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Life Insurance

Term life insurance plan is a financial safety net for your loved ones in your absence. If you are the person insured, you pay a specific premium amount at fixed intervals for a policy term of your choice. In case of your unfortunate demise during this term, your cover amount is paid to your selected nominee(s) like your spouse, children or parents.

With our affordable and flexible term plan, ensure your family is financially secured at different stages of life.

Benefits of life insurance


Complete protection	Tackling debts	Securing your child’s future	Health cover for you	Tax saving
Life insurance not only helps your family maintain their current lifestyle in your absence, but also helps pursue the future goals planned together.	Cover your family’s daily expenses and outstanding debts like Credit Card payment, Car Loan, Home Loan with a term life cover in your absence.	Term life insurance can help you fulfil your child’s dreams when you are not around.	Protect your savings from hefty medical bills with our Additional Critical Illness Cover	Premiums paid are tax-free under Sections 80C and 80D and the claim amount received is tax-free under Section 10(10D)

Why choose us?

Trusted advisor – Trust ICICI Bank as your partner for choosing the ideal plan for you.

One-stop shop – Buy and manage your policy through ICICI Bank Internet Banking or iMobile app.

Easy process – As a Bank customer, no need to submit KYC documents.

Specialised on-call assistance – For any queries, you will get assistance from our certified customer service executive.

Customisation – Choose a cover amount, policy term, add-on benefits and payment options suiting your needs.

Life Insurance Plans & Policies

Term Life Insurance

Secure your family’s future with ICICI Pru iProtect Smart term insurance. Get Rs 1 crore cover in just 3 minutes^c

Cancer Cover

Get Rs 20 lakh Cancer cover at just Rs 105 per month with ICICI Pru Heart/Cancer
Protect*

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Get a life cover of Rs 2 lakh at Rs 330 per annum

Buy PMJJBY

Insurance Calculator

Personalise your plan as per your needs and check your quote for our term insurance and cancer cover plans.

Claim Process

We settle your claim in 3 quick and simple steps

Pay Premium

Pay renewal premium fees for all your ICICI Prudential Life Insurance policies

FAQs

Frequently asked Life Insurance questions

Save Tax

Tax Saving Life Insurance Plans

Frequently Asked Questions (FAQs) for Life Insurance

How long do life insurance policies last?

Life insurance policies last till the end of the policy term chosen by you at the time of purchase or till a claim is paid as per the terms and conditions of the policy.

What is life insurance?

Life insurance is a payment made to your family in case of your death during the policy term or a payment made to you on surviving the policy term. In return for this payment, you make periodic fixed payments to the life insurance company.

Is life insurance policy necessary?

Yes, life insurance policy is necessary for the financial well-being of your loved ones in your absence.

How much does a life insurance policy cost?

The cost of a life insurance policy depends on certain factors of the policyholder like age, gender, amount of life insurance cover, policy term, premium payment term etc.

What are the advantages of investing in a life insurance policy?

Life Insurance policies are designed to help you in achieving and protecting your various financial goals.

Savings Growth: In your early years of working, some life insurance plans can be a useful way to save and invest your money. For instance, Unit Linked Insurance Plans (ULIPs) allow you to invest in equity and debt markets. Under current tax laws (which are subject to future amendment), you also get tax deductions for investment in life insurance policies and on the maturity amounts of such policies. Family Support: If you have a spouse and kids, the need to build a safety net for them becomes important. You would want to protect them from financial hardship in case of your untimely demise.

Debt: We often take large loans in our working life, especially when it comes to buying a house. An untimely death while the loan is still due can have grave economic consequences for our families. In such a scenario, life insurance money can be used to pay off the loan.

Illness Protection: As we grow older and with the changing lifestyle, life insurance policies which cover critical illnesses become important. Some life insurance policies offer you features that cover you from severe ailments like heart attacks and cancer. Buying these types of policies can protect you from life threatening illnesses.

What will happen if I don't pay my premiums on time?

Every policyholder is provided a grace period of up to 30 days. However, if the premiums are still not paid within the grace period, the policy will lapse and the benefits will cease to be active. You are nevertheless provided a period of up to 2 years from the due date of the last premium to come back and reinstate your policy.

Can I claim tax benefit if I stop paying premiums on my life insurance or pension policies?

No. Tax benefits can be availed of only if you pay premiums regularly.

What happens when my life insurance policy matures?

As your life insurance policy matures at the end of the policy term, all the maturity benefits of the policy, if any, will be paid off and the cover will cease. Thus, there is no need to pay further premiums.

Will I have to pay tax on my maturity benefit?

You receive a tax free maturity benefit (the payout you receive when your policy ends) subject to conditions of Section 10 (10D) of the Income Tax Act (1961).^

^Tax benefits under the policy are subject to conditions under Sections 80C, 80D, 80CCC, 80CCE, 10(10D), 10(10A) and other provisions of the Income Tax Act, 1961. Goods and Services Tax (GST) and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on the above.

What does life insurance cover?

Life insurance financially covers the life of the policyholder. The benefits of life insurance can be used to pay off debts, mortgages or daily expenses in the policyholder’s absence.

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Disclaimer

Terms and Conditions apply. The values shown are for representation purposes only. Actuals may differ.

*Rs 20 lakh cancer cover at Rs 105 p.m. - This premium rate is for a 25 year old healthy non-smoker male for a term of 20 years, monthly premium payment frequency and without any additional benefits and is inclusive of all taxes. ICICI Pru Heart/Cancer Protect annual premium for ₹20 Lakhs Cancer Sum Assured is ₹1,180 inclusive of taxes.

^#The critical illness benefit is an accelerated benefit and the death benefit will be reduced by the critical illness cover paid to the policyholder. To know more about the illnesses covered, please refer to the sales brochure. This is only available in Life & Health and All in One options.

⁺This benefit is only available under Life Plus & All-in-one options

¹Tax benefits of Rs. 54,600(Rs. 46,800 u/s 80C & Rs. 7,800 u/s 80D) is calculated at highest tax slab rate of 31.20%(including cess excluding surcharge as per old tax regime)on life insurance premium u/s 80C of Rs. 1,50,000 and health premium u/s 80D of Rs. 25,000. Tax benefits subject to conditions under Section 80C, 80D,10(10D), 115BAC and other provisions of the Income Tax Act,1961. Good and Service tax and Cesses, if any will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above

^cThe average time taken for buying ICICI Pru iProtect Smart through ICICI Bank’s platform is under 3 minutes. It does not account for other factors such as technical issues that may happen during this period.

~Doctors document confirming diagnosis to be submitted.

“This feature is only available under ICICI Pru iProtect Smart – Life Option

ICICI Prudential Life Insurance Company Limited. IRDAI Regn No. 105. CIN: L66010MH2000PLC127837

© 2016, ICICI Prudential Life Insurance Company Limited. Registered Address:- ICICI PruLife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025. For more details on the risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale. Call us on 1-860-266-7766 (10am-7pm, Monday to Saturday, except national holidays and valid only for calls made from India) and on +91-22-6193-0777 (Valid for calls made from outside India) (10am-7pm (IST), Monday to Saturday, except national holidays). Tax benefits under the policy are subject to conditions u/s 80D of the Income Tax Act, 1961. Goods & Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time. Advt. No.: W/II/0071/2017-18

ICICI Bank Limited ("ICICI Bank") with registered office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara, 390 007, Gujarat (CIN: L65190GJ1994PLC021012) is a corporate agent (Composite, IRDAI Regn No. : CA0112 valid till 31/03/2022) of ICICI Prudential Life Insurance Company Limited ("ICICI Prulife"). Insurance is underwritten by ICICI Prulife. Purchase by ICICI Bank’s customer of any insurance products is purely voluntary, and is not linked to availment of any other facility from ICICI Bank.

The products, services and benefits referred to herein are subject to terms and conditions governing them as specified by ICICI Prulife from time to time. ICICI Bank shall not be liable or responsible for any loss resulting from insurance company's products/ services.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.
Public receiving such phone calls are requested to lodge a police complaint.

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