ICICI TERM INSURANCE
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
Critical Illness Cover2 (Optional)
Our Health protect rider gives you additional optional protection against life threatening illnesses such as Cancer, Heart Attack and Kidney Failure. You can opt for 20 or 60 critical illness cover2 of up to ₹1.5 crore while buying the policy. Critical illness2 claim is paid out on first diagnosis, no hospital bills needed. Policy will continue with the life cover1 after critical illness2 claim.
Premium Break4 Option @ No extra cost
You have an option to take 12 months premium break4 from paying the premiums when you face financial difficulties. All premiums for the said period will be deferred to next year but the life cover and rider(s) will continue as per the terms and conditions. This benefit can be availed multiple times in the policy period.
Terminal Illness5 Payout
100% of the sum assured will be paid out to the insured person in case they are diagnosed with terminal illness during the policy term.
Salaried6 Discount
15% discount for Salaried6 Customers on Limited pay option and 12.5% on Regular Pay option
Life-stage benefit7
Life cover1 need increases when you add responsibility and your lifestyle changes. This plan offers an option to increase life cover1 in future up to 3X of original life cover, based on life stages7 like marriage, birth of children or taking a home loan.
Insta Payment12 on claim Intimation:
Policyholders can receive an accelerate benefit of ₹3 lacs on Sum Assured greater than or equal to 1 Crore withing 1 working day upon intimation of death. This feature is activated after a waiting period of 3 years
100% premium refund option with Smart Exit13 Benefit
Receive your premium back with smart exit benefit. This option can be exercised in only after 25th Policy year but not during the last 5 policy years, Provided the age of the life assured is 60 years or more at the time of exercise.
What the Plan Covers
Critical Illness Cover (Optional)
Our term insurance plan offers optional critical illness cover for 20 or 60 conditions, including Cancer, Heart Attack, and Kidney Failure. You can choose coverage up to ₹1.5 crore, paid on first diagnosis—no hospital bills needed. Life cover continues even after a critical illness claim.
Accidental Total and Permanent Disability (Optional)
In case of permanent total disability due to an accident, an additional lump sum is paid to your nominee. This cover can be added along with your life cover.
Premium Break Option
@ No extra cost
Take a 12-month premium break during financial stress—cover stays active. Can be used multiple times.
Waiver of Premium
This rider waives all future premiums on disability or critical illness, ensuring your policy and rider benefits continue without interruption.
Life-stage benefit
As your responsibilities grow, you can increase your life cover up to 3x based on key life events like marriage, childbirth, or a home loan.
Salaried Discount
Salaried customers receive a 15% discount on the Limited Pay option and a 12.5% discount on the Regular Pay option when opting for a sum assured of ₹10,000,000 or more.
Payout Structures
Lump sum
Entire claim amount is paid out at once
Monthly income9
Life cover1 payout is made in equal monthly instalments for 10 years
Increasing income10
Life cover1 payout in monthly instalments
that increase by 10% every year
Lump sum + Monthly Income11
Life cover1 is paid out as one large payout at once and remaining in monthly instalments for 10 years
Premium Payment Options
Regular Pay
Throughout the policy term
Limited Pay
Complete payment in
5, 7, 10 ,15 or up to 60 years
Single Pay
One-time payment for
full coverage duration
Tax8 Advantages
| Description | Provision |
|---|---|
| Section 80C | Premiums up to ₹1.5 lakhs are eligible for deduction* |
| Section 10(10D) | The proceeds received are tax-free* |
*subject to conditions prescribed under the Act .
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.
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.
Read all the Terms and Conditions on ICICI Pru Term Insurance here
