ICICI Term Insurance Plan

ICICI Term Insurance Plan is a type of life insurance product. In this you are provided life cover for a fixed period. If the death of the life assured occurs during this period, the sum assured is provided as death benefit to the nominee by the life assured.

Term insurance policies are much more affordable than normal life insurance. In this, you get high life cover at low premium. Through this, you can help secure the financial future of your family members by paying the lowest premium.

Features Of ICICI Term Insurance Plan

Features of ICICI Term Insurance Plan are as follows-

• In this, you get term coverage for a long period (up to 40 years).
• These term plans are available to you from the minimum age of 18 years.
• Buying these term plans is very easy. You can buy it online.
• Flexible premium payment options are available.
• Option to increase or decrease the sum assured is available.
• Option of free look period and grace period is available.

Benefits Of ICICI Term Insurance Plan

Following are the benefits of ICICI Term Insurance Plan :

1. Affordable Premiums:

ICICI Term Insurance Plan offers you the benefit of a term insurance coverage at very affordable premiums. Through this term plan, you can provide financial security to your family members through term plan by paying minimum premium amount. Being available at the lowest premium, an ICICI term insurance plan is easily accessible to the common man as well.

2. Death Benefits:

In ICICI term insurance plan, on the death of the life assured during the policy term, the sum assured as death benefit is provided by the life assured to the nominee. Through this death benefit, the family members of the insured can also meet their financial needs.

• Read Also Open Bank Account For Children

3. Survival Benefits:

Generally, you are not provided with any kind of maturity benefit in a term insurance plan. No benefit is provided if the life assured survives the policy term. But ICICI term insurance plan also offers you the return of premium plan . Through this, you can get back your paid premiums at the end of the policy term.

4. Financial Security:

An ICICI term insurance plan acts as a financial security cover for your family members in your absence. Through a term insurance plan, you can easily secure the financial needs of your family members even in your absence.

5. Tax Benefits:

You also get tax benefits in ICICI term insurance plans. In this, you get tax benefits on the premium paid under Section 80C of the Income Tax Act, 1961 and the death benefit under Section 10(10D) is kept under tax exemption.

6. Riders:

ICICI term insurance plans give you a great option to enhance your term plan coverage by adding riders. Through this, you can enhance your life coverage by adding these riders to your term insurance plan by paying an additional premium.

In ICICI term insurance plan you get the option of adding the following riders-

• Terminal Illness Rider
• Waiver of Premium due to Permanent Disability
• Critical Illness Cover
• Accidental Death Benefit

ICICI Term Insurance Plan

Following are the term insurance plans offered by ICICI:

1. ICICI Pru iProtect Smart (ICICI Pru iProtect Smart)
2. ICICI Pru iProtect Return of Premium (ICICI Pru iProtect Return of Premium)
3. ICICI Pru iCare II (ICICI Pru iCare II)
4. ICICI Pru Saral Jeevan Bima
5. ICICI Pru Precious Life
6. ICICI Pru Life Raksha
7. ICICI Pru Loan Protect Plan
8. ICICI Pru Loan Protect Plus
9. ICICI Pru Group Term Plus ( ICICI Pru Group Term Plus)

Eligibility For ICICI Term Insurance Plan

Eligibility for ICICI Term Insurance Plan is as follows-

• The minimum age for ICICI term insurance plan should be 18 years.
• The maximum age for ICICI term insurance plans may vary from different ICICI term insurance plans.
• A medical examination has to be done.

Documents Required For ICICI Term Insurance Plan

The documents required for ICICI Term Insurance Plan are as follows-

1. Latest photo
2. Photocopy of PAN
3. Address Proof (any one of the following)

• Base,
• driving license,
• Passport.

4. I ratio

• For Salaried Applicants: Last 3 Months Salary Slip / Form 16 / Last 3 Years ITR / Last 6 Months Bank Statement

• For non-salaried applicants: ITR of last 3 years

ICICI Term Insurance Plan Premium

ICICI term insurance plan gives you the option of paying premium as per your convenience. You can make the premium payment for ICIC term insurance plan monthly, quarterly, half-yearly and annually. You can choose any premium payment option as per your financial capability.

How To Buy ICICI Term Insurance Plan?

Buying an ICICI term insurance plan is very easy. You can buy it easily by following some steps. It is available to you through both online and offline mediums.

To buy through online you have to visit the official website of ICICI. You can buy any term plan according to your requirement by going to the insurance plan section there.

To buy through offline mode, you will have to visit an ICICI Bank branch. There you can buy the term plan as per your requirement after completing the necessary paperwork.