Everything You Need to Know About ICICI Term Insurance

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As we all know, life is unpredictable and uncertain. In such a scenario, it is important to secure our future and protect our loved ones from any financial burden in case of an unfortunate event. One of the best ways to achieve this is by opting for term insurance. ICICI Prudential is one of the leading names in the insurance industry and offers various term insurance plans to cater to the different needs of individuals. In this article, we delve deeper into ICICI term insurance and everything you need to know about it.

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What is ICICI Term Insurance?

ICICI term insurance is a type of life insurance that provides financial coverage to the family of the policyholder in case of his/her untimely death. The sum assured is paid out to the nominee in case of the policyholder’s demise during the policy term. It is a pure insurance plan that does not have any investment component. The premiums paid towards the policy are used to cover the mortality charges and the administrative costs incurred by the insurance company.

Why Choose ICICI Term Insurance?

ICICI term insurance is a popular choice among individuals due to the following reasons:

Reasons to choose ICICI term insurance
Benefits
Flexible policy period
The policy period can be chosen depending on the policyholder’s needs, ranging from 5 years to 40 years
Low premiums
The premiums for ICICI term insurance are comparatively lower than other insurance plans
Multiple payout options
The sum assured can be paid out as a lump sum or in installments as per the policyholder’s choice
Add-on covers
ICICI term insurance offers the option to add riders to the policy to enhance the coverage

Types of ICICI Term Insurance Plans

ICICI Prudential offers various term insurance plans to cater to the different needs of individuals. Let’s take a look at the different types of ICICI term insurance plans:

ICICI Pru iProtect Smart Plan

ICICI Pru iProtect Smart Plan is a comprehensive term insurance plan that provides financial security to the policyholder’s family in case of his/her untimely demise. The plan offers the following features:

Features
Benefits
Cover till the age of 99 years
The policy provides coverage till the age of 99 years
Flexible payout options
The sum assured can be paid out as a lump sum or in installments as per the policyholder’s choice
Multiple add-on covers
The policyholder can choose from various add-on covers such as accidental death, critical illness, etc.
In-built terminal illness cover
The policy provides coverage in case the policyholder is diagnosed with a terminal illness

ICICI Pru iCare II Plan

ICICI Pru iCare II Plan is a term insurance plan that provides financial security to the policyholder’s family in case of his/her untimely demise. The plan offers the following features:

Features
Benefits
Flexible policy period
The policy period ranges from 5 years to 67 years
Easy issuance
The policy can be purchased online without any medical check-up
Multiple add-on covers
The policyholder can choose from various add-on covers such as accidental death, critical illness, etc.

ICICI Pru Life Raksha Plan

ICICI Pru Life Raksha Plan is a term insurance plan that provides financial security to the policyholder’s family in case of his/her untimely demise. The plan offers the following features:

Features
Benefits
Low premiums
The premiums for this plan are affordable and easy on the pocket
Add-on covers
The policyholder can choose from various add-on covers such as accidental death, critical illness, etc.
Single premium payment
The policyholder can pay the premium in a single installment

FAQs

1. What is the minimum and maximum age to purchase ICICI term insurance?

The minimum age to purchase ICICI term insurance is 18 years and the maximum age is 65 years.

2. Is a medical check-up required to purchase ICICI term insurance?

Medical check-up is not required for purchasing ICICI Pru iCare II Plan. However, for other term insurance plans, a medical check-up may be required based on the age and sum assured.

3. What happens if the policyholder survives the policy term?

If the policyholder survives the policy term, no benefit is paid out.

4. Can the policyholder add riders to the policy?

Yes, the policyholder can add riders to the policy to enhance the coverage.

5. What is the payout option available under ICICI term insurance?

The sum assured can be paid out as a lump sum or in installments as per the policyholder’s choice.

In conclusion, ICICI term insurance is a reliable and affordable way to secure your family’s future in case of an unfortunate event. With various options to choose from, it is important to select a plan that suits your needs and provides adequate coverage. It is always recommended to consult a financial advisor before making any investment decision.

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