ICICI Term Insurance Plans: All Plans Reviewed

A sudden loss of life can financially disrupt an entire family. ICICI Prudential term insurance plans aim to provide long-term financial protection with flexible coverage options and useful rider benefits for different life stages and income profiles. This article breaks down ICICI Prudential term insurance plans and helps you understand which one best fits your future needs.

List of ICICI Term Insurance Plans

1. ICICI Pru iProtect Smart Plus

ICICI Pru iProtect Smart Plus is a pure term insurance plan focused solely on financial protection.

Key Features:

• Death Benefit: Pays the nominee a death benefit if the life assured passes away during the policy term, provided the policy remains active.
• Terminal Illness Benefit: Offers early payout of the death benefit on diagnosis of a terminal illness. This is an accelerated payout, not an additional cover amount. The payout depends on the variant and premium payment options.
• Flexible Payout Options: Under Life and Life Plus variants, nominees can choose a lump sum payout, regular income for 10 years, lump sum plus income, or increasing income options.
• Premium Break Feature: Allows a 12-month premium break after completing 5 policy years, subject to policy conditions. However, the deferred premiums must be paid later.
• Life Stage Protection: Offers policyholders the option to increase their cover after major milestones such as marriage, childbirth/adoption, or home loan disbursal.
• Smart Exit Benefit: Allows eligible policyholders aged 60+ to exit after the 25th policy year and receive total premiums paid, excluding taxes and rider charges.
• Instant Claim Payout: Provides immediate financial relief of ₹3 lakh on claim intimation, subject to policy terms. The policy is applicable for an SA of ₹1 crore or more.
• Health Management Services: The policy includes features like teleconsultations and fitness benefits.

Note: The eligibility criteria vary with the policy variant you choose. iProtect Smart Plus is one of the best term insurance plans in India, and at Ditto, we recommend it after Smart Term Plan Plus and Click 2 Protect Supreme Plus. 

2. ICICI Pru iProtect Super

ICICI Pru iProtect Super is also a pure term insurance plan, but it is positioned as a simpler and more accessible protection solution, especially for business owners, freelancers, and self-employed individuals who may need flexible eligibility support based on their income. 

Key Features: 

• Life Insurance Cover: Pays the nominee a death benefit if the life assured passes away during the policy term, subject to the policy remaining active.
• Terminal Illness Benefit: Provides early payout of the death benefit if the life assured is diagnosed with a terminal illness. This is an accelerated benefit, not an extra payout. If the life cover is ₹1 crore, the terminal illness payout will usually be ₹1 crore, because the sum assured will be higher than 105% of premiums paid or 7x annualized premium.
• Premium Break Option: Allows a 12-month premium break after meeting eligibility conditions. The feature cannot be opted for in the last 3 years of premium payment.
• Smart Exit Benefit: The feature lets eligible policyholders aged 60+ exit after the 25th policy year and receive total premiums paid, subject to conditions.

3. ICICI Pru iProtect Smart ROP

ICICI Pru iProtect Smart is a Return of Premium (ROP) term insurance plan that provides life cover throughout the policy term. If the life assured survives till maturity, the plan returns 100% of the total base premiums paid, excluding taxes and rider charges. ICICI Pru iProtect Smart ROP offers life cover with flexible payouts. 

Key Features:

• Return of Premium Benefit: If the life assured survives till maturity, the plan returns 100% of the total base premiums paid. However, taxes, rider premiums, and extra charges are excluded.
• Death Benefit Structure: The death payout is the highest of 7 times annualized premium, 105% of total premiums paid till death, or the sum assured.
• Paid-Up Benefit: If at least one full year’s premium is paid, reduced benefits may continue even after stopping future premiums.
• Surrender Option: Policy surrender is allowed after one full year’s premium payment, subject to applicable surrender value rules.

At Ditto, we do not recommend ROP plans as premiums are much higher (about 60% to 100% more than regular term plans, and sometimes even more), the money does not grow, and rider premiums are not refunded. The money invested loses its value which is why people prefer to buy a term plan and invest the premium difference (ROP minus term premium) in fixed deposits or mutual funds for better returns.

Note: In addition to the plans listed above, ICICI Prudential also offers iProtect Care and iProtect Supreme. 

Note: The figures above are sourced from ICICI Prudential's public disclosures and IRDAI's annual reports. The data reflect the insurer's overall life insurance portfolio and are not limited to any particular insurance product. However, it remains relevant because it offers insight into the insurer’s scale, customer base, and long-term ability to service policyholders across its business. 

Insights:

• ICICI Prudential’s CSR remains close to the industry average, indicating a strong likelihood of genuine claims being settled successfully.
• The insurer’s ASR is higher than the industry average, which suggests fair handling of both small and high-value claims.
• Complaint levels remain below the industry benchmark, reflecting relatively smoother customer servicing and fewer disputes during claims or policy servicing.
• With annual business premiums nearly six times the industry average and a solvency ratio comfortably above the IRDAI-required 1.5x level, ICICI Prudential demonstrates strong financial stability and long-term operational strength.

Note: ICICI Prudential was among the first insurers in India to popularize pure online term plans through its iProtect series. It also adopted tele-medical assessments and automated underwriting early, helping reduce policy approval times from weeks to just minutes in many cases.

Key Features & Benefits of ICICI Term Plans

• High Cover at Low Cost: ICICI term plans offer large life cover amounts at relatively affordable premiums, making them suitable for income protection and long-term family security.
• Tax Benefits: Premiums may qualify for deductions under Section 80C (old regime), while death benefits are tax-exempt under Section 10(10D), subject to prevailing tax rules. Section 80D of the old regime allows an additional deduction if the policy includes health-related riders.
• Advanced Features: Many plans include benefits like terminal illness payout, premium break option, life stage cover enhancement, smart exit benefits, and flexible payout structures.
• Useful Riders: Optional riders such as critical illness cover, accidental death benefit, waiver of premium, and disability protection help strengthen overall financial protection.

Take a look at the infographic to understand which rider to opt for and which to avoid.

Note: The listed premiums are for non-smoker profiles residing in Delhi, with a sum assured of ₹2 crore (coverage until age 65, without first-year discounts). Buying a term plan early locks in low premiums for the entire policy term. You may also use the ICICI term insurance plan calculator for a rough estimate of your premiums.

The sample premium illustration provides a broad estimate of costs. During a consultation, Ditto advisors can also calculate and share personalized premium quotes based on your age, coverage requirements, health profile, and policy preferences.

How to Choose the Right ICICI Term Insurance Plan?

• Calculate Adequate Cover: Estimate cover based on factors like monthly expenses and loans after adjusting existing assets and insurance. Use Ditto’s online cover calculator for a better understanding. 
• Select the Right Policy Term: Choose a term that covers your active earning and dependency years. At Ditto, we recommend purchasing a term plan, usually until 65 or 70, as your liabilities are settled by then, and your dependents become financially independent.
• Choose the Right Payout Structure: A lump sum works for financially aware nominees, while lump sum plus income often suits Indian families better.
• Decide Premium Payment Style: Regular pay is usually more cost-efficient. Limited pay suits buyers wanting to finish premiums early for peace of mind.
• Add Riders Carefully: Choose riders only if they solve a real financial gap. Always prioritize adequate base cover first.

Why Choose Ditto for Term Insurance?

At Ditto, we’ve assisted over 8,00,000 customers with choosing the right insurance policy. Why customers like Aaron below love us:

• No-Spam & No Salesmen
• Rated 4.9/5 on Google Reviews by 22,000+ happy customers
• Backed by Zerodha
• Dedicated Claim Support Team
• 100% Free Consultation

You can book a FREE consultation. Slots are running out, so make sure you book a call or chat on WhatsApp now!

Conclusion 

ICICI term insurance plans offer flexible protection options, strong claim reliability, and useful features across different life stages and income profiles. The right choice ultimately depends on your coverage needs, affordability, liabilities, and long-term financial goals. 

• ICICI Pru iProtect Smart Plus: This plan is ideal for salaried buyers with growing liabilities and young married buyers who may later need more cover.
• ICICI Pru iProtect Super: Freelancers or self-employed buyers who may not have conventional salary slips or standard income documents can opt for this.

If you wish to explore other term insurers, refer to our guide on the best term insurance companies in India.