Term Assurance or Term Life Insurance is a Life Insurance Policy that offers coverage for a specific term of years. In the event of the death of the insured during the term specified in the policy and while the policy is still in force then a pre-decided death benefit is paid out. Before you buy a term insurance policy, it is only prudent to chalk out a term insurance comparison between different term insurance plans.
Here is a detailed term insurance comparison between two of ICICI’s most preferred term insurance plans namely ICICI Pru IProtect Smart and ICICI Pru Icare II.
Entry Age: For both ICICI Pru IProtect Smart and ICICI Pru ICare II the minimum entry age is 18 years, and the maximum entry age is 65 years.
Coverage: ICICI Pru IProtect Smart offers the insured a whole life cover benefit whereas ICICI Pru ICare II does not.
Maximum Maturity Age: The Maximum Maturity age in case of ICICI Pru IProtect Smart and ICICI PruI Care II is 99 years and 85 years respectively.
Premium Payment Options and Frequency: If you opt for ICICI Pru ICare II Policy then you can pay the premium either under Regular Pay Option or the One Pay Option. If you opt for ICICI Pru IProtect Smart then you can pay by Limited Pay Option, Whole Life Pay Option, Regular Pay Option, or One Pay Option. With Both ICICI PruIProtect Smart and ICICI PruICare II, you have the option to pay a premium on a monthly, half-yearly, yearly or in one go.
Minimum Annualized Premium: For both the policies the minimum annualized premium is INR2400.
Minimum & Maximum Sum Assured: The minimum sum assured for ICICI PruIProtect Smart depends on the premium you decide to pay, whereas the minimum sum assured for ICICI PruICare II is INR 87,423. However, the maximum sum assured for both the policies is unlimited.
Accidental Death Benefit: ICICI PruICare II gives accidental death benefit in the form of accidental payout in case of accidental death of the insured. The assured sum is INR 2 Crores or the sum assured as per the term insurance policy, whichever is lower. ICICI Pru IProtect Smart offers you an accidental death benefit, and you can add this benefit to the policy at the time of purchasing the policy or later, however in case of ICICI Pru ICare II it has to be added to the policy at the time of purchase.
Critical Illness Protection: ICICI PruICare II does not offer the insured with critical illness protection. ICICI PruIProtect Smart pays out if the insured is diagnosed with any of the 34 critical illnesses inclusive of cancer and heart attack. All you need to do is submit a copy of the report that clearly spells out the diagnosis.
Terminal Illness Protection: ICICI PruICare II does not offer the insured with terminal illness protection. ICICI PruIProtect Smart pays out if the insured is diagnosed with any terminal illness including AIDS. It makes payment before the death of the insured so that he/she can fight such serious ailments.
This term insurance comparison is to help you make a prudent choice based on your personal needs and affordability.