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
Our term insurance plan offers optional additional protection against life-threatening illnesses such as Cancer, Heart Attack, and Kidney Failure. When purchasing the policy, you can choose a critical illness cover for either 20 or 60 conditions, with coverage up to ₹1.5 crore. The critical illness claim is paid upon the first diagnosis, with no need to submit hospital bills. After a critical illness claim, the policy will continue to provide life cover.
In the event of your permanent and total disability caused by an accident while you are alive, your nominee will receive an additional lump sum payout. You can add the total and permanent disability cover to your policy alongside your life cover.
You have the option to take a 12-month premium break if you experience financial difficulties. During this period, premium payments will be deferred to the following year, while your life cover and rider(s) will remain active according to the policy terms and conditions. This benefit can be utilized multiple times throughout the policy term.
This rider provides additional protection for your loved ones against unforeseen events such as accidental total permanent disability and critical illnesses by waiving future premiums on the base policy and any attached riders. This ensures that the benefits will continue to be paid to your loved ones as you intended.
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.
Your life cover needs may increase as your responsibilities grow and your lifestyle changes. This plan provides an option to increase your life cover in the future, up to three times the original amount, based on significant life events such as marriage, the birth of children, or taking a home loan.
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 income
Entire claim amount is
paid out at once
Increasing income
Life cover paid monthly, increasing 10% annually.
Lump sum + Monthly Income
Life cover: lump sum + monthly instalments for 10 years.
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.
