ICICI Term Insurance – Eligibility, Benefits and Plans, How to Apply

Vidhi Tuteja
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Vidhi Tuteja

ICICI Prudential Life or ICICI Prudential Life Insurance Company Ltd. is a joint venture between Prudential Corporation Holdings Ltd and one of the leading private sector banks, the ICICI Bank Ltd. The company has been providing smart financial protection and planning solutions since its incorporation in the year 2001, clubbed with an easy and convenient claim settlement experience to Indian customers. They have wide goodwill and are known for offering cost-effective products that induce people to protect and save themselves against unfortunate and unforeseen circumstances. 

In this article, we are going to discuss ICICI term insurance and its various significant aspects like benefits, types of plans, claim settlement, etc.  


Term insurance can be called one of the most basic types of insurance policies offered where the insurer ensures that the family members of the insured are given compensation up to the sum assured amount in case of demise of the insured during the selected tenure of the term insurance. These are designed to offer financial support to the family in case of an unfortunate event. Most term insurance plans come with other rider benefits at a slightly higher premium. 


1. Comprehensive coverage:

Insurance seekers can get a comprehensive scope of coverage at minimum premiums and hence, ensuring that their family is taken care of from the financial front. 

2. Flexibility:

ICICI offers you different term insurance plans offering flexible coverage and benefits. In this way, customers get a variety to choose from depending on their needs. 

3. Cost-effective:

The premiums of ICICI Term Plans are extremely reasonable and low which allows the customers to afford higher sum assured so as to save secure their family in emergencies and unforeseen circumstance. 

4. Tax-free Benefits:

The benefits received from these term insurance plans are completely tax-free in the hands of the family u/s 10(10D) of the Income Tax Act, 1961.  

5. Tax-free Premiums:

The premium that policyholders pay for ICICI term insurance policies is eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Insurees can claim up to Rs. 1.5 lakhs deduction by payments toward insurance premiums & other payments or investments as specified by the government. 

6. Additional Riders:

Additional rider benefits are also available under ICICI term insurance plans which provide customers with additional coverage. These can be inbuilt in the plan’s coverage itself or available as extra coverage at the payment of an additional amount of premium.


1. ICICI Pru iProtect Smart 


Entry AgeMinimum age is 18 yrs and max is 65 yrs
Maturity Age Minimum can be 23 yrs and max can be 75 yrs
Premium Payment Options Limited Pay/Single pay/Regular Pay
Premium Payment TermsLimited Pay: Policy Term minus 5 years / Single Pay: Single / Regular Pay: Same as Policy Term
Sum AssuredMinimum is subject to minimum premium and there is no limit for maximum
Minimum Premium AmountRs. 2,400 per annum excluding service tax and cesses (as applicable, for Life Option)
Premium Payment ModeMonthly, Semi-annually, Annually, Single 


  1. Enhanced protection against death, disability, and 34 terminal illness.
  2. The choice to opt from 4 plans: Life option, Life & Health option, Life Plus option, and All in One.
  3. Option for availing Critical Illness benefit and Accidental Death Benefits for wholesome coverage.
  4. In case of permanent disability due to an accident, one can avail a waiver of premium
  5. Special premium tariff for non-addicts to tobacco
  6. Discounted premiums for women

2. ICICI Pru Life Raksha 


Entry AgeMinimum age is 18 yrs and max is 60 yrs
Policy TermRegular Pay: 5 yrs
Premium Payment Options Same as policy term 
Sum AssuredMinimum is Rs. 50,000 and Maximum is Rs. 5,00,000
Premium AmountBased on the age of the insured and minimum and maximum sum assured 
Premium Payment ModeMonthly, Semi-annually, Annually 


  1. A simple 5 yr term plan
  2. Enjoy income tax deductions on process and premium
  3. Choose from different premium payment modes.
  4. Avail protection for family against liabilities & loans in your absence

3. ICICI Pru iCare II


Entry Age

One Pay - Min 18 yrs/ Max 60 yrs

Regular Pay - Min 18 yrs/ Mac 65 yrs

Policy Term

One pay - 5/10 yrs

Regular Pay - 5 yrs to 67 yrs

Premium Payment Options 

One Pay: Single Premium 

Regular Pay: Monthly, Half-yearly and Yearly 

Sum Assured


Minimum Sum Assured


Policy Term

Option 1

Option 2



Rs. 86,543

Rs. 85,015



Rs. 3,03,413

Rs. 2,85,375

Max: No Limit

Minimum Premium AmountRs. 2,400 excluding GST and cesses as applicable
Premium Payment ModeMonthly, Semi-annually, Annually 


  1. Avail cost-effective complete protection against unforeseen events.
  2. Choice to opt for accidental death benefit
  3. Wholesome coverage
  4. Enjoy income tax deductions on process and premium


1. Online:

Some of the ICICI plans can be directly bought online, choose the term plan, fill up to needful details, upload the required documents and pay the premium online, that’s it. The process will be completed in few minutes and the company will then issue the policy within the shortest time span possible. 

2. Offline:

You can buy ICICI Insurance offline either by visiting their nearest branch or by getting in touch with an agent. In both cases, you will be required to fill the application forms and attach the supporting documents. After the payment of the initial premium is made, you will be issued the policy under your name. 


  1. Download and fill the Claim Form available on the company website. This form can also be obtained from the nearest branch of ICICI Pru Life.
  2. All the required details in the form should be filled and then this form along with the relevant needful documents as demanded by the insurance company should be submitted.

The documents required for the same are:

  1. Claim form (filled and signed by the nominee)
  2. Death certificate
  3. FIR (if policyholder died in an accident)
  4. Medical and hospital reports in case of demise due to diseases or illnesses
  5. Any other documents as stated by ICICI Pru Life.
  6. ICICI Pru Life Insurance will verify the claim form and the attached documents and will pay the death claim to the nominee.

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