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ICICI Pru Group Term Plus

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Overview

Smart Protect - ICICI Pru Group Term Plus

Financial protection for your loved ones when it matters the most.

Smart Protect offers 1-year protection of up to ā‚¹20 lakh^, by filling a simple Medical Questionnaire at a competitive cost.

In an unpredictable world, safeguarding the financial future of those who depend on us is a paramount responsibility. ICICI Pru Group Term Plus is a comprehensive group term insurance plan designed to offer a robust safety net.

Who can get covered?

IBL Current/Savings Account holders:

Aged: 18ā€“60 years

Sum Assured: ā‚¹5 lakh, ā‚¹10 lakh, ā‚¹15 lakh, or ā‚¹20 lakh

Overview

Who can get covered

Key Features & Benefits

Life Cover Protection

Life Cover Protection

The Benefit: Provides a substantial lump-sum payout to the nominee in the unfortunate event of the insured memberā€™s demise during the coverage period.

The Impact: This immediate financial influx acts as a critical buffer, ensuring that the family isnā€™t left stranded without a primary source of income.

Financial Security for Family

The Benefit: Tailored to help your loved ones manage outstanding financial obligations, such as home loans, personal debts, or daily living expenses.

The Impact: It empowers your family to maintain their standard of living and pursue long-term goals like a childā€™s higher education without compromising their lifestyle during difficult times.

Financial Security for Family

Simple & Hassle-Free Coverage

Simple & Hassle-Free Coverage

The Benefit: Features a highly streamlined enrolment process. Get insured in 24 hours! No Medical Tests required.

The Impact: Because it operates under a group policy arrangement, members can enjoy seamless onboarding with minimal documentation and relaxed medical underwriting requirements compared to individual policies.

Affordable Protection

The Benefit: Delivers high-value life insurance coverage at a fraction of the cost of individual plans.

The Impact: By leveraging the power of group dynamics, the premium per member is significantly optimised, making comprehensive financialĀ protection highly cost-effective and accessible.

Affordable Protection

Peace of Mind

Peace of Mind

The Benefit: Offers the invaluable psychological comfort that comes from knowing a dependable contingency plan is in place.

The Impact: It allows members to live and work with confidence, reassured that their familyā€™s financial well-being is securely anchored when they need it the most.

Tata AIA Sampoorna Raksha Promise

Product FAQs

  • What is Smart Protect - Group Term Plus?

    Itā€™s a voluntary Group term life Insurance plan offered to eligible IndusInd Bank Current and Savings Account holders. The plan provides financial protection to your family in the event of your unfortunate demise during the policy term.

  • Is this plan mandatory for IndusInd Bank account holders?

    No. This is a completely voluntary insurance plan.

  • Who are eligible to buy this insurance?

    You can enrol if:

    • You are an IndusInd Bank Current or Savings Account holder (with valid KYC).
    • You are between 18 and 60 years of age (last birthday).
    • You are an Indian resident.
    • Your account has completed a minimum of 3 months (for new-to-bank customers).
    • You must have a minimum annual income of INR 3.5 lakhs basis declared income.

  • Will I receive a policy certificate?

    Yes. After successful enrolment and acceptance by the insurer, a Certificate of Insurance will be issued electronically.

  • What are the available Sum Assured options?

    You can choose from the following life cover options:

    5 lakhs/10 lakhs/15 lakhs/20 lakhs.

  • What is the policy term?

    The insurance cover is valid for 1 year and may be renewed annually, subject to the insurerā€™s terms and premium applicable at the time of renewal.

  • Who pays the premium?

    The premium is paid by the account holder. The plan is completely voluntary.

  • Is there any medical examination required?

    No medical examination is required for the available Sum Assured options. However, enrolment is subject to completion of a health questionnaire and underwriting by the insurer.

  • Can I purchase more than one policy?

    No. Only one policy can be availed under this scheme by each eligible customer.

  • What is the maximum life cover available?

    The maximum Sum Assured available under this scheme is ā‚¹20 Lakh.

  • When does the insurance cover end?

    The cover ceases:

    • On completion of the 1-year policy term (unless renewed).
    • On payment of the claim.
    • On reaching the cover ceasing age of 61 years, as applicable.

  • Will my premium be refunded if I donā€™t make any claim?

    No. This is a pure term insurance plan and does not provide any maturity or survival benefit.

  • Is there a waiting period?

    In case of natural death, a waiting period (lien period) of 45 days from the date of commencement of cover applies. If death due to natural causes occurs during this period, the life cover will not be payable, and the premium paid will be refunded after deducting proportionate expenses. This waiting period does not apply to accidental death.

  • Can Non-Resident Indians (NRIs) purchase this policy?

    No, this plan is available only to Indian residents.

  • How can I enrol?

    Enrolment is available through the digital/online journey provided by IndusInd Bank.

  • Who is the insurer?

    The Group Term Insurance policy is underwritten and issued by ICICI Prudential Life Insurance Company Ltd.

  • How are claims settled?

    Upon the unfortunate demise of the insured member, the nominee/legal heir should intimate the insurer/bank and submit the required claim documents. Claims are settled as per the policy terms and conditions.

  • What happens if the insured person is reported missing?

    Claims for a missing person are settled in accordance with Section 108 of the Indian Evidence Act, after a competent court presumes the death of the missing person.

  • Can the insurer reject my application?

    Acceptance of the insurance cover is subject to underwriting by the insurer. Based on the health declaration and risk assessment, the insurer may accept, postpone, or decline the application.

  • Why should I choose Smart Protect- Group Term Insurance, and how can it benefit me?

    Smart Protect ā€“ Group Term Insurance is an affordable financial protection plan provided to you without any medicals ensuring additional financial security to your family in the unfortunate event of your demise.

    The plan is voluntary and offers multiple sum-assured options of ā‚¹5Lakhs,

    ā‚¹10 lakhs, ā‚¹15 lakhs and ā‚¹20 lakhs, allowing you to choose a level of protection basis your needs.

  • Whom should I contact for assistance?

    Contact your relationship manager at IndusInd Bank or visit nearest IndusInd Bank Branch.

Servicing FAQs

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  • Can I apply Offline for this policy?

    This scheme is available only through digital mode.

  • How can I pay the premium?

    You can pay premium through online mode only.

  • Is the GST applicable for premium payment?

    GST is 18% of base premium in Group Policy.

  • Can I change/exceed my sum assured during policy tenure?

    You cannot change the sum assured during the existing policy year.

    Sum Assured can only be changed at the time of renewal basis the policy experience.

  • Can I apply multiple policies in this scheme?

    Under this scheme, you can apply for a policy only once.

  • I am existing customer of ICICI Life, can I take this policy?

    You can take an additional policy with ICICI Life provided your previous policy was not declined or postponed on medical grounds.

  • When will I receive the COI (Certificate of Insurance)?

    As per regulatory TAT, COI will be sent to customers within 15 days from policy issuance.

  • When will be the risk cover start?

    RCD (Risk Commencement Date) will be date of premium received.

  • Will I receive tax benefit on the premium paid towards this policy?

    imageTax benefit on premium paid can be availed u/s 123 r.w, Sch XV of The Income Tax Act 2025 subject to satisfaction of conditions mentioned under section 123, 202 and other provisions of the Income Tax Act 2025.

  • Where can I access my Certificate of Insurance?

    Certificate of Insurance is sent to members within 15 days of policy issuance. It is shared via the registered email ID and SMS link sent to the registered mobile number of the member.

    In case contact details are not updated, a physical copy of the Certificate of Insurance is sent to the registered address.

    You can access your Certificate of Insurance through any of the options below:

    • WhatsApp # 9920667766
    • Download through Mobile App
    • Website: Visit www.iciciprulife.com > Go to the ā€˜Customer Servicesā€™ tab > Go to Group e-Welcome Kit/Policy Document > Enter Policy Details
    • Mail to Affinity@iciciprulife.com

  • How can I get duplicate COI copy?

    Certificate of Insurance can be downloaded through Multiple ways

    • WhatsApp # 9920667766
    • Download through Mobile App
    • Website: Visit www.iciciprulife.com > Go to the ā€˜Customer Servicesā€™ tab > Go to Group e-Welcome Kit/Policy Document > Enter Policy Details
    • Mail to Affinity@iciciprulife.com

  • Can I cancel my insurance cover during the policy term?

    Yes, within freelook period (30 days from COI received date).

  • How to raise a request for policy cancellation during the freelook (policy review) period?

    To raise a request for policy cancellation during the freelook (policy review) period, you can connect with your relationship manager at bank. Alternatively, you can also write to us at affinity@iciciprulife.com along with the documents mentioned below:

    • Signed copy of the Photo Identity Proof of the member insured by the master group policy (Anyone: Aadhaar Card/Passport/Driving License)
    • Copy of Cancelled Cheque/Bank Statement/Bank Account Passbook of the member insured by the master group policy where payment needs to be transferred
    • Customer consent email/letter

  • What happens if I want to surrender my cover after 6 months?

    Member will be deleted from the policy; policy benefits such as the life cover immediately stops and pro-rata premium will be refunded accordingly.

  • If I close my account at the bank, what will happen to the policy?

    Coverage continues as long as member maintains affinity to the bank. If you close your IndusInd bank account, your coverage will cease to exist. Surrender value (if applicable) will be paid as per the terms and conditions of the policy.

  • How is the surrender value calculated?

    Surrender Value = (Premium paid less actual stamp duty paid less medical costs incurred in issuance of the Policy) x Outstanding policy term in days/Total policy term in days)

  • Will my renewal premium remain the same?

    Life cover shall be for a period of one year. The cover may be extended by renewal of the policy subject to availability of the product and premium may change as per the policy experience and prevailing tax laws.

  • Who can raise a claim under the Group Term Insurance plan?

    The nominee can register for a death claim by informing the bank.

  • Is the claim amount taxable?

    NO.

  • Which touch point can I reach out for any assistance to register the claim?

    Through IndusInd Bank ā€“ Visit any IndusInd bank branch Through ICICI Life ā€“

Disclaimer

^ Free Cover Limit will vary from scheme to scheme and shall depend on the number of members in the group and the average sum assured of the group.

ICICI Prudential Life Insurance Company Limited. IRDAI Regn. No. 105. CIN: L66010MH2000PLC127837. Registered Office: ICICI Prudential Life Insurance Company Limited, ICICI PruLife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025. This product brochure is indicative of the terms, conditions, warranties and exceptions contained in the insurance Policy.

For further details, please refer to the Policy document. In the event of conflict, if any, between the terms and conditions contained in the brochure and those contained in the Policy document, the terms and conditions contained in the Policy document shall prevail. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP Services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license. ICICI Pru Group Term Plus: UIN: 105N115V08. Advt. No.: ENVO/GTI/BR/2006/27.

The plan is not a guaranteed issuance plan and it will be subject to Companyā€™s underwriting and acceptance. INDUSIND Bank Limited (CA Registration No: CA0001) is the Corporate Agent of ICICI Prudential Life Insurance Company Limited and does not underwrite the risk or act as an insurer. INDUSIND Bank Limited, 2401, Gen. Thimmayya Rd, (Cantonment), Pune - 411001.Ā 

Participation by the Bankā€™s clients in the insurance products is purely on voluntary basis. Call us on: 1860 267 7777. The contract of insurance is between ICICI Prudential Life Insurance Co. Ltd & the insured and not between the bank & the insured.

BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS / FRAUDULENT OFFERSĀ 
IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.