ICICI Prudential 1 Crore Term Insurance Plan

ICICI Prudential 1 Crore Term Insurance Plan

  • Guaranteed 1-Day Claim Settlement Ratio
  • Waiver of Premium on Disability
  • 100% Cover Payout on Terminal Illness

IIn today's uncertain world, it is extremely important to secure the financial future of your loved ones. ICICI Prudential Life Insurance is one of the leading life insurance providers in India and offers a robust solution with its INR 1 Crore Term Plan. This term insurance policy ensures that your family is financially protected in the event of your untimely demise. This page highlights the features, benefits, and key aspects of the ICICI Prudential Rs 1 Crore Term Plan and why it is a worthy option for safeguarding your family's future.

Overview of ICICI Prudential 1 Cr Term Plan

ICICI Prudential Life Insurance offers a term plan, ICICI Pru iProtect Smart Term Plan, with a high sum assured of 1 Crore to the nominee of the policyholders in case of the unfortunate death of the assured within the policy tenure. It offers financial protection to your family and critical illness coverage for you.

How Does 1 Crore Term Insurance Work?

If you are wondering how an INR 1 crore term insurance plan works, Let us understand this with an example:

Suppose Akash buys a term insurance plan at the age of 30 with a sum assured of INR 1 crore. He chooses a policy term of 30 years and makes his wife the nominee of the plan. Five years later, Akash dies untimely due to an unexpected incident. In this case, his wife will receive the entire death benefit of Rs 1 crore from the insurance company. This payment can help him become financially independent and continue his life with dignity and financial security in Akash's absence.

Key Features of ICICI Prudential Life 1 Cr Term Plan

The ICICI Prudential Life 1 Cr Term Plan has several key features that make it a comprehensive and reliable insurance solution. Let's explore the key features of this plan:


High Sum Assure

This plan offers a high sum of INR 1 crore, which provides adequate coverage to ensure that your family is financially protected in case of your untimely demise during the policy term.


Affordable Premiums

The ICICI Prudential Life Rs 1 Crore Term Plan premium is comparatively very low despite its high coverage. It is designed to be affordable, making it accessible to individuals across different income groups.


Policy Term Options

This plan offers various policy term options, and you can choose a term that suits your needs and preferences, your financial goals, and the period for which you want to be covered.


Ease of Claim Settlement

ICICI Prudential Life Insurance has a dedicated claims team that ensures a smooth and efficient claim settlement process. The company aims to provide beneficiaries with a hassle-free experience, making it easier for them to receive the death benefit quickly and efficiently.


Trusted Insurance Provider

ICICI Prudential Life Insurance is a reputable insurance provider in India. With strong financial stability and a customer-centric approach, the company has a proven record of delivering value and providing excellent customer service.


Online Convenience

ICICI Prudential Life 1 Crore Term Plan can be easily accessed and bought online through the company's website or mobile app. This online platform offers convenience and efficiency, allowing individuals to explore plan features, calculate premiums and apply for a policy from the comfort of their home.

Benefits of Buying ICICI Prudential 1 Crore Term Plan

The ICICI Prudential 1 Crore Term Plan offers numerous benefits, making it an attractive choice for individuals seeking comprehensive life insurance coverage. Let's explore the key benefits of buying this plan:


Financial Protection

The ICICI Prudential 1 Crore Term Plan's primary benefit is its substantial financial protection. With a high sum assured of Rs. 1 crore, the plan ensures that your family is financially secure in the event of your untimely demise. This coverage amount can help your loved ones maintain their lifestyle, meet their financial obligations, and achieve long-term goals.


Death Benefit

In case of an unfortunate event, such as the policyholder's death, the 1 crore term plan provides a death benefit, i.e., INR 1 crore, to the policy nominee. This amount provides financial assistance to cover expenses such as outstanding loans, mortgage liabilities, children's education, and daily living expenses.


Critical Illness Benefit

Policyholders diagnosed with a critical illness during the policy term can avail of instant benefits. A part of the sum assured is paid in advance to cover medical expenses and provide necessary financial support during these difficult times.


Add-on Riders

ICICI Prudential Life Insurance offers riders or add-on benefits that can be included with the 1 Crore Term Plan to enhance the coverage provided by the basic plan. These riders provide extra protection against specific risks such as critical illnesses, accidental death, and disability.


Tax Benefits

The premium paid for ICICI Prudential Life 1 Crore Term Plan is eligible for tax deduction under section 80C of the Income Tax Act, 1961. Additionally, the death benefit received by the nominee is tax-free under section 10(10D) of income. The Tax Act provides tax benefits and reduces the overall financial burden.

Why Choose ICICI Prudential 1 Crore Term Plan?

Below are the reasons you should choose the ICICI Prudential 1 Crore Term Plan as your preferred life insurance option. Here are some key factors that make this plan a popular choice:

  • Affordable Premium
  • High Sum Assured
  • Disability Benefit
  • Critical Illness Benefit
  • Various Add-on Riders
  • Flexible-Premium Payment Term
  • 24x7 Customer Care

1 Crore Term Plan Offered by ICICI Prudential Life Insurance

ICICI Life Insurance offers a 1 crore term insurance plan. Every term plan comes with unique features and benefits:

ICICI Prudential Life Insurance 1 Cr Term Plan Buying Process

You can buy ICICI Life 1 Cr Term plans in two ways, i.e., from ICICI Pru Life Insurance's official website and RenewBuy.com. Below are the steps to buy the ICICI Term Life plan:

Through ICICI Prudential Life Insurance Official Website

  • Visit the official "ICICI Prudential Life Insurance" website.
  • Select the desired type of life insurance from the "Popular Category" tab.
  • Fill in the required information in the calculator section and click on the "calculate" button.
  • Choose the desired plan.
  • Check the premium amount and click on the "Pay Now" button.
  • Review the details and pay the premium amount online.
  • ICICI Prudential Life Insurance will share the policy document at your registered email address.

Through RenewBuy.com

  • Visit the official site of "RenewBuy."
  • Select the "Life Insurance Plan" tab.
  • Select the "Best Life insurance companies in India" tab.
  • The next tab will show you all the life insurance companies.
  • Click on the "ICICI Prudential Life Insurance" tab.
  • Select the desired ICICI Prudential Life Insurance.
  • Fill in all the required information.
  • Click on "Buy Now".
  • Proceed with the payment.

ICICI Prudential Life Insurance 1 Cr Term Plan Claim Process

The claim process for the ICICI Prudential Life Insurance 1 Cr Term Plan typically involves the following steps:



The first step is to inform ICICI Prudential Life Insurance about the claim. The insured's nominee or legal representative should contact the ICICI Prudential via below mentioned ways:

  • Official website of the ICICI Pru Life Insurance
  • Customer Care
  • Email, SMS
  • Send your claim directly to the “ClaimCare” office.

Claim Review

The ClaimCare team will review the claim and inform the nominee in case any documents are pending and raise a requirement.


Claim Settlement

Once the company receives every document, they will settle the claim within 30 days.

Documents Required for ICICI Prudential 1 Crore Term Plan Claim Settlement

The nominee or the legal representative needs to gather and submit these documents. The documents usually include:

  • Original policy document
  • Death certificate of the insured issued by the relevant authority
  • Claimant's statement form
  • Medical records, if applicable
  • Identity proof of the claimant
  • Any additional documents, as requested by ICICI Prudential

How Much Time Does it Take to Settle a Claim?

The time taken to settle a claim under ICICI Prudential Life Insurance Rs 1 Crore Term Plan may vary depending on several factors. Here is the time limit that is mandatory for insurance companies to settle the claim:

Turnaround Time as per IRDAI Death Claims
Claim Requirements Within 15 days of receipt of the claim
Claim Settlement or Rejection where investigation is not required Within 30 days
Claim Settlement or Rejection where an investigation is required Within 90 days


ICICI Prudential INR 1 Crore Term Plan offers your loved ones comprehensive coverage and financial protection. Its high sum insured, affordable premiums, premium payment flexibility, and additional coverage options ensure that your family's dreams and aspirations remain protected even when you are no longer around. By choosing ICICI Prudential Life Insurance as your insurance partner, you can rest assured that you have made a wise investment in safeguarding your family's future.