ICICI Prudential Insurance plans

ICICI Prudential Icare Term Insurance

Key features of Icare Term Insurance

  • Enhanced protection : Get covered against terminal illness and disability in addition to death
  • Additional benefits : option to choose Additional death benefit and accelerated critical illness benefit against 34 illnesses
  • Special premium rates : Special premium rates for non - tobacco users
  • Need based benefit payout : Choose to receive the benefit amount as a lump sum or as a monthly income for 10 years or a combination of both
  • Increase life cover : Option to increase life cover at important milestones of life marriage and child birth / adoption
  • Tax benefits: On premiums paid and benefits received as per the prevailing tax laws

ICICI Prudential Life insurance review

ICICI Prudential Life
Branches In India
517
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
50 lacs / 100 cr
Policy Term Minimum / Maximum (Years) - Terms Plans
5years/ 85years and also we have whole life option
Solvency Ratio *
217% (2.17)
Death Claims Settled from 2002 till now
₹ 95.48 billion
Number of Lives Covered**
2133682
Claims Settlement Ratio ***
97.90%
Claim Settlement Time
1.4 days
13 months Persistency Ratio
87.10%
* - As per IRDAI data 2020-21 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2020-21  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Eligibility conditions of Icare Term Insurance

Premium Payment Options Premium Payment Term Minimum/Maximum Policy Term Minimum/Maximum age at entry
Single Pay* Single 5 years / 20 years 18/65
Regular Pay Equal to policy term 5 years / 85 years less age at entry 18/65
Whole Life (99 years less age at entry)
Limited Pay 5, 7, PT- 5 years 10 years / 85 years less age at entry 18/55
10 years 15 years / 85 years less age at entry
Whole Life (99 years less age at entry)
60 years less age at entry PPT+ 5 years / 85 years less age at entry 18/55
Whole Life (99 years less age at entry)
Minimum Premium 2,400 excluding applicable taxes such as Goods and Services tax and/or cesses
Accidental Death Benefit Minimum: 1,00,000
Maximum: Equal to Sum Assured chosen by you, subject to a maximum limit as per the Board Approved Underwriting Policy Accidental death Benefit term will be equal to the policy term or (80-Age at entry), whichever is lower
Accelerated Critical Illness (ACI) Benefit Minimum: 1,00,000
Maximum: As per the Board Approved Underwriting Policy. ACI Benefit is not available for Single Pay policies (ACI) Benefit ACI Benefit term would be equal to policy term or 30 years or (75-Age at entry), whichever is lower
Minimum Sum Assured Subject to the minimum premium
Maximum Sum Assured Unlimited
Mode of Premium Payment Single, Yearly, Half-yearly and Monthly

*Max age at maturity for single pay is 75 years

ICICI Prudential Protection Term life Insurance Overview

  • Key benefits for women
  • How does this plan protect you
  • Critical Illnesses
  • Death Benefit payout options

Key benefits for women

  • Special premium rates for life cover and Accelerated Critical Illness Benefit
  • Covers female organ cancers such as breast cancer and cervical cancer under Accelerated Critical Illness Benefit

How does this plan protect you

Benefit Option Benefits
Life Death Benefit + Terminal Illness + Waiver of Premium on permanent disability
Life Plus Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accidental Death Benefit
Life & Health Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accelerated Critical Illness Benefit
All in One Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accidental Death Benefit + Accelerated Critical Illness Benefit

Critical Illness of Icare Term Insurance

Critical Illness Categories
Cancer of specified severity Cancer
Angioplasty* Heart and Artery Benefit
Myocardial Infarction (First Heart Attack - of specified severity) Heart and Artery Benefit
Heart Valve Surgery (Open Heart Replacement or repair of Heart Valves) Heart and Artery Benefit
Surgery to aorta Heart and Artery Benefit Heart and Artery Benefit
Cardiomyopathy Heart and Artery Benefit
Primary (Idiopathic) Pulmonary hypertension Heart and Artery Benefit
Open Chest CABG Heart and Artery Benefit
Blindness Major Organ Benefit
End stage Lung Failure (Chronic Lung Disease) Major Organ Benefit
End stage Liver Failure (Chronic Liver disease) Major Organ Benefit Major Organ Benefit
Kidney Failure Requiring Regular Dialysis Major Organ Benefit
Major Organ/ Bone Marrow Transplant Major Organ Benefit
Apallic Syndrome Brain and Nervous System Benefit
Benign Brain Tumour Brain and Nervous System Benefit
Brain Surgery Brain and Nervous System Benefit
Coma of specified Severity Brain and Nervous System Benefit
Major Head Trauma Brain and Nervous System Benefit
Permanent Paralysis of Limbs Brain and Nervous System Benefit
Stroke resulting in permanent symptoms Brain and Nervous System Benefit Brain and Nervous System Benefit
Alzheimer's Disease Brain and Nervous System Benefit
Motor Neurone Disease with Permanent Symptoms Brain and Nervous System Benefit
Multiple Sclerosis with Persisting Symptoms Brain and Nervous System Benefit
Muscular Dystrophy Brain and Nervous System Benefit
Parkinson’s Disease Brain and Nervous System Benefit
Poliomyelitis Brain and Nervous System Benefit
Loss of Independent Existence Others
Loss of Limbs Others
Deafness Others
Loss of Speech Others Others
Medullary Cystic Disease Others
Systematic lupus Eryth with Renal Involvement Others
Third degree Burns (Major Burns) Others
Aplastic Anaemia Others

Death Benefit payout options

ICICI Pru iProtect Smart provides the flexibility to take the Death Benefit in a way that meets your financial requirement. The Death Benefit payout option has to be selected by you at Policy inception. The Death Benefit can be paid to your beneficiary as:
  1. Lump sum: the entire benefit amount is payable as a lump sum
  2. Income: 10% of the benefit amount is payable every year for 10 years. This will be paid in equal monthly installments in advance at the rate of 0.83333% of Death Benefit Amount. The beneficiary can also advance the first year’s income as lump sum. The monthly income will start from the subsequent month for 9 years at the rate of 0.80% of the Death Benefit Amount.
  3. Lump sum and Income: The percentage of the Sum Assured to be paid out as lump sum is chosen at inception. The balance Sum Assured will be paid out in equal monthly installments in advance at the rate of 0.83333% per month over 10 years.
  4. Increasing Income: The benefit amount is payable in monthly installments for 10 years starting with 10% of the benefit amount per annum in the first year. The income amount will increase by 10% per annum simple interest every year thereafter.
At any time, your beneficiary will have the option to convert all or some of his monthly income into a lump sum. The lump sum amount will be the present value of calculated at a discount rate of 4% p.a.
The premium for your policy will vary based on the Death Benefit payout option chosen.

Brochure

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Policy wordings

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