WHAT IS TERM LIFE INSURANCE?
Term insurance is a type of life insurance that provides coverage for a specific period of time or years, i.e., a term. This type of life insurance provides a financial benefit to the nominee in case of the unfortunate demise of the insured during the policy term. Term Insurance policies provide high life cover at lower premiums. For e.g.: Premium for ₹ 1 Crore Term Insurance cover could be as low as ₹ 485* p.m. These fixed premiums can be paid at once or at regular intervals for the entire policy term or for a limited period. Premium amount varies basis the type of the premium payment method opted by the buyer.
REASONS TO BUY TERM INSURANCE ONLINE
Who should buy a Term Insurance Policy?
Anyone with financial dependents should buy a Term Insurance Policy. This includes married couples, parents, business people and self-employed, SIP investors, young professionals with dependent parents, and in some cases, even retirees.
Life insurance premiums paid are deductible from taxable income under Section 80C^^ and hence carry a double benefit for taxpayers – protection and tax-saving. The amount (maturity value) received under a term insurance policy is also tax-exempt subject to conditions under Section 10(10D)^^ of the Income Tax Act, 1961^^. Term Insurance also has among the lowest premiums compared to the different types of insurance policies.
Hence, individuals who derive any of the three significant benefits associated with term insurance should consider buying such policies. The three significant benefits are – life protection, tax-saving and affordable premiums.
- Parents: Parents are generally the sole source of financial support for their children. The needs of children extend from school fees and living expenses to hefty university fees, later on in life. An unfortunate event with a parent can jeopardise their future and deprive children of life’s opportunities. Parents must ensure that this scenario does not come to pass, by purchasing a term insurance policy. This policy will pay out a lump sum and/or income to satisfy their children’s expenses, in the event of any mishap of the parent(s).
- Newly-married couple: Roses, chocolates and movie tickets are great, but here’s a truly long-lasting gift for your spouse – term insurance. This gift will give your spouse more than momentary joy, and it will secure their future. Term Insurance assures the spouse of financial support in case of a mishap with the insured person and should be purchased as soon as possible by married couples.
- Working Women: The women of today are on an equal footing with men, whether it be managing their finances or providing for their family. Today, a family is as dependent on the woman’s income as it is on the man’s. This dependency brings with it the need to financially secure your loved ones in case something happens to you. A Term Insurance plan assures that your parents/spouse/children are financially secured even in your absence. It ensures that your family does not have to compromise on their lifestyle and can continue with the goals you set for them. The term insurance cover amount also helps to take care of any outstanding liabilities like home loan, auto loan, education loan, and more. Not only this, but some term insurance plans also come with the added benefit of a critical illness^ cover that provides a payout if you are diagnosed with a serious illness like breast or cervical cancer.
- Young Professionals: Young professionals are just starting their careers. Many of them are not yet married and have no financial dependents. However this is likely to change in the future as they get married or support their parents/relatives. Such individuals should buy term insurance now rather than wait. This is because once a policy is purchased, the premiums stay the same throughout an individual’s life. On the other hand waiting to buy term insurance in the future can force customers to pay higher premiums because term insurance premiums incease with age.
- Taxpayers: Term Insurance premiums paid are allowed as a deduction from taxable income under Section 80C^^ of the Income Tax Act, 1961^^. The term insurance payouts on maturity are also exempt from tax subject to conditions under Section 10(10D)^^. Hence taxpayers can use term insurance to reduce their tax burden significantly.
- Self Employed: As a self-employed person, you face many challenges. Unlike salaried individuals, you do not earn a fixed monthly income; you have an uneven source of income that depends on the ups and downs of the market. Plus, you may have also taken a business or personal loan from creditors, banks, or even your family and friends. Hence, buying a term insurance plan to secure your family becomes even more important for you. A term life insurance policy can ensure that your family remains financially secure even in your absence.
- SIP Investors: Investors in mutual fund SIPs (Systematic Investment Plan) invest a fixed amount every month in a mutual fund. The wealth creation in an SIP is driven by a stream of regular instalments which compound over time. However, an unfortunate event of the investor can stop the flow of instalments. Term Insurance can protect the SIP by providing the nominees of the insured person with funds to continue the SIP.
- Retirees: Retired persons need to have term insurance if they have dependant spouses or families. Buying term life insurance can also be a way of leaving an inheritance for their families. This is because, Term Insurance is paid out to nominees in case of any mishap with the insured person. The payment of Term Insurance is also tax-free subject to conditions under Section 10(10D)^^ of the Income Tax Act,1961^^.
Terms related to term insurance
Here are some terms you must know:
- Claim Settlement Ratio: The Claim Settlement Ratio (CSR) is the ratio of the total number of claims raised in a year and the number of claims settled in a year by an insurer. The higher the number, the more reliable the insurance company is, as the chances of your family’s claim being rejected are low
- Term insurance premium: This is the money you pay to the insurance company in return for financial protection. Premiums can be made in monthly, half-yearly, and annual instalments. Premiums tend to increase as you age
- Add-on benefits (riders): To enhance the coverage of your plan, you can add benefits to your plan, such as a critical illness rider, an accidental death rider, or a permanent disability rider. Riders come at a nominal cost over the premium
- Sum assured: This is the amount of money that your nominee will receive in case of an unfortunate event. This also determines the premium amount for the term plan
- Death benefit: This is the same as a sum assured and is given to the nominee in case of an unfortunate eventuality
Features of Term Insurance
Here are some features of term insurance plans:
- Low entry age: Term insurance plans have a minimum entry age of 18 years only. You can buy a term plan and secure your loved ones as soon as you reach adulthood
- Long term protection: The term plan offers long policy tenures of up to 40 years that allow you to protect your family members for a long time
- Easy to buy: Term insurance can be purchased online in minimal steps. You can compare different plans and features with a few clicks and pick a plan that suits your needs the best. The submission of documents, premium payment, and all other customer queries can be submitted online from the comfort of your home or office
- Easy premium payment options: Term insurance plans offer flexible premium payment options like monthly, quarterly or yearly payment
- Adjustable cover: The term plan is flexible and allows you to increase or decrease the sum assured basis your financial condition
- Liability protection: The sum assured of a term insurance plan can be used to ensure your family’s financial security and protect them from debt liabilities like a loan repayment
Term Insurance - Benefits
- High Life Insurance Amount at affordable premiums: Term Insurance plans provide a large amount of life insurance cover at an affordable premium. This cover can compensate for several years of lost earnings
- Cover Against Critical Illnesses^: Along with providing life cover, a new-age term plan like ICICI Pru iProtect Smart also provides protection against critical illnesses. For a small additional premium, Critical Illness Cover provides lump sum payments when a critical illness like a heart attack, cancer, kidney failure, or any other critical illness^ is first diagnosed
- Support in Case of Disability##: In new-age Term Plans such as ICICI Pru iProtect Smart, the insurance company pays your future premiums in case of total and permanent disability. As a result, your life insurance cover continues even if you are unable to pay premiums
- Additional Financial Security: To increase the security of your family, a Term Policy provides additional payout (up to `2 crore) in case of an accidental death+. For example, if your life cover is `1 crore, a Term Insurance Plan with Accident Death Cover pays `2 crore to your family in case of an accidental death+
- Tax Benefits: Term Insurance plans offer tax benefits^^ on premiums paid up to `46,800 under Section 80C^^. New-age Term Plans with critical illness cover also offer additional tax benefits on premiums paid up to `7,800 under Section 80D^^. You also get tax benefits^^ subject to conditions under Section 10(10D)^^ on the money that your family receives in case of an unfortunate event
- Death benefits: In the unfortunate event of death during the policy term, your family receives the death benefit from term insurance. Your nominee can choose to receive a regular income along with a lump sum benefit in your absence
- Survival benefits: Standard term insurance does not offer any benefits if you survive the term. However, a return of premium term plan also provides you with a lump sum or regular income as guaranteed benefits to help you fulfil varied financial goals. The term plan pays back an amount that is at least equal to the total premium paid. You receive these guaranteed benefits at the end of the tenure
Types of Term Plans
ICICI Pru iProtect Smart offers different term plan options to suit your different needs. Below are the variants you can choose from:
Basic Term Plan
Term Insurance with Critical Illness cover
Term Insurance with Accidental Death Cover
Term Insurance with Limited Pay
All in One Term plan
Term plan with Return on Premium
When is the right time to buy a term insurance plan?
The right time to buy a term insurance plan is as soon as you can. The chances of getting lifestyle diseases increase as you age, and so do insurance costs. When you invest in a term plan at a young age, you get an insurance policy at an affordable premium. Hence, it may be advised to invest in term life insurance when you are young. This will save a lot of money in the long run. Moreover, it will also provide you and your loved ones with extended coverage and financial security from an early age.
BUY TERM INSURANCE ONLINE IN 3 STEPS
How much Term Insurance Cover do you need?
You can get a simple, quick and clear answer to this question by calculating your Human Life Value or HLV. HLV is an easy-to-use numeric method of calculating the amount of life cover that you may need.
What are the payout options in term life insurance?
A term insurance plan is a pure protection plan that offers a life cover to the policyholder in return for timely premium payments. If you buy a term policy, you will be asked to name a nominee. This could be a child, spouse, parent, sibling, or any other loved one. In case of an unfortunate event, the chosen sum assured will be paid to this nominee, depending on the payout method you opt for. Here’s how this works:
- Lump sum: Under this method, a single payment will be made to the nominee in case of an unfortunate event. This money can be used as per the discretion of the nominee
- Income: Under this, the nominee will receive equal monthly income payments in the event of any mishap. This can act as a substitute for your income in your absence
- A combination of both: Under this, a part of the sum assured will be paid as a lump sum and the remaining will be given as equal monthly income payments. This can help families who may have varied financial needs
- Increasing income: With this option, your nominee will receive increasing monthly instalments for 10 years. The income will increase by 10% simple interest every year until the entire sum assured is paid
WHY DO YOU NEED TERM INSURANCE ?
Your family depends on you:
The term insurance money can be used to meet your family’s monthly expenses and important goals like your child’s education.
Your assets need protection:
You may take loans for assets like a house or a car. However, if something happens to you, your loved ones might be burdened with loan repayments. In such a situation, the term insurance payout which your family will receive can be utilised in paying off outstanding loans.
Modern day lifestyle problems can lead to a host of ailments. Some term insurance plans don’t just protect your family financially in case of a mishap but also during your lifetime by offering critical illness ^ protection. This feature pays out on the diagnosis of certain critical ailments like cancer or heart attack.
How to choose the right Term Insurance Plan?
While buying a Term Plan, we always have questions like which Term Plan is best and how to compare the best Term Life Insurance Plan. Here are some parameters which may help you choose the best Term Plan for yourself:
- Claim Settlement Ratio: This ratio tells you how many claims for life insurance have been paid out as a proportion of claims made. The higher this ratio is, the betterFact: ICICI Pru Life has a claim settlement ratio~ of 97.9%.
- Solvency Ratio: Solvency ratio tells you whether the insurer you choose will be financially capable of settling your claim if the need arises. IRDAI mandates that every life insurer should maintain a solvency ratio of at least 1.5Fact: ICICI Pru Life has a solvency ratio$ of 1.93.
- Option to add Critical Illness Benefit^: A critical illness like cancer or brain surgery can cost a lot of money and cripple the family’s finances. Critical illness protects your family from this risk. It pays out immediately on diagnosis, and only medical documents confirming diagnosis are to be submitted3.Fact: Critical illness covers with Term Insurance plans are very popular. One in three of our customers also attach a critical illness cover to their Term Plan`.
- Option to add Accidental Death Benefit+: If you have opted for Accidental Death cover, your family will get additional payout in case of death due to an accident, subject to a maximum of `2 crore.
- Waiver of Premium on Terminal Illness###: In case the person covered by the policy gets affected by a terminal illness, his/her future term plan premiums will need not to be paid.
When Should You Buy Term Insurance?
When it comes to buying Term Insurance, it is best to begin as early as possible. The premium of your term insurance increases with your age. Hence, to make the most of your term plan, it is advisable to buy a term plan at an early age. The below table will help you understand how your term insurance premium increases as per your age. The examples are in relation to a non-smoker.
|Age||Base policy Premium (Life Cover ₹ 1 crore)||With Critical Illness benefit (₹ 10 lakh)||With Accidental Death Benefit (₹ 50 lakh)||With Critical Illness (₹ 10 lakh) + Accidental Death Benefit (₹ 50 lakh)|
|25 years||₹ 629||₹ 755||₹ 916||₹ 1,042|
|35 years||₹ 905||₹ 1,233||₹ 1,192||₹ 1,520|
|45 years||₹ 1,968||₹ 2,874||₹ 2,255||₹ 3,161|
|55 years||₹ 4,223||₹ 6,321||₹ 4,510||₹ 6,608|
The given premiums are applicable for a healthy non-smoker male with a monthly mode of payment and premiums paid regularly for the policy term of 15 years with income payout option with Life Cover of ₹ 1 crore and optional add-on benefits respectively.
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HOW LONG SHOULD BE THE TERM INSURANCE POLICY PERIOD?
The policy term offered by most life insurers ranges from 5 years to 40 years. One should always opt for a policy term depending on their retirement age. In India, 60 years is the general age of retirement. If you buy a Term Insurance Policy till 60 years, by that age all your financial liabilities and responsibilities will be cleared. Policyholders can opt for life cover for up to 99 years age if they have many dependents and would like to cover them for a complete life span.
What are the factors that can affect term insurance premiums?
The premium for a term insurance plan is calculated based on a number of factors. Various aspects of your health and lifestyle, such as your gender, age, habits, past or current medical ailments, hereditary diseases that are likely to affect you, and other aspects are considered before deciding upon a premium amount.
Here are some things that determine the value of your term insurance premium:
- Age: Your age plays an important role in your term insurance plan. Typically, the premium of a term insurance policy is lower for individuals who are young and increases as a person ages. This is because the younger you are, the fewer are the chances of you suffering from a disease that can result in an unfortunate event, and the lower is the risk for the company. This is why financial experts often advise to purchase a term insurance plan as early in life as possible. The longer you wait, the more money you will have to pay out to secure your plan.
- Gender: Many scientific studies and researches have found that women tend to live longer than men. In fact, as per estimates, an average woman can live 5 years more than an average man4. This translates to five extra years of premiums too. As a result, women are charged lower term insurance premiums than men.
- Medical history: Your past health conditions or those of your family members are often analysed to determine the premium instalments of your term plan. Ailments such as stroke, heart attack, kidney failure, cancer, and other elements can be hereditary and passed on to the next generation. If you or your loved ones, such as your parents or grandparents suffer from such diseases, the premium of the plan will be comparatively high.
- Current health conditions: Factors such as your weight, eating preferences, and overall fitness can affect your term insurance premium. If you suffer from hypertension, diabetes, fluctuating sugar, thyroid, or any other health condition your premium could be more your premium will be more.
- Smoking and drinking alcohol: Smoking, drinking alcohol, and similar habits such as consuming tobacco or drugs can negatively impact your health. This further increases your chances of falling sick or suffering from a life-threatening medical condition. Hence, if you indulge in any of these things, you may be asked to pay a higher term insurance premium. On the other hand, if you follow a healthy way of life, your term plan premiums could be comparatively less.
- Profession: Your profession can also have a pivotal place in your health. People with risky jobs such as pilots, sailors, soldiers, and other such jobs are more susceptible to danger. They are also more likely to suffer from serious ailments because of the demanding nature of their career. If your profession involves a high level of risk such as exposure to chemicals, environmental hazards, or any other risk you will be asked to pay a high premium too.
- Duration of the policy: Your term insurance premiums will vary based on the total duration and benefit amount.
- Lifestyle habits: If you are inclined towards adventure sports like mountain climbing, sky diving, deep sea diving, or any other adventure sport you could be asked for a higher premium. Since these activities put your life at risk, the premiums charged are also more.
WHAT IS A TERM INSURANCE RIDER?
A term insurance rider is an add-on cover that can be bought over the base plan. Riders are added at an additional price over and above the premium and can be chosen as per your needs. There are different types of riders, such as a terminal illness rider###, a critical illness^ benefit, an accidental death+ benefit, and a permanent disability rider##.
So, what are the different life insurance riders?
- Terminal illness rider: Terminal Illness refers to the high likeliness of death within the next six months as diagnosed by medical practitioners that specialise in the same. Terminal illnesses are not only life-threatening but can also affect your finances significantly. The terminal illnesses### benefit is available with all plan options and it covers AIDS too. In case of diagnosis of a terminal illness###, the full death benefit is paid out
- Waiver of premium due to permanent disability: It ensures that your life insurance policy stays active even if you are unable to pay your premiums. The effect of this policy would be waiving off all future premiums in case of a permanent disability##, but the policy benefits continue for the entire policy duration
- Critical illness cover^: Under this rider, you pay an extra amount to get yourself covered in case you are diagnosed with any of the critical ailments mentioned in the policy document. Acting like an income replacement plan, the amount received under the benefit can be used to meet both medical and household expenses. Though the critical illnesses covered under the policy may vary from one insurer to another, some ailments like cancer, heart attack, brain tumour, and others are covered under the rider
- Accidental death benefit+: Under this benefit, you pay an extra amount to get your family covered in case of accidental death. When you buy an accidental death benefit+ cover, the insurer pays up to double the sum assured to your nominee
Importance of term insurance in the times of COVID-19
The COVID-19 pandemic has brought in a lot of uncertainty. Many people have lost their lives, and several families have been shattered. While no one can replace the loss of a loved one, a term insurance plan that covers COVID-19 life claims** can offer grieving families financial security and protection.
Term insurance is especially important at a time like this as it can help your loved ones move on with their lives with dignity.COMP/DOC/Jul/2021/87/6197
Documents required for Term Insurance
The documents required to complete the application of a Term policy are:
- A recent photograph of the policyholder
- Copy of PAN
- Address proof – This can be any of the following: Aadhaar - front & back/ Driving License/ Passport - front & back
- Income proof – Do note, your income proof should match with your declared annual income. Also for salaried applicants: Last 3 month’s salary slip/ Form 16/ Last 3 years ITR/ Last 6 months’ bank statement where salary gets credited. For non-salaried applicants: Last 3 years ITR with computation of income
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Term Insurance - FAQs
⭐ Are deaths due to Coronavirus covered by ICICI Pru Term Plan?
⭐ Why should you buy term insurance?
The critical illness benefit^(optional) covers you against expensive and life-threatening ailments. The accidental death benefit+ (optional) offers your family a sum of money in case of death due to an accident. The premium waiver in case of permanent disability benefit## waives off all future premiums if you suffer from a permanent disability.
⭐ Should I buy a Term Plan or a traditional life insurance plan?
⭐ How long should be the duration of your term plan insurance?
⭐ What is the policy term that I should select?
E.g.: If your current age is 30 and you expect to retire at the age of 60, you should opt for a term life cover for 30 years policy term.
Ideal Policy Term = Your Expected Retirement Age – Your Current Age1
Your Expected Age to attain Zero Liability – Your Current Age2
⭐ What is the age limit to buy a Term Plan?
⭐ Do term insurance premiums increase every year?
⭐ Do I need a Term Plan in my 50s or 60s?
⭐ What are the types of death covered in term insurance?
- Natural death caused by factors, such as age or a medical condition
- Death due to a critical illness^ such as cancer, stroke, and other
- Death due to an accident is also covered. Some plans also offer additional payouts to the nominee in the event of accidental death+
- Death due to a natural calamity like an earthquake, flood, hurricane, tsunami, and others is also covered under the plan
- Death due to suicide is covered in a term insurance plan. If the Life Assured commits suicide within 12 months, the nominee or beneficiary shall be entitled to 80% of the total premiums paid till the death provided the policy is in force
- Death in a homicide that involves the nominee is not covered under a term insurance plan. In such cases, a proper investigation will be conducted
⭐ Do term insurance plans offer tax benefits?
⭐ How much cover should I take in a Term Plan?
Additionally, you may also consider the following liabilities if applicable:
I. Loans & Liabilities
II. Children’s Education Cost
A simple rule of thumb for calculating Sum Assured in a Term Insurance policy is -
Minimum Sum Assured = Annual Income x 10 times + Loans/Liabilities$$
⭐ How can I get ₹ 1 Crore Term Plan?
- Calculate the premium you need to pay for ₹ 1 crore life cover using our online Term Insurance Premium Calculator. The calculator will help you determine the premium amount you will have to pay as per your chosen premium payment period and frequency (monthly, half-yearly, or yearly)
- Enter your personal and income details in the application form. Upload scanned copies of the relevant documents in our web portal
- Review the details you have entered, pay the premium online to get an attractive discount, and make your life cover active
⭐ Should you opt for Limited Pay or Regular Pay Term Insurance Plan?
⭐ Can I change my term insurance plans details later on during the policy tenure?
- The spelling of your name
- Contact information
- Residential status
- Date of birth
- Premium payment frequency or mode
⭐ Can I change the duration of life cover after the Term Insurance Policy is issued?
⭐ What happens to Term Life Insurance at the end of the term?
⭐ What kind of deaths are not covered in Term Insurance?
⭐ How many times can I change the nominee in my Term Plan?
⭐ What happens if the nominee dies?
⭐ Do you get your money back at the end of the policy term on survival?
⭐ Can you cash out Term Insurance?
⭐ Why is the Term Insurance premium amount for smokers higher than that of a non-smoker?
⭐ Will my term insurance premium remain constant if later, I became a heavy drinker/smoker?
⭐ What happens if you stop paying Term Insurance premiums?
⭐ What if I become an NRI after purchasing a Term Plan?
⭐ Is there any advantage of limited pay option in Term Insurance?
For instance, if you are 30 years old and bought a Term Plan with a policy term of 30 years. You may pay off your premium in the first 10 years itself. By then you would have turned 40 and you will not have to pay any premium anymore but you will be sufficiently covered till you are 60.
⭐ What is Terminal Illness in Term Insurance?
⭐ What will happen if I don't die until my Term Plan is over?
**Our Life insurance policies cover COVID-19 claims under life insurance claims, subject to applicable terms and conditions of policy contract and extant regulatory framework. COVID-19 is not included in Critical Illness benefit covered under ICICI PRU iProtect Smart.
"The percentage saving computed is purely in terms of premium paid over the term (Difference between Limited Pay: 5 years and Regular pay) of the policy and does not account for time and other factors that may happen during this period. It is one of the many features that the product offers and you can opt for it based on your individual needs. The percentage saving is for ICICI Pru iProtect Smart - Life Option for `2 Crore life cover for a 20 year-old healthy male for a policy term of 61 years with regular income payout option. The monthly premium will be `1822. The premium amounts are inclusive of taxes, and an online discount is applied.
~~(Source: Company BuyOnline data - Dec 2015 till Mar 2020)
~Claim statistics are for Financial Year FY2020-21 and is computed on individual basis claims settled over total individual claims for the financial year. For details, refer to Public Disclosures in our website.
^Accelerated Critical Illness Benefit (ACI Benefit) is optional and available under Life & Health and All in One options. This benefit is payable, on first occurrence of any of the 34 illnesses covered. Medical documents confirming diagnosis of critical illness needs to be submitted. The benefit is payable only on the fulfillment of the definition of the diagnosed critical illness. The ACI Benefit, is accelerated and not an additional benefit which means the policy will continue with the Death Benefit reduced by the extent of the ACI Benefit paid. The future premiums payable under the policy will reduce proportionately. If ACI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the ACI Benefit. To know more in detail about ACI Benefit, terms & conditions governing it, kindly refer to sales brochure. ACI Benefit term would be equal to policy term or 30 years or (75-Age at entry), whichever is lower.
+Accidental Death benefit (ADB) is up to ₹ 2 crores (subjected to underwriting guidelines). ADB is available in Life Plus and All in One options. In case of death due to an accident Accidental Death Benefit will be paid out in addition to Death Benefit. Accidental Death Benefit will be equal to the policy term or (80-Age at entry), whichever is lower.
++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; unless taken otherwise with the 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.
^^Tax benefits are subject to conditions under Section 80C, 80D, 10(10D), 115BAC and other provisions of the Income Tax Act,1961. Good and Service tax and Cesses, if any will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above. Tax benefits of ₹ 54,600(₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 31.20%(including cess excluding surcharge) on life insurance premium u/s 80C of ₹ 1,50,000 and health premium u/s 80D of ₹ 25,000.
## On diagnosis of Permanent Disability (PD) due to an accident, the future premiums under your policy for all benefits are waived. To know more about definitions, terms & conditions applicable for permanent disability due to accident, kindly refer sales brochure of ICICI Pru iProtect Smart.
### A Life Assured shall be regarded as Terminally Ill only if that Life Assured is diagnosed as suffering from a condition 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. The terminal illness must be diagnosed and confirmed by medical practitioners registered with the Indian Medical Association and approved by the Company. The Company reserves the right for independent assessment.
` Based on the number of policies sold on the website between January 2018 - March 2021.
$As per IRDAI Annual Report 2019-20
3 Only the 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.
4 Why men often die earlier than women - https://www.health.harvard.edu/blog/why-men-often-die-earlier-than-women-201602199137
*The given premium is applicable for a 18 year old healthy male life with monthly mode of payment and premiums paid regularly for the policy term of 18 years with income payout option with Life Cover of ₹ 1 crore. Goods and Services tax and/or applicable cesses (if any) as per applicable rates will be charged extra.
``The percentage saving computed is purely in terms of premium paid over the term (Difference between 10 years Limited and Regular pay) of the policy and does not account for time & other factors that may happen during this period. It is one of the many features that the product offers and you can opt for it based on your individual needs. The percentage saving is for ICICI Pru iProtect Smart - Life Option for ₹ 50 Lakh life cover for a 20 year old healthy Male for a policy term of 65 years with lumpsum payout option. The annual premium for 10 years Limited pay option will be ₹ 29,866 & the annual premium for Regular Pay option will be ₹11,928. The total payable premium through the term of the policy for 10 years Limited pay option with annual premium will be ₹ 2,98,660 & for Regular pay option with annual premium will be ₹ 7,75,320. The premium amounts are inclusive of taxes. Calculation of 85 years is based on the existing life years, that is, 85 years of age minus your current age .
ICICI Pru iProtect Smart UIN 105N151V06.