ICICI Pru Term Insurance Plan

 

What is a Term Plan?

Term Insurance plan is a simple and pure risk cover form of life insurance. It provides financial protection to your family against a fixed premium paidfor a specified term. You can get a large amount of term insurance cover (sum assured) at affordable premiums. The nominee receives the term insuranceamount in case of death of the policyholder.

When should I buy a term plan?

The earlier you buy a Term Plan, the better it is as the premiums are lower when you are young. Also, with current lifestyles and increasing instances of illnesses, it may become difficult to get a term plan

later, as you grow older.

Who should buy a term plan?

Parents

If you have children or dependent adult family members and are responsible for paying for their

needs and upkeep then you must buy a term plan.

Young individuals

The premium for term insurance increases with age. So it makes smart sense for young

professionals without financial liabilities to buy term plan early & this way they get lower premium rates and the rates will not increase over time.

Newly married couples

A term plan can help you create a financial safety net for your growing family so that their dreams are

never compromised, even when you are not around.

Home loan repayment

In case of an unfortunate incident, the responsibility of paying the outstanding loans should not fall on

your loved ones. In case of your unfortunate demise, the death benefit payout from the term plan

can be used by your family to repay your loans.

How much term insurance cover do I need?

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.

What is limited pay option?

With the limited pay option, you can pay premiums for a specific pre-agreed period of time (5, 7 or 10 years) and enjoy the term insurance cover for the whole policy duration, irrespective of the premium payment period. You can save up to 65%* over the entire policy duration with this option.

Which payout option should I choose?

Our Term Insurance Plan has four payout options:

1. Lump sum - 

The entire life cover is payable as a lump sum (single payment).

2. Regular income - 

10% of the life cover is payable every year for 10 years. This is paid in equal monthly installments.

3. Increasing Income - 

The life cover is payable in monthly installments for 10 years starting with 10% of the life cover in the first year. The income amount will increased by 10% per annum thereafter.

4. Lump sum + Income - 

You have the flexibility to split the life cover amount that you want your nominee into two parts - one part of the life cover as a lump sum and the remaining life cover will be paid in equal monthly payments for 10 years. 

What are the benefits of a term insurance premium calculator?

1. 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.

2. Efficient - The term insurance premium calculator can generate a customised quote for you within 2 minutes And all of this is free of charge.

Claim Settlement Process :

Step 1 :

Report Claim You can report your claims online, at our branches, at our central office, on our central ClaimCare helpline, through SMS or e-mail.

Step 2 :

Process, Our special ClaimCare team will assess your claim, and inform you in case any further documents need to be submitted.

Step 3 :

Settle, Once your claim is intimated. and we receive all the relevant documents, we will settle your claim.