ICICI Prudential Term Insurance Calculator
ICICI Prudential Term Insurance Calculator
ICICI Prudential Life Insurance Company is one of the top insurance providers in the country. It is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. Commencing its operations in 2001, ICICI Prudential Life Insurance offers different types of life insurance products, including term insurance plans, health insurance, ULIPs, savings, and investment plans. The term plans by ICICI Prudential life insurance are affordable, and policy buyers can choose according to their budget and requirements.
ICICI Prudential Term Insurance premium calculator is a uniquely designed tool that helps you calculate the monthly premium to be paid for your term insurance plan. The calculator is very simple to use and saves a lot of time.
Benefits of ICICI Prudential Term Insurance Premium Calculator
- Right Premium Amount: The main objective of the term insurance calculator is to calculate the right premium amount for your term insurance plan. The details about the premiums of various term plans can help you look at and pick the best-estimated term plan for your necessary requirements.
- Better Decision Making: The ICICI term insurance calculator assists you in comparing various term insurance policies, going through which can help you settle on the right purchasing choices without any hassles.
- Efficient tool: The ICICI Prudential Term insurance premium calculator is an efficient tool that provides various term plan quotes while saving your significant time. You are not needed to present any documents, and in less than a few minutes, it provides the right premium amount that fits your budget.
ICICI Prudential Term Insurance Plans
- ICICI Pru iProtect Smart
- ICICI Pru iCare II
- ICICI Pru Saral Jeevan Bima
- ICICI Pru POS iProtect Smart
- ICICI Pru Life Raksha
Below are the details about term insurance plans offered by ICICI Prudential Life Insurance:-
- ICICI Pru iProtect Smart: One of the top-selling ICICI Prudential term plans, which offers an accidental death cover of up to Rs 2 crores. Moreover, the term policy covers 34 critical illnesses, which ensuring protection against high medical costs. In addition, it comes with four payout options that policyholders can pick which suit their necessities.
- ICICI Pru iCare II: This term insurance policy gives financial assurance to a family to defeat any financial concerns effortlessly. It offers two life cover options for a policyholder to choose from based on their requirements. The first option is a lump-sum death benefit, and the second one is an accidental death benefit equal to the sum assured.
- ICICI Pru Saral Jeevan Bima: This standard term protection plan provides financial assistance to the policy nominee in case of the insured’s sudden demise. The minimum sum assured amount under the policy is Rs 5 lakh. The minimum entry age for the plan is 18 years, and the maximum is 70 years.
- ICICI Pru POS iProtect Smart: This term plan is available without any medical tests. Moreover, it provides an additional accidental death benefit to guarantee high assurance for their families.
- ICICI Pru Life Raksha: It is a pure protection plan which offers a lump sum amount to the policy nominee to meet regular liabilities. Some of the key components included in the term policy are death benefit and five-year regular pay.
Benefits of ICICI Prudential Term Insurance Plans
ICICI Prudential term insurance plans provide financial protection to the policy beneficiary in case of policyholder’s demise within the policy term, disability, and disease. As compared to other life insurance plans, term plans provide more extensive coverage at considerably lower expenses.
- Reasonable Premiums: ICICI Prudential Term Insurance offers high-esteem life cover at affordable expenses. Under ICICI Prudential term protection plans, you are flexible to pay the premiums monthly, half-yearly, or yearly. It is prescribed to purchase term insurance plans when you are young to avail of lower premiums.
- Accidental Death Benefit Cover: ICICI Prudential Term Insurance plans comprise of Accidental Death Benefit rider that offers protection against accidental mishaps that might occur later on. You can add rider benefits to your existing policy by paying an extra premium at the time of policy purchase.
- Whole life cover: ICICI Prudential term insurance plans offer coverage for a longer period of time, till the age of 99 years.
- Tax Benefits: ICICI Prudential term insurance plans are eligible for tax benefits for the premiums paid towards the term plans under Section 80C of the Income Tax Act, 1961. Tax benefits are available on critical illness benefits under Section 80D, and according to Section 10(10D) of the Income Tax Act, 1961, the death benefit payout amount is exempted from taxes.
- Flexible Payout Options: ICICI Prudential Term Insurance plans come with flexible payout options such as monthly or annual income, increasing income at inception, lump sum, and a combination of a lump sum plus income which further help the policy nominee to meet the financial requirements.
What are the various riders offered under ICICI Prudential term insurance plans?
Under ICICI Prudential term insurance plans, you can opt from the following riders:
Accidental death benefit rider
Accelerated death benefit rider
Accidental disability benefit rider
Critical illness benefit rider
Waiver of premium rider
Income benefit rider
What documents are required to file a claim for accidental death with ICICI Prudential Term Insurance policy?
A copy of the FIR and a copy of the driving license in case the policyholder was driving at the time of the accident, is required to file an accidental death claim with ICICI Prudential Term Insurance policy.
Do ICICI Prudential term insurance plans cover COVID-19 death claims?
Yes, ICICI Prudential term insurance policies cover death claims arising out of COVID-19.
Why should I opt for ICICI Pru term insurance plans?
ICICI Pru term insurance plans offer financial security to the insured’s family members in case of their demise within the policy term. In addition, the insurer has an impressive claim settlement ratio of 97.84% FY 2019-20, proving it to be a reliable insurance partner.
What is the minimum age to buy ICICI Pru term insurance plans?
The minimum entry age for the ICICI Pru term insurance plan is 18 years.
Which kind of deaths are not covered under ICICI Pru term insurance plans?
ICICI Pru term insurance plans do not cover deaths due to suicide that happens in the first year of the policy. However, it does cover deaths due to accidents, illness, and natural calamities.