ICICI Pru Precious Life Term Plan – Term Insurance for Individuals with Existing Medical Conditions

ICICI Pru Precious Life Term Plan - Term Insurance

ICICI Prudential Life Insurance, the private life insurer, has launched ICICI Pru Precious Life Term Plan. ICICI Prudential Precious Life is a term insurance plan that covers you even with existing medical conditions.

We all always want to give our families the best that life has to offer. But people with existing health conditions usually find it difficult to get access to life cover.

Keeping this in mind, ICICI Prudential Life Insurance has designed and launched ICICI Pru Precious Life Term Plan.

What is Term Insurance Plan?

You may skip this section if you are already aware of the term insurance plan.

Term insurance is the simplest form of life cover. The term plan provides financial coverage to the policyholder for a defined period of time.

If the insured dies during the policy tenure and the policy is active then a death benefit is paid out.

Term insurance is the cheapest form of life insurance. Term plans do not have any survival or maturity benefits.

What is ICICI Pru Precious Life Term Plan?

ICICI Pru Precious Life is a unique term insurance plan for everybody. It is specially designed to offer life cover to individuals who have existing health problems.

ICICI Prudential Precious Life offers life cover for individuals who have medical problems such as diabetes, asthma, high BP, cholesterol, and obesity.

It offers life cover even for those who have recovered from cancer or surgeries such as angioplasty or open-heart surgery.

Features of ICICI Pru Precious Life Term Plan

Below are the key features of ICICI Prudential’s New Term Plan.

1. ICICI Pru Precious Life is non linked and non-participating term insurance plan.

2. This plan offers life cover for individuals with existing health problems such as obesity, asthma, high BP and diabetes. It is even for those who have successfully recovered from cancer or any other surgeries.

3. The minimum basic sum assured is Rs 2 lakhs.

4. Maximum basic sum assured – No limit.

5. You have an option to enhance your safety net with the accidental death benefit. The minimum amount for accidental death benefit is Rs.1 lakh. The maximum is equal to sum assured or subject to a maximum limit as per the underwriting policy.

6. There is flexibility to pay the premium once, for a limited period or throughout the term.

7. Lower premiums for non-tobacco users.

8. The policy term under this plan is 5 to 40 years.

9. This plan offers life insurance coverage up to 70 years of age.

10. The insurer has to undergo medical examination. The costs of the medical tests will be borne by the insurer. The reports of medical tests will be made available to the policyholder on request.

11. ICICI Pru existing customers can enjoy a discount on the first year’s premiums. The discount is 5% and 2% for Regular Pay policies and Limited Pay policies respectively.

12. Premium paid and benefits received are eligible for tax benefits u/s 80C and 10(10D).

13. You can choose to receive the benefit amount as a lump sum or as a monthly income or a combination of both.

14. There is no maturity, paid-up value or survival benefit under this term plan.

15. This is an offline term plan.

Eligibility Criteria

The following are the eligibility conditions to buy ICICI Prudential Precious Life Plan.

1. Minimum age at entry is 18 years

2. Maximum age at entry is 65 years

3. Minimum Policy Term – 5 years

4. Maximum Policy Term – 40 years

5. Minimum age at maturity: 23 years

6. Maximum age at maturity: 70 years

7. Minimum Premium is Rs 2400/-

8. Minimum Basic Sum Insured is Rs.2,00,000

9. Maximum Basic Sum Insured: No limit

10. Premiums are to be paid as single pay, limited pay, and regular pay.

Benefits in ICICI Prudential Precious Life Plan

1. Death Benefit

You can choose one of the following options as per your protection need:

i) Life Option: In this option, your nominee will get the death benefit in the event of your death. The death benefit is the sum assured chosen by you. The term insurance plan will terminate on payment of this benefit.

ii) Life Plus Option: In this option, you are also covered for the accidental death benefit in addition to the death benefit. In the event of death due to an accident, your nominee/ legal heir will get the accidental benefit as lump sum. This benefit ensures that you enhance your coverage at very affordable rates. The term insurance plan will terminate on payment of these benefits.

2. Maturity Benefit

There is no maturity benefit under this plan.

3. Surrender Benefit

There is no surrender benefit under this term insurance plan.

Death Benefit Payout Options

This plan provides the flexibility to take the death benefit in a way that meets your requirements. You need to select the death benefit payout option at policy inception. The death benefit can be paid to your nominee/ legal heir as:

1. Lump-sum: The entire death benefit amount is payable as a lump sum.

2. Income: The death benefit amount will be payable in equal monthly installments every month for 5, 10 or 15 years. Monthly income as a percentage of Death Benefit will be paid out as below:

  • For 5 years, the death benefit will be 1.66667% of the sum assured.
  • For 10 years, the death benefit will be 0.83333% of the sum assured.
  • The death benefit will be 0.55556% of the sum assured for 15 years.

3. Lump-sum and Income: The percentage of the sum assured to be paid out as a lump sum is chosen at policy inception. The remaining sum assured paid out in monthly installments for 5, 10 or 15 years.

4. Increasing Income: The death benefit amount is payable in equal monthly installments for 10 years. The income amount would increase by 10% per annum simple interest every year thereafter.

The premium for this term insurance plan would vary based on the death benefit payout option chosen by you.

ICICI Pru Precious Life at a glance

ICICI Pru Precious Life Term Plan - Term Insurance

How to apply for ICICI Pru Precious Life?

It is very simple to apply for ICICI Prudential’s new term insurance plan. Follow the below step to apply for this plan.

1. First of all, you have to choose the life cover, benefit option and payout option as per your need.

2. Next, fill in details of your health conditions.

3. Submit the documents and pay the premium amount.

4. You need to undergo a medical examination, as applicable, at your doorstep as per your convenience.

Why should you buy ICICI Pru Precious Life Term Plan?

The term insurance plans available in the market are more focused on providing life cover to healthy people. Individuals with existing health conditions may experience difficult processes to get life cover if they get it at all.

ICICI Pru Precious Life Term Plan greatly reduces these instances. As it factors in the nuances of various health problems. Thus, offers life cover with a hassle-free process.

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Final Thought

If you have existing health conditions then it important for you to get a term insurance plan for yourself. In case you are not getting a regular term insurance plan. Then you can buy ICICI Prudential Precious Life Term Plan.

Precious Life from ICICI Prudential is a special and unique term insurance plan. This plan covers obesity, asthma, high BP and diabetes. It is even for those who have successfully recovered from cancer or any other surgeries.

ICICI Pru Precious Life Term Plan provides flexibility to pay the premium once, for a limited period or regularly during the tenure of the policy. You can also choose as to how your family receives the claim amount as a lump sum or as a monthly income or a combination of both.

Note: This post was originally published on November 30, 2019.

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