What Makes ICICI Term Insurance a Good Choice?
ICICI Term Insurance is a preferred choice for its high coverage, comprehensive critical illness cover, dynamic life-stage protection, premium & claims payout flexibility, digital convenience, and market-leading performance metrics.
These unique advantages ensure your family’s security evolves alongside your life, and that your policy is ready when you need it most.
Click here to learn more about ICICI Term Insurance and its key benefits.
Introduction
ICICI Term Insurance is designed to offer comprehensive life protection that evolves with your changing financial responsibilities. With flexible coverage options, seamless online servicing, and a strong claim settlement record, ICICI Prudential Life ensures dependable support when your family needs it most.
At Ditto, we simplify complex insurance details to help you make informed, unbiased decisions. This article breaks down everything you need to know about ICICI Term Insurance, from its features and benefits to eligibility, riders, and the claim process.
Features and Benefits of ICICI Term Insurance
ICICI Prudential’s term insurance plans are built to provide affordable yet comprehensive life cover for individuals at different life stages. Here’s what makes them stand out:
- High Coverage at Low Premiums: Get large coverage amounts at affordable premiums, ensuring your family’s lifestyle and goals remain secure even in your absence.
- Flexible Payout Options: You can choose how your nominee receives the payout, as a lump sum, monthly income (fixed or increasing), or a combination of both. This flexibility helps manage long-term expenses.
- Comprehensive Inbuilt Features & Optional Riders: Offers built-in benefits such as Terminal Illness Cover, Life Stage Increase Benefit, Instant Payout on Claim Intimation, and Special Exit Benefit. You can also enhance coverage with riders like Critical Illness Cover and Accidental Death Benefit.
- Tax Benefits: Premiums paid qualify for deductions under Section 80C (Old regime), while death or maturity proceeds are tax-free under Section 10(10D), subject to prevailing tax laws.
- Strong Matrix: Here’s a snapshot of ICICI Prudential’s key performance indicators, reflecting its strong financial stability and claim reliability.
ICICI Prudential Key Performance Metrics
Friendly reminder: ICICI has good plans, but the best one depends on your needs. Get free, spam‑free advice from Ditto’s experts to find your perfect fit. Book a call now.
Eligibility Criteria for ICICI Term Insurance
If you are considering an ICICI term plan, make sure you meet these basic eligibility requirements:
ICICI Prudential Term Insurance Eligibility
Documents Required
To make the process smooth for buying ICICI Term Insurance, you’ll need to provide the following documents:
Documents Required
Proof of identity
Proof of address
Income proof
Medical Records
If you’d like to know more about the documents required for term insurance in detail, you can check our comprehensive guide on it.
ICICI Term Insurance Plans
Here are ICICI Prudential Life’s latest offerings:
1) ICICI Pru iProtect Smart Plus
Ideal for: This plan is a modern, flexible flagship plan that Ditto highly recommends. It has features like accidental benefit, premium break, and life stage cover increase for full protection.
Has a minimum sum assured of ₹50 lakh, with no upper limit (subject to underwriting).
Key Features:
- Discounts for women, salaried individuals, and online buyers
- Choice of payout: lump sum or monthly income for 10 years
- Lower premium rates for non-tobacco users
- Premium break option in select variants
- Optional accidental death benefit
- Life cover and terminal illness benefit
Ditto’s Take: ICICI Pru iProtect Smart Plus is a well-rounded plan with extra flexibility and useful features. The accidental cover, terminal illness protection, and payout choices make it a strong upgrade over basic term plans. However, premiums are slightly higher, so it suits those who value added benefits over the lowest cost.
Premium Comparison of ICICI Prudential iProtect Smart Plus
Note: Illustrative premiums for healthy, non-smokers (₹1 crore cover, base Life Option). Actual rates may vary by health, riders, and payment mode.
Ideal for: Self-employed, freelancers, entrepreneurs, or gig workers without regular salary proof who want strong life cover with flexible options.
Has a minimum sum assured of ₹50 lakh, with a maximum sum assured of ₹1 crore (subject to underwriting).
Key Features:
- Life cover including terminal illness benefit.
- Premium Break: Pause premium payments for up to 12 months while coverage continues.
- Smart Exit Option to get back total premiums after a certain age and policy term (conditions apply).
- 15% lower premiums for women.
- Relaxed income proof rules for eligible self-employed profiles.
- Optional Accidental Death & Disability rider.
Ditto’s Take: It’s a strong option for those whose income doesn’t fit traditional salaried verification, offering flexibility and extra features. But if you have a very standard profile and don’t need those extras, you may compare more basic term plans for price.
3) ICICI Pru iProtect Smart Return of Premium
Ideal for: Those who want the security of a term cover plus a maturity benefit (i.e., return of all premiums paid if you survive the policy term). Good for people who want the “safety net” feel of both protection and return of premium.
Has a minimum sum assured of ₹10 lakh, with the maximum sum assured based on underwriting.
Key Features:
- Life cover during the policy term.
- 100% return of premiums (excluding taxes and extra charges) if you survive the term.
- Flexible payment options: Regular, Limited, or Single Pay.
- Option to receive the death benefit as a lump sum, a monthly income, or both.
- 15% lower premiums for women.
Ditto’s Take: Ditto doesn’t recommend this plan because the premiums are much higher, and the money returned at maturity is essentially your own without meaningful returns. While it offers both protection and a refund of premiums on survival, it’s not cost-effective. If you want better value and higher coverage, a regular term plan like iProtect Smart Plus is a smarter choice.
How to Claim ICICI Term Insurance?
Why Choose Ditto for Your Term Insurance?
At Ditto, we’ve assisted over 7,00,000 customers with choosing the right insurance policy. Why customers like Aaron love us:
✅No-Spam & No Salesmen
✅Rated 4.9/5 on Google Reviews by 12,000+ happy customers
✅Backed by Zerodha
✅100% Free Consultation
You can book a FREE consultation. Slots are running out, so make sure you book a call now!
Ditto’s Take on ICICI Term Insurance
ICICI Term Insurance provides comprehensive protection, flexible benefits, and a high claim settlement ratio within the insurance industry. The application, management, and customization processes are straightforward, with optional add-on riders available for expanded coverage. Selecting an appropriate plan and coverage amount aligned with a family's financial objectives remains essential.
ICICI Prudential is one of our trusted partner insurers, and our experience with them has been consistently positive, both in terms of claim handling and overall post-sales support.
Learn more about how we evaluate other term insurance plans here.
FAQs
Can I get a loan under ICICI Term Insurance?
No, you cannot take a loan against your ICICI Term Insurance policy. Term insurance is a pure protection plan that provides financial security to your loved ones in case of your unfortunate demise, but it does not have any savings or investment component that can be borrowed against.
How long can my ICICI Term Insurance policy last?
The policy term can range from 5 years to as long as 81 years, depending on the plan you choose, ensuring lifelong protection and peace of mind for you and your family.
Can I update my nominee online?
Yes, updating nominee details is simple and can be done through the ICICI Prudential Life Insurance online portal or mobile app. This ensures that your policy benefits go directly to the right person without any hassles during claim settlement.
What if I miss a premium payment?
ICICI Prudential provides a grace period of 15 to 30 days (depending on your payment mode) to make the overdue payment. If you fail to pay within this period, the policy may lapse, and your coverage could end. You can usually reinstate the policy later by paying the pending premiums and applicable charges.
How do I check my policy status?
You can check your ICICI Term Insurance policy status anytime by logging into the ICICI customer portal or using the mobile app. From there, you can view details such as premium due dates, policy benefits, payment history, and even track claim status conveniently.
Last updated on: