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Term Plan

What is term life insurance?

Term life insurance plan is a financial safety net for your loved ones in your absence. If you are the person insured, you pay a specific premium amount at fixed intervals for a policy term of your choice. In the event of your unfortunate demise during this term, your cover amount is paid to your selected nominee(s) like your spouse, children or parents. It is the simplest and most affordable form of life insurance. Please click here to navigate.

Why should I buy term life insurance online from ICICI Bank?

• Trusted Advisor: ICICI Bank can be your partner while choosing the best term life insurance plan for you. • One Stop Shop: We are fulfilling all your financial needs at one place. You can buy and track your policy through ICICI internet banking and iMobile app. One common platform for making all your payments including your insurance premiums. • Hassel free process: As ICICI Bank customer, you don`t need to submit KYC documents again and you may not have to go through medical tests. (T&C*) • Specialized on call assistance – In case you have any queries related to product, purchase or after purchase you will get assistance from our certified customer service executive • Cost effective: Online discount of 5% is applicable if purchase term life insurance online • Customization: You can choose cover amount, policy term, add-on benefits and payment options suiting your needs.

Why should I should choose ICICI Pru iProtect Smart?

• Longer Life cover: You can get a longer life cover till the age of 85 years at very affordable rates. • Add-on benefits: You get an option to get covered against 34 critical illnesses and accidental death. • Payout: Your nominee will get a lumpsum payout in case of an unfortunate event • In-built features: 1.Entire cover amount will be paid out to you on diagnosis of terminal illness (including AIDS). 2.In case of a permanent disability premiums will be waived off and your life cover will remain intact • Voted Product of the year by Consumer Survey of Product Innovation details*

Will I get any returns at the end of the policy?

No, there are no maturity benefits under this policy since the key objective of this product is to secure your family in your absence. A term life insurance gives you peace of mind as you secure the financial future of your family in advance.

What is the right time to buy term life insurance?


The earlier you get insured, the better it is! The premium amount will be cheaper if you buy it now. The premium amount will keep on increasing with time as risk on your life will increase due to age and lifestyle changes.


Age of buyer 25 30 35 40 45
Tenure of cover 35 30 25 20 15
Annual Payment (₹) 7,085 8,279 10,131 12,963 16,762


How to choose a right term plan?

• A Brand you can trust: You should choose a brand which is likely to make a payment in case a claim is made. It can be decided by knowing the Claim settlement ratio, Assets under management, year of establishment and solvency ratio of a brand. • Claim settlement ratio: Claim settlement ratio is calculated on the basis of individual claims settled over total individual claims for the financial year. Thus, if an insurer has claim settlement ratio of 98 percent it means, 98 out of 100 were identified as valid claims by the company and were paid out • Product: The term life insurance plan should suit your needs. It should give a longer cover, multiple add-on benefits to choose from and a limited pay option to pay off your premiums in a short time and enjoy the benefits of a longer cover. • Added Benefits: One must also look at added benefits that come with a term plan for e.g.: terminal illness cover, critical illness cover, accidental death benefit or waiver of premium due to disability • Customer Service: Look for an insurer which makes you term life insurance purchase simple and hassle free and ensures that your loved ones can file a claim easily and receive the amount in the case of an unfortunate event. • Affordability: The term life insurance plan should fit in your budget. It should give you options of monthly, quarterly or yearly payments.

Who can buy ICICI Pru iProtect Smart term life insurance plan?


An Indian citizen falling into age group of 18-60 years can buy ICICI Pru iProtect Smart term life insurance plan.

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Why do I need term life insurance?

• Protection against loss of income: In case of an unfortunate event your family may lose source of income, the term insurance money can be used to take care of your family`s financial needs in your absence. • Provision for future goals: Term life plan ensures your family`s future goals like child`s education and owning a house care taken care • No burden of loans on your family: You may take loans for assets like a house or a car. However, if something happens to you, your loved ones might be burdened with loan repayments. In such a situation, the term insurance payout can be utilized by your family to pay off outstanding loans. • Peace of mind: When you have safeguarded future of your dependents, you can rest assured • Tax Saving: The premiums paid are tax free under section 80C & 80D and the claim amount received is tax free under Section 10(10D).