Whether you are an unmarried person who only has their parents and siblings in the family or you have your spouse, children, aging parents, some of whom are totally financially dependent on you; we all try our best to provide for our family. We even take reasonable risks just so that we can protect our family from any kind of hardship. However, not many people have been so lucky and ended up losing members of their families during the pandemic in the past one and a half years. Truth be told, life is not certain for anyone, but the least we can do to take care of our family is investing some money in life insurance policies such as term insurance plans.
Term insurance policies can turn out to be no less than any blessing, especially when the primary earning member of the family passes away suddenly. The beneficiary can claim the death benefit, which can then be used for several purposes. However, while you are deciding on buying a term plan, you must compare all the term insurance plans offered by different companies in the market. One of the most reliable insurance providers at present is ICICI Prudential. Let us discuss the ICICI term insurance details before you decide whether this is the right insurance plan for you.
ICICI Prudential Term Insurance
ICICI Prudential life insurance was started in the year 2001 is a product of ICICI. The product was brought to the insurance market with several features and with an aim to fulfill the requirements of the customers. At the present day, ICICI prudential is one of the leading private companies that offer various policies at reasonable rates. It is a joint venture between ICICI Bank and Prudential Corporation Holdings Limited that offers services to individuals who want to secure the future of their family even when they are not around.
Types of ICICI Term Insurance Plans
- ICICI Pru iProtect Smart: It is one of the most sought-after ICICI Prudential term insurance plans which offers accidental death benefits of up to INR 2 Crores. The policy also covers 34 types of critical illnesses, which can ensure that high medical expenses are taken care of. The insured can choose from four payout options.
- ICICI Pru iCare II: This policy is perfect for people who are concerned about the protection of their families to overcome any financial crisis when they are not around. Under this policy, the policyholders can choose from two available options, while picking the protection cover. The first option includes the death benefit as a lump sum that is paid to the family of the deceased. The second option is choosing an accidental death benefit which is the same as the sum assured.
- ICICI Pru Saral Jeevan Bima: This is a standard term plan that offers financial support to the beneficiaries. The features that this plan comes with include flexibility, death benefit, and plan customization. The minimum sum assured against this plan is INR 5,00,000. The entry age for the policyholders under this plan is 18 years, while the maturity age is 70 years.
- ICICI Pru POS iProtect Smart: To purchase this plan, you do not need to undergo any medical examination. The plan also offers an additional death benefit for the policyholders to make sure the families get high protection.
- ICICI Pru Life Raksha: This plan offers a lump sum amount to the family of the policyholder at his demise so that the immediate liabilities can be taken care of. The salient features of this plan are death benefits and regular pay for five years.
Why you should go for ICICI Prudential term insurance?
- It is one of the highly reputed insurance companies in the market currently, which is known for the excellent services
- In the first year of operations, the company issued around 1 lac policies
- The insurance company provides complete protection for families from accidental death, critical illness, and sudden death
- The plans can be bought at reasonable rates
- Some of the plans offer lumpsum options or even periodic payouts
- The claim settlement ratio of the company is 97.84%
To know about more insurance plans in the market, you can visit the website of IIFL. You can take your time, compare the plans and then choose one. You will be able to choose between many term insurance plans that are available there and make an informed decision about your term insurance needs.