as your nominee. If the nominee and policy holder pass away together, then the claim payout will be made to the next legal heir.

Question 47

Can I add more than one nominee? How can I allocate % share to each nominee?

Accepted Answer

Yes, you can add multiple nominees. There is no specific number. You can add as many nominees as you want to. You can do so at the time of purchase or post issuance of your policy, anytime during the policy term. The Insurance Act provides that where there are more nominees than one, the policy money will be payable to them jointly or survivor(s) of them. In case you want to add nominee/s prior to the issuance of your policy you can write us at buyonline@iciciprulife.com or get in touch with your Relationship Manager on 1860 267 9997. In case you change your mind about your nominee/s post the issuance of your policy: you can write to us here https://www.iciciprulife.com/services/write-to-us-csr.html or on our Email ID lifeline@iciciprulife.com. If you want to speak to someone you can call on our service hotline toll free number 18002660

Question 48

What is the application process to buy this plan?

Accepted Answer

The online application process to buy this plan is very simple and can be completed in a few minutes. You just need to keep your PAN card, an address proof (Aadhar card/Passport/Driving License/Voter's ID) and a recent photograph ready and can complete the process anytime anywhere. Once you are done customising your quote using the term insurance premium calculator, you can proceed to the application form. The application form consists of three sections.

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.

Once you fill the form, you can then choose a payment mode as per your convenience. The various payment methods available include credit card, debit card, net banking, UPI, Google Pay, Amazon Pay and other popular payment wallets.

In case you are required to undergo a medical examination based on the health details submitted by you, you will be asked to enter your pin code. Basis the pin code and type of tests required, you will be entitled to either a home visit medical test or one at a nearby medical center.

You can choose the date and time of examination as per your convenience. You can track the status of your application using our Application Tracker.

Question 49

Can I fill this application form on my mobile phone?

Accepted Answer

Yes you can. Our application form is mobile friendly and can be filled anytime anywhere in just a few minutes!

Question 50

What documents are required for buying a policy online?

Accepted Answer

You are required to upload a clear copy of the following KYC documents in jpeg or pdf form:

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)

Question 51

What all income can I club in the income field in the application form?

Accepted Answer

If you are salaried then please share your annual salary as income. If you are self-employed then please share the average annual income of last 3 years as per the filed ITR.

Question 52

Which address has to be mentioned in the application form?

Accepted Answer

In case your communication address is different from your permanent address, there are separate fields to mention both of them. Make sure you are available at your communication address as this is where your policy documents will be sent after issuance.

Question 53

How can I check the status of my application?

Accepted Answer

You can check the status of your application by going to the Application Tracker.

Question 54

How can I cancel my application?

Accepted Answer

You can cancel the policy application by submitting a request at our call center number 1860 267 9997

Question 55

What is the Married Women's Property (MWP) Act^!c and who is it useful for?

Accepted Answer

The Married Women's Property (MWP) Act^!c is useful for self-employed people. As a business-owner, you deal with various vendors, lenders and creditors on an everyday basis. In your absence, your term insurance proceeds may be taken by people who you owe money, or even your relatives. Availing a term insurance plan under the Married Women's Property Act 1874 (MWP Act) helps in protecting your family's financial interests in your absence. Once a policy is availed under the MWP Act, it may not be attached by courts for repayment of your debts. Only your wife and children will be entitled to the Sum Assured in the event of your demise.

Question 56

Does ICICI Pru iProtect Smart provide the option to buy the plan under Married Women's Property (MWP) Act?

Accepted Answer

Yes, if you are self-employed, you can buy ICICI Pru iProtect Smart under MWP act and your wife and children can be beneficiaries under this act.

Question 57

Who all can be added as a beneficiaries under the MWP Act?

Accepted Answer

You can nominate your wife and/or children as beneficiaries under MWP act.

Question 58

Can I purchase term insurance if I'm a smoker?

Accepted Answer

Yes, you can purchase term insurance if you are a smoker.

Question 59

I smoke occasionally, do I need to declare myself as a smoker?

Accepted Answer

If you have consumed tobacco in any form in the last 12 months, you need to declare yourself as a smoker.

Question 60

I earlier used to smoke cigarettes but now I have quit smoking. Do I need to declare myself as a smoker?

Accepted Answer

If you have consumed tobacco in any form in the last 12 months, you need to declare yourself as a smoker.

Question 61

What will happen if I start consuming alcohol or tobacco after policy issuance?

Accepted Answer

Your policy will not be affected if you start consuming alcohol or tobacco after policy issuance.

Question 62

Is there any difference between premium rates of smoker and non-smoker buyers?

Accepted Answer

Yes, as a smoker you present a greater risk of death than a non-smoker. Hence, premium rates for smokers are higher than that of non-smokers..

Question 63

Does the premium calculation have any impact on smokers?

Accepted Answer

Yes, the premium is generally higher for those who smoke. This is particularly so because smokers are at a higher risk of suffering from an illness. As a result, insurance companies charge a higher premium to cover the associated risk.

Question 64

What are the optional benefits available under this term insurance plan?

Accepted Answer

There are two additional benefit options available with ICICI Pru's term plan: .

Critical Illness²Cover: 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 ³: 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

ICICI Pru iProtect Smart Plus

A Smart Life Cover That Adapts to Your Journey

99.3%^!j

100%

₹3 Lakh

Benefits that secure your family’s future

Term Insurance Calculator

Benefits that secure your family’s future

See how this plan fits your needs

Salaried

Salaried

Self-employed

Self-employed

Working Women

Working Women

Housewife

Housewife

NRI

NRI

Why choose ICICI Prudential Life?

How the plan works?

Steps to buy

Nominee care & claim assistance

Transparent and Supportive

Nominee Care

Transparent and Supportive

Nominee Care

Fast and Efficient

24/7 Support Team

Streamlined process

1 Day Claim Settled^<

For Simple & Easy Claims Process

For Simple & Easy Claims Process

Step 1 - Claim Reporting

Step 2 - Claim Processing

Step 3 - Claim Settlement

ICICI Pru iProtect Smart Plus

A Smart Life Cover That Adapts to Your Journey

99.3%!j

100%

₹3 Lakh

Benefits that secure your family’s future

Term Insurance Calculator

Benefits that secure your family’s future

See how this plan fits your needs

Salaried

Salaried

Self-employed

Self-employed

Working Women

Working Women

Housewife

Housewife

NRI

NRI

Why choose ICICI Prudential Life?

How the plan works?

Steps to buy

Nominee care & claim assistance

Transparent and Supportive

Nominee Care

Transparent and Supportive

Nominee Care

Fast and Efficient

24/7 Support Team

Streamlined process

1 Day Claim Settled<

For Simple & Easy Claims Process

For Simple & Easy Claims Process

Step 1 - Claim Reporting

Step 2 - Claim Processing

Step 3 - Claim Settlement

99.3%^!j

1 Day Claim Settled^<