What is ICICI Pru iAssure Single Premium?
ICICI Pru iAssure Single Premium is a nonlinked, nonparticipating, terminsurance plan offered by ICICI Prudential Life Insurance. Unlike traditional term policies that require regular premium payments, this plan requires a onetime lumpsum payment at the start of the policy term. In exchange, the policy provides a guaranteed life cover for the chosen term, ensuring financial protection for your loved ones in case of an untimely demise.
The product is designed for individuals who prefer a simple, hasslefree way to secure a substantial sum assured without the discipline of paying periodic premiums.
Who Can Purchase This Plan?
- Age: 1865 years at the time of purchase.
- Policy Term: 10, 15, 20, or 25 years.
- Indian residents (citizens or NRIs) who meet the underwriting guidelines.
- Individuals seeking a singlepremium solution for child education, marriage, or mortgage protection.
Key Features
- LumpSum Premium: Pay once for the entire cover.
- Flexible Policy Terms: Choose between 1025 years.
- Tax Benefits: Premium qualifies for deduction under Section80C; death benefit is taxfree under Section10(10D).
- Rider Options: Critical Illness, Accidental Death & Disability, and Waiver of Premium can be added.
- Free Look Period: 15 days from receipt of policy documents to review and cancel if needed.
- Online Purchase & Management: Apply, pay, and manage the policy through the ICICIPrudential portal or mobile app.
Benefits of iAssure Single Premium
1. Guaranteed Financial Security
The nominee receives the sum assured (plus any applicable bonuses, though this plan does not participate in profits) in the event of death during the policy term. This amount can be used to settle debts, fund childrens education, or maintain the familys standard of living.
2. No Ongoing Premium Obligation
Because the premium is paid only once, there is no risk of policy lapse due to missed payments. This is ideal for people who have a lump amount saved for insurance or those who want to lock in cover for a specific period without future cashflow concerns.
3. Simplified Underwriting
ICICIPrudential uses a streamlined underwriting process for this product, often resulting in faster approvals compared with traditional term policies.
4. Life Cover for Specific Milestones
Plan the term to match key life events for example, a 20year term for a 30yearold would cover the years when children are in school and early career stages, providing a safety net when financial responsibilities are highest.
Quick Tip: If you have a mortgage, consider matching the policy term with the loan tenure. The death benefit can be used to clear the outstanding balance, removing the debt burden from your family.
Premium Illustration (Indicative)
Premiums vary based on age, gender, sum assured, and term. The table below provides a rough idea for a healthy nonsmoker.
| Age | Term (Years) | Sum Assured () | LumpSum Premium () |
|---|---|---|---|
| 30 | 20 | 10,00,000 | 2,94,500 |
| 30 | 20 | 20,00,000 | 5,78,000 |
| 45 | 15 | 10,00,000 | 3,85,200 |
| 45 | 15 | 20,00,000 | 7,48,400 |
| 55 | 10 | 10,00,000 | 4,33,900 |
| 55 | 10 | 20,00,000 | 8,44,200 |
These figures are for illustration only. The actual premium will be calculated after underwriting and may differ based on health, occupation, and additional riders.
How to File a Claim
- Notify the insurer: Contact the claim helpline or use the mobile app within 30 days of the event.
- Submit documents: Provide the original policy document, death certificate, claim form, and identity proof of the nominee.
- Medical verification (if required): In case of accidental death, police FIR and autopsy report may be needed.
- Claim settlement: Once verified, the insurer processes the payout within 3045 days for most claims.
ICICIPrudential offers a dedicated claim concierge service to assist nominees throughout the process, ensuring a smooth and speedy settlement.
Frequently Asked Questions
1. Is there a waiting period?
Yes. A 30day waiting period applies for death due to natural causes. For accidental death, the benefit is payable immediately after documentation.
2. Can the policy be surrendered?
No surrender value is available because it is a pure term product. However, you may consider a policy conversion to a regular term plan within the policy term, subject to insurer approval.
3. What happens if I outlive the policy term?
The cover expires, and no benefit is payable. You may purchase a new term policy if you still need protection.
4. Are there any exclusions?
Standard exclusions apply, such as suicide within the first 12 months, death due to participation in hazardous activities not disclosed, and death caused by war or nuclear incidents.
5. Can I increase the sum assured later?
Increasing the cover is possible only by purchasing an additional policy or rider, subject to medical underwriting and premium payment.
6. Is there a free look period?
Yes, a 15day free look period is provided. If you cancel within this period, you receive a refund of the premium after deducting statutory taxes.
