Life Insurance
ICICI Life
ICICI Life Insurance, formerly ICICI Prudential Life Insurance, has been operating since 2000 and is one of India’s established private life insurers. Its key strengths include a strong claims track record, established parentage, diverse product portfolio, and healthy financials. It manages over ₹3 lakh crore in assets under management. The company was renamed ICICI Life Insurance in September 2026, with ICICI Bank remaining its controlling shareholder.
| Annual Business | ₹22239 cr (avg. of last 3 years) |
| Claims Settled | 99.30% (avg. of last 3 years) |
| Claims settled within 30 days | 95.6% (avg. of last 3 years) |
Term Insurance offered by ICICI Life
iProtect Smart
Highly popular in the market, iProtect Smart is one of the most suitable plans to protect your family upon your untimely demise. It provides a range of plan options and riders so you can choose what best fits your needs.
This plan offers four payout options:
- Lump Sum:
Entire cover amount is paid as lump sum upon demise of the insured
- Income:
A monthly income equivalent to 0.833% of the death benefit is paid for the next 10 years.
- Increasing Income:
Every year 10% of the death benefit is paid in monthly installments for the next 10 years and the income amount increases by 10% every year.
- Lump sum plus Income:
A part of the death benefit is paid in lump sum and the balance is paid out in monthly income equivalent to 0.833% of the death benefit.
You can also opt for additional riders:
- Accelerated Critical Illness Benefit:
You get a lump sum amount in case you’re diagnosed with any of the 34 listed critical illnesses. However, keep in mind this lump sum amount is part of your base cover itself. So your death cover gets reduced by the amount of Critical Illness benefit paid.
- Accidental Death Benefit:
An additional lump sum amount is paid over and above the base death benefit if the cause of death is an accident.
ICICI Life Term Insurance plan details
| Plan Name | Entry Age | Sum Assured | Policy payment options |
|---|---|---|---|
iProtect Smart | 18-65 | ₹10,00,000 - unlimited | Single, Yearly, |
iProtect Smart ROP | 18 - 55 | ₹10,00,000 - unlimited | Annual, Half-Yearly and Monthly |
ULIP Plans
Unit Linked Insurance Plans or widely known as ULIPs are part insurance, part investment plans. So the premium that you pay, some of it is allocated towards providing a death cover and the rest is invested in equity and debt funds, whichever you choose. So if something were to happen to you, your family either gets death cover or the fund value, whichever is higher at that time.
Say you’re paying a premium of 1 lakh every year for 20 years and for a death cover of 10 lakhs. You die after 15 years and your family naturally gets 10 lakhs. However if at that time the value of your invested premiums is 13 lakhs, your family gets this 13 lakhs. But if the fund doesn’t earn good returns and values at 8 lacs, then you get the death cover. So 10 lacs, i.e., your death cover is the minimum payout. But if you survive after 20 years, then you get all those invested funds back, whatever the value is at that time. That’s your maturity payout.
But there are other things to look for as well. Firstly, there is a lock-in period of 5 years, meaning you won’t be able to get back your premiums before 5 years. It’s only after 5 years that you’re allowed to withdraw some funds and even that is partial withdrawal. You can never withdraw the entire amount. Also, there are different charges that are deducted from your premium every year like premium allocation charge, policy administration charge, fund management charge, etc. So the entire 1 lakh is never invested.
Make sure you read the policy document diligently. And remember ULIPs are largely dependent on how the market is performing, both stocks and bonds.
ULIP Plans offered by ICICI Life
| Plan Name | Entry Age | No. of Funds |
|---|---|---|
| ICICI Life Signature | 0 - 60 | Total: 15 Equity: 12 Debt: 3 |
| ICICI Life Wealth | 8 - 60 | Total: 9 Equity: 6 Debt: 3 |
| ICICI Life Time Classic | Minimum- 0 Maximum- Single Pay: 75 years, Limited Pay/Regular Pay: 65 years | Total: 13 Equity: 10 Debt: 3 |
| ICICI Guaranteed Wealth Protector | Minimum: 8 years Maximum One pay: 70 5 pay: 60 7 pay: 60 | Total: 2 Equity: 1 Debt: 1 |
| ICICI Life Smart Life | Regular and one pay: 20-54 limited pay: Minimum- 20 yrs Maximum- 48 yrs | Total: 15 Equity: 12 Debt: 3 |