TERM INSURANCE FROM ICICI
Term Insurance from ICICI Prudential — Available via USFB
Unity Small Finance Bank offers access to ICICI Prudential’s term insurance plans. These plans are designed to provide life cover helping your family manage financial responsibilities in case of an untimely eventuality.
What the Plan Covers
Optional critical illness cover
Offers financial support if diagnosed with covered illnesses.
Rider-based enhancements
Add-ons include Accidental Death, Accelerated
Critical Illness options.
Disability cover
Waiver of premium in case of accidental permanent disability.
Death benefit
The nominee receives a pre-agreed lump
sum or structured payout.
Payout Structures
One-time lump sum
Monthly income over
10, 20, or 30 years
Combination of lump sum
and monthly payments
Premium Payment Options
Regular Pay
Throughout the policy term
Limited Pay
Complete payment in
5, 7, 10, or 15 years
Single Pay
One-time payment for
full coverage duration
Tax Advantages
These provisions have been consistent under Indian tax law for decades and apply to individual taxpayers and HUFs.
| Description | Provision |
|---|---|
| Section 80C | Premiums up to ₹1.5 lakh are deductible annually. |
| Section 10(10D) | The death benefit is fully tax-free, subject to policy compliance |
Who Can Avail This Term Insurance Plan?
- People with dependents:
Children, elderly parents, or a non-working spouse.
- Young earners:
Lower premiums when you start early.
- Borrowers:
Anyone with long-term financial liabilities like a home loan.
- Dual-income couples:
Safeguard one income stream in case of disruption.
Calculating Coverage
A basic rule of thumb is 10 to 15 times your annual income. But that’s only a starting point. Include:
- Outstanding loans
- Future education or medical expenses
- Daily living costs, adjusted for inflation
ICICI Prudential offers tools to help you arrive at a realistic figure based on your situation.
Limited Pay = Shorter Commitment,
Full-Term Protection
Limited pay plans are suited for people who want to finish their financial commitments early. You pay for a shorter period — say, 10 years — and the life cover continues for the full term, such as 30 or 40 years. This structure can lead to overall savings of up to 65% on total premium outgo.
Disclosure
Unity Small Finance Bank acts as a Corporate Agent (IRDAI Regn. No. CAxxxxxxx).
All term insurance products are offered by ICICI Prudential Life Insurance. Unity does not underwrite the policy.
