Frequently Asked Questions

5

What is the age limit to buy a term life insurance?

You can purchase a term insurance policy at ages ranging from 18 to 55 years.

What is the age limit to buy a term life insurance?

You can purchase a term insurance policy at ages ranging from 18 to 55 years.

Can a person buy 2 term insurance plans?

Yes, an individual can have multiple term insurance policies to ensure their loved ones can pursue their life goals without any interruptions in the event of an unfortunate situation.

What documents are required to buy a term plan online?

To buy term insurance online, you need the following documents:

• Valid identity and address proof: Aadhar Card, Central KYC Identifier, Passport, Permanent Driving License or Voter's Identity Card issued by Election Commission of India
• Valid income proof: Audited Company Account, Audited firm accounts and Partnership Deed, Bank Statements, Chartered Accountant's Certificate, Foreign Bank statement, ITR / Form 16 / Assessment orders / Computation of Income, Mandi receipt / Form J / Agriculture records, Rent receipt and Salary slip / Certificate
• PAN is mandatory document.

Can I change the frequency of payment for my term plan?

Yes, you can change your premium payment frequency anytime to suit your needs.

Do term insurance plans offer tax benefits?

Yes, the premium paid for your term plan, up to INR 1,50,000 per year, is tax deductible under Section 80C of the Income Tax Act, 1961. Furthermore, the payout received by you or your nominee is tax-free under Section 10(10D). Additionally, as per old tax regime, Section 80D allows tax deductions for premiums paid towards health insurance policies, encouraging taxpayers to safeguard their health while and benefit from tax savings.

Will I get my money back for a term life insurance if I survive the policy term?

The benefit depends on the type of plan you choose. With a return of premium policy, the insurer refunds the premiums once the policy expires. However, most standard (pure) term plans do not provide any monetary benefit if the insured survives the policy term.

What if I become NRI after purchasing a term plan?

If you happen to move out of India after purchasing a term plan, you must let your insurance provider know about the upcoming shift in writing. The company will then confirm whether they will keep your policy active or not. Typically, they will keep your policy going as long as you pay the premiums on time. However, some policy providers will not cover risks in particular countries. So, it is advisable to document their approval before you move.

What happens to a term insurance policy if the insured individual outlives the policy term?

Term insurance policies primarily provide a death benefit to the nominee. If you outlive the policy, it will end, and you will no longer have coverage and will not receive any maturity benefit. However, if your policy offers a maturity benefit (return of premium), you will receive it once the term expires.

What does term insurance do?

Term insurance provides affordable protection for the policyholder, providing financial security for loved ones in case of an unforeseen event. By paying a premium for a set term, the insured ensures their family's future along with the benefit of low premiums and flexible coverage.

How do I select the best term insurance for myself?

The term insurance policy you choose should align with your financial requirements. Begin by deciding if you want a basic term plan or one that includes, consider policies that offer maturity benefits, like the return of premiums. Finally, evaluate the sum assured based on the number of dependents and the lifestyle you wish for your family in the future.

Can anyone take a loan on term insurance?

No, it is not possible to take a loan against your term insurance policy according to the Insurance Regulatory and Development Authority of India (IRDAI) guidelines. The same way even unit-linked plans are not eligible for loans.

Is Buying Term Insurance a Good Idea?

Term life insurance is one of the best ways to secure your family’s financial requirements to lead a decent life and achieve all their goals in case of untimely demise of the insured. It is a good idea to buy a term insurance policy as you only need to pay small annual premiums against a considerable sum.

What Is the Maximum Age for Term Insurance?

The maximum age to purchase term life insurance can be up to 65 years. However, If you choose to purchase ICICI prudential Supreme, the maximum age for coverage is 55 years

Are Term Insurance plans available online?

Yes, term plans can be purchased directly from website. Buying online offers the convenience and speed of securing a term insurance plan. For premium payments, you can choose from various fast and secure options such as net banking, debit cards, credit cards, and more. Buying online provides the online discount.

Do term insurance premiums increase every year?

The premiums for an existing term insurance plan does not increase every year. The plan you purchase will have the same premium as long as your policy is active and unchanged. The premiums will only change if you purchase a new plan altogether. Your premium may also rise if you increase your life cover or enhance the coverage of your policy with additional add-on benefits.

How can I get ₹ 1 crore term plan?

To get a ₹1 crore term plan, first, decide the premium payment frequency and the duration of the cover. Also, determine how you want your family to receive the claim payouts—either as a lump sum or regular income.

You can buy a term plan online in three simple steps:

1. Use our online Term Insurance Premium Calculator to calculate the premium for ₹1 crore life cover based on your chosen premium payment period & frequency
2. Fill out the application form with your personal and income details, and upload scanned copies of the required documents.
3. Review the information, pay the premium online to avail an attractive discount, and activate your life cover.

What happens to term life insurance at the end of the term?

Once your policy matures or reaches the end of its term, it ceases to exist which means the term life insurance policy expires.

What happens if the nominee dies?

After the policyholder is no more and if an unfortunate event occurs with the nominee as well, before the sum assured is paid, then the policy benefits are transferred to the legal heir(s) or representative(s) or succession certificate holder(s).

How many times can I change the nominee in my term plan?

The nominee of your term plan can be changed as many times as you want during the policy period, this change must be communicated to the insurer in writing, which shall confirm that the person who you think should benefit from your life cover receives the pay-out on time.

What kind of deaths are not covered in term insurance?

A term insurance plan includes all kinds of deaths are covered under, including natural, accidental, murder, illnesses and natural calamities. Only death due to suicide is not covered in the first year of policy.

What happens if you stop paying term insurance premiums?

A grace period for payment of premium of 15 days applies for monthly premium payment mode and 30 days for other modes of premium payment. If the premium is not paid even within the grace period, the policy shall lapse, and the cover will be ceased.

Can I buy this plan under Married Women's Property (MWP) Act?

Yes, you can buy this plan under the MWP act. All you have to do is tick "yes" in the MWP act question which appears in the application form.

Is death due to suicide included in this plan?

Yes, death due to suicide is covered in this plan. If the Life Assured, whether sane or insane, commits suicide within 12 months from the date of commencement of risk of this Policy, we will refund higher of 80% of the total premiums paid, if any till the date of death or surrender value as available on date of death provided the policy is in force.

How much money will my family receive in case of death due to an accident?

If the life assured chooses Accidental Death Benefit option under the ICICI Pru Non-Linked Accidental Death and Disability Rider, their family will receive both:

1. Sum Assured from ICICI Pru iProtect Supreme.
2. Accidental Death Sum Assured from the ICICI Pru Non-Linked Accidental Death and Disability Rider.

If the life assured does not choose Accidental Death Benefit option under the ICICI Pru Non-Linked Accidental Death and Disability Rider, their family will receive only the sum assured from ICICI Pru iProtect Supreme

How Long Should Be the Term Insurance Policy Period?

The policy term offered by most life insurers ranges from 5 years to 40 years. One should always opt for a policy term depending on their retirement age. In India, 60 years is the general age of retirement. If you buy a Term Insurance Policy till 55 years, by that age all your financial liabilities and responsibilities will be cleared. Policyholders can opt for life cover@ for up to 99 years age if they have many dependents and would like to cover them for a complete life span. Life expectancy in India is 72 years as per TheGlobalEconomy.com and Statista. Therefore suggested - term insurance policy period should be 72years.

How do I claim my life insurance policy?

The claim process involves:

Informing the insurer – Register the claim online, via customer service, or at a branch.

Submitting documents – Death certificate, policy documents, nominee details, and KYC.

Claim assessment – The insurer verifies the claim.

Payout – If approved, the nominee receives the sum assured.

How much life cover do I need?

Your life cover should be at least 10-15 times your annual income. Consider factors like existing liabilities, family expenses, future goals, and inflation.

Why should I choose ICICI Pru iProtect Supreme?

• High life cover at affordable premiums
• Option to enhance coverage with riders
• Tax benefits under Section 80C & 10(10D)
• Flexibility to receive benefits as a lump sum or monthly income