Term insurance is the best and cheap way to buy life insurance. We have discussed this many times before. Today we will discuss about the ICICI term insurance plans and its benefits.
What are Term Insurance Plans?
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The Term Insurance plans are also known as Pure Protection Plans. These types of plans are one of the most straightforward forms of the life insurance policies. These plans enable the policyholder to secure his or her family monetarily with the help of a high insurance coverage sum for a comparatively low premium.
The policyholder can pay his or her premiums with regular pay, or at single pay, it entirely depends on the insurance plan you choose. The term insurance policies allow the policyholder to keep his or her family protected and monetarily liberated, in his or her absence.
In the term insurance plan, the policyholder has to pay a particular premium sum at stable intervals at the time of term plan. In case of death of the policyholder at the time of the term policy, then the policyholder’s family will get a pre-decided sum, which is called ‘Sum Assured’ in accordance with the necessities of the protection plan.
Types Of ICICI Term Insurance Plan
There are three types of ICICI term insurance plans. Today, we are going to discuss in details about these ICICI term insurance plans below. Here we go…
ICICI Pru iProtect Smart
This type of ICICI term insurance plan covers for permanent disability, terminal illness, and accidental death benefits. In this type of ICICI term insurance plan, one can select their level of protection by choosing one of the four benefits options to fulfill your requirements. These benefits options are:
- Life Option
- Life Plus Option
- Life And Health Option
- All-in-one Option
Under this type of ICICI term insurance plan, the policyholder can increase the life stage protection without any kind of hassle. For marriage, there is 50% additional life cover i.e. INR 50,00,000/- (max). For child birth, there is 25% additional life cover i.e. INR 25,00,000/- (max).
Under this type of ICICI term insurance plan, the policyholder gets 3 tax benefits. The premiums paid in the insurance plan are tax free under the Section 80C of the income tax Act, 1961. For critical illness, the policyholder can avail tax exemption under the Section 80D. And the claim amount received tax exemption under the Section 10(10D).
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Policy Term:
REGULAR PAY
Life Option:
Minimum 5 years to maximum 40 years
Life Plus Option:
Minimum 5 years to maximum 40 years
Life And Health Option:
Minimum 5 years to maximum 30 years
All-in-one Option:
Minimum 5 years to maximum 30 years
LIMITED PAY
Life Option:
Minimum 10 years to maximum 40 years
Life Plus Option:
Minimum 10 years to maximum 40 years
Life And Health Option:
Minimum 10 years to maximum 30 years
All-in-one Option:
Minimum 10 years to maximum 30 years
SINGLE PAY
Life Option:
Minimum 5 years to maximum 20 years
Life Plus Option:
Minimum 5 years to maximum 20 years
Entry and Maturity Age:
Minimum 18 years to maximum 65 years for entry age and minimum 23 years to maximum 75 years for maturity age.
Minimum Premium:
INR 2400/- excluding the service tax.
ICICI Pru iCare II
This kind of ICICI term protection plan is an insurance plan that covers the policyholder’s family members and affirms that nothing ever comes in the method for their fantasies. You need to pay the payment first time under the Single Pay and all through the strategy term under the Regular Pay.
Policy Term
Under the Regular Pay option, you can be secured for 5 to 67 years.
Under Single Pay, you can be secured for either 5 or 10 years.
If there should be an occurrence of Regular Pay with Accidental Death Benefit (alternative II), you can be secured for 5years to 62 years
Entry and Maturity Age:
Minimum 18 years to maximum 60 years for entry age and maximum 65 years for maturity age
Minimum Premium:
Excluding the service tax INR 2400/-
Sum Assured:
There is no certain sum assured. It entirely depends on the premium amount.
ICICI Pru Life Raksha
This type of ICICI term insurance plan ensures the policyholder’s family’s monetary safety even in his or her absence with this Life Cover. In this policy you can select premiums monthly, half-yearly and yearly. However, if you choose to pay your premiums monthly, then there is a premium loading of 5%.
Policy Term:
5 years
Entry and Maturity Age:
Minimum 18 years to maximum 60 years for entry age and maximum 65 years for maturity age
Payable Premium:
It entirely depends on the age of the policyholder and the sum assured
Sum Assured:
Minimum INR 50000/- to maximum INR 5 lakhs.