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ICICI Pru Group Term Plus

ICICI Pru Group Term Plus is a group term life insurance plan which enables you to secure the financial well-being of your employees and their families. This plan offers life cover to a group of individuals. Under this plan, if the member meets with an unfortunate demise, the nominee receives a lump sum amount. The Group Term Plus from ICICI Prudential offers benefits to both formal and informal employer-employee groups at an affordable rate. ICICI Prudential provides this group plan for non-banking financial institutions, micro-finance institutions, banks, and other professional groups.

Eligibility - Who is the ICICI Pru Group Term Plus for?

The following eligibility criteria must be fulfilled when applying for the ICICI Pru Group Term Plus Plan:

Minimum age at entry 15 years
Maximum age at entry 79 years
Type of Plan Group Term Life Insurance

Sum Assured and Premium Payment - What you Get and What it Costs?

The sum assured, the policy term and the premium payment mode under the ICICI Pru Group Term Plus is indicated in the table below:

Minimum Sum Assured Rs.5,000 (each member)
Minimum Members Formal group – 10 members Informal group – 50 members
Maximum Policy Term 1 year
Minimum Premium Rs.10,000 p.a.
Premium Payment Mode Monthly, quarterly, half-yearly, and yearly

*Premiums vary based on age, location, plan term and other factors

Plan Coverage - What the ICICI Pru Group Term Plus covers?

The ICICI Pru Group Term Plus offers the following benefits:

Death Benefit Payable in case of death of the member covered, the Sum Assured is granted to the respective member’s nominee
Surrender Benefit Payable on voluntary termination of policy with a 30-day notice to the company
Maturity Benefit Not available

Optional Benefits:

Single Rate Benefit New Members can avail the same premium rate as in the master policy at inception
Member Level Renewal Benefit On renewal, new members can continue to pay the same premium
Sum Assured Reset Benefit Right to increase or decrease the Sum Assured of the member by the Master Policyholder
Earning Spouse/Earning Guardian Cover Extendable cover to member’s earning spouse
Voluntary Top-up Benefit (Employer-Employee group) Members under Master Policy can top-up benefits and increase the Sum Assured
Terminal Illness (Employer-Employee group) Benefit that allows acceleration of all of or a part of the Sum Assured in case of terminal illness
Conversion option (Employer-Employee group) Option to convert into an individual policy on leaving service

Benefits in Detail (Master Policy):

Death Benefit: In case of death of a member covered under the Master Policy, the Sum Assured is paid to the respective nominee.

Surrender Benefit: The policy can be surrendered by giving a notice of 30 days to the company. The members, however are presented with the option to continue life cover.

Add-On Plans – Additional Coverage under the ICICI Pru Group Term Plus:

There are no add-on plans under the ICICI Pru Group Term Plus.

Exclusions - What the ICICI Pru Group Term Plus doesn’t Cover?

Suicide Exclusion: Applicable to non-employer-employee groups, this clause states that if a member commits suicide, whether in sanity or insanity, within a year of joining the policy, the policy will cease to exist for that member.

If in case a member meets with a natural death within 45 days since the policy’s inception, the cover is considered void for that member and the premiums paid till date are refunded after certain deductions.

Other Key Features:

Other key features of the ICICI Pru Group Term Plus are:

Particulars Details
Policy Revival Master Policy can be revived after expiry of the grace period
Free-look Period
  • 15 days from the date of receipt of policy document – If policy not purchased through Distance marketing
  • 30 days from the date of receipt of policy document – If policy purchased through Distance marketing
Grace Period
  • 15 days – monthly mode of payment
  • 30 days – other modes

Other Benefits of ICICI Pru Group Term Plus:

Some of the other benefits that can be utilised by a policyholder while purchasing the ICICI Pru Group Term Plus are:

  • Request the company to send you a financial advisor
  • Get details of the plan online
  • Request a call back from ICICI with details of the plan.
  • Online comparison with other plans
  • Apply for the plan online
  • Locate the nearest ICICI Prudential branch

Why you should Buy the ICICI Pru Group Term Plus from ICICI Prudential?

The Group Term Plus from ICICI Prudential is a plan offered through a Master Policy and issued to either the group administrator or the master policyholder. ICICI Pru Life is a company that has continued to dominate the Indian life insurance sector since its inception. As one of the company’s core values is customer focus, it is an ideal choice to buy the Group Term Plus from ICICI.

Frequently Asked Questions (FAQs):

  1. What is the minimum number of members allowed under the ICICI Pru Group Term Plus if it’s a formal group?

    A. If a formal group is undertaking the plan, the minimum number of members allowed is 10.

  2. Can I avail a loan under the Group Term Plus Plan?

    A. No, ICICI Prudential does not offer loans under the Group Term Plus Plan.

  3. What is the withdrawal benefit available under the ICICI Pru Group Term Plus?

    A. Members under the plan can opt for withdrawal, in which case the premium is pro-rated to reflect the life cover that has not been provided yet.

  4. How many days of grace period will I get under the ICICI Pru Group Term Plus?

    A. A 15-day grace period is allowed for premiums made on monthly basis and a 30-day period is allowed for other mode of payments under Group Term Plus from ICICI Prudential.

  5. What is the minimum life cover that can be availed under the ICICI Pru Group Term Plus?

    A. The minimum life cover available under the plan is Rs.5,000 for each member.

  6. What is the age range within which I can apply for the Group Term Plus from ICICI Prudential?

    A. You can apply for the plan at any time between the ages of 15 to 79 years.

  7. What is the longest policy term that I can choose if I take up the Group Term Plus?

    A. The longest policy term under the plan is one year.

  8. Will I be charged anything If I cancel the plan within the free-look period?

    A. Yes, ICICI Prudential charges stamp duty fees, medical examination expenses, and the proportionate risk premium for the period of cover. These charges are deducted from the premiums paid till date, before returning.

  9. If I have opted for the Member Level Renewal Benefit, when will the grace period commence under the Group Term Plus Plan of ICICI Prudential?

    A. Under the Member Level Renewal Benefit, the grace period commences from the respective Member Renewal Date.

  10. How frequently can I opt to pay the premiums under the ICICI Pru Group Term Plus Plan?

    A. You can pay the premiums monthly, quarterly, half-yearly, or yearly under the plan.