HomePersonal FinanceLife InsuranceICICI Pru Precious Life Term Plan - Review

ICICI Pru Precious Life Term Plan – Review

ICICI Pru Precious Life

ICICI Pru Precious Life Term Plan – ICICI Pru Precious Life is a non-linked non-participating term insurance plan. Most of the term plan does not cover existing health conditions or lifestyle diseases such as diabetes, hypertension, asthma etc. However, ICICI Pru Precious Life Term Plan is different. You can get coverage of existing health conditions under this plan.

Most of the time it is seen that people face difficulties in getting a term plan at an affordable rate due to various health conditions. ICICI Pru Precious Life Term Plan is specially introduced for these types of people. If you are facing health-related problems or if you have recently recovered from critical illness this plan is for you.

In this post, we will review ICICI Pru Precious Life New Term Plan.

ICICI Pru Precious Life Term Plan – Key Features

  • Wide Coverage – Life cover for individuals with existing health problems such as obesity, diabetes, high BP, asthma, and even for those who have successfully recovered from cancer or any other surgeries
  • Enhanced protection – Option to enhance your safety net with Accidental Death Benefit.
  • Different benefit payout – Choose to receive the benefit amount as a lump sum or as monthly income or a combination of both.
  • Loyalty Discounts – Current customer means existing policyholders of ICICI pru in other plan will get discount of 5% for regular policy and 2% for Limited pay policy.
  • Flexibility – To pay premium once, for a limited period or throughout the policy term.
  • Lower Premium – Lower premium rate for non-tobacco customers.
  • Medical report – Copy of medical test done while buying this policy will be accessible to the policy holder on request.
  • Tax Benefits – Policyholder will get tax benefits for the premium paid under section 80 C.

Also Read – LIC Tech Term (Table 854) – LIC Online Term Plan Review


Minimum Age Entry – 18 Years

Maximum Age Entry – 65 Years

Coverage Up to Age – 70 Years

Minimum Basic Sum Assured – 2 Lakhs

Maximum Basic Sum Assured – No Limit

Policy Term based on payment options from 5 years to 40 years

Premium Payment Term – Single, Regular or Limited

Limited Premium Payment Term – 5 Years or 10 Years

Minimum Premium Amount – Rs.2400

Accidental Death Benefit – Minimum 1 Lakh , Maximum 2 Cr

Mode of Payment – Yearly, Half Yearly and Monthly

ICICI Pru Precious Life Term Plan – Benefit Details

This plan comes with two types of protection options Life and Life Plus. A Life option only provides death benefit. Whereas Life Plus option provides death benefit and accidental death benefit.

Life Option – Life option means pure term insurance plan. If policyholder selects life option, sum assured will be paid to nominee/legal heir in case of unfortunate death of the policyholder in the policy term. The policy will terminate on payment of benefit.

Life Plus Option – Life Plus Option means term plan with accidental death benefit. If policyholder selects life plus option, coverage of accidental death benefit will be provided. In case of death of policy holder due to an accident during policy term, the accidental death benefit will be paid to nominee/legal heir.

Death Benefit Payout Options

This Plan provide flexibility to select a death benefit payout. This payout option to be selected at the time of purchasing policy. The nominee/legal heir will be paid based on the death benefit selection. The options available for the death benefit are given below.

  1. Lump sum -The entire benefit amount is payable as a lump sum
  2. Income – Death benefit will be paid in equated monthly installment for 5 years, 10 years and 15 years. The monthly income will be percentage of death benefit.
  3. Lump sum and Income – The benefit payout will be mix of lump sum and income component. The sum assured percentage will be paid once and income percentage will be paid as equated monthly installment.
  4. Increasing income – The benefit amount is payable in monthly instalments for 10 years starting with 10% of the benefit amount per annum in the first year. The income amount will increase by 10% per annum simple interest every year later.

Example – Suresh is IT professional living happy life. He is detected with hypertension at early age of 35 years. He decide to purchase ICICI Pru precious Life Term plan with coverage of 50 Lakh with policy term of 20 years. He select Lump Sum and Income benefit option. In case of suresh’s death during policy term, his family will receive lump sum payout as well as monthly income.

How to purchase – ICICI Pru Precious Life Term plan?

The steps of purchasing this plan is given below.

  • Choose the life cover, benefit option and payout option as per your need.
  • Go to ICICI Pru Website and click on Meet Advisor option. You can also approach your insurance advisor for buying this policy.
  • Fill out application form with your detail along with your health conditions.
  • Submit the required document and make payment of premium amount.
  • You need to undergo for medical examination as applicable.
  • Once paperwork is complete you will be issued with policy document.

ICICI Pru Precious Life Term Plan – Review

On reviewing ICICI Pru Precious Plan based on brochure and online information, I can make out following positive and negative points.


  • ICICI Pru Precious Life Term Plan is unique term plan that covers existing health conditions. This means if you have health conditions such as diabetes, asthma, hypertension, obesity you can still purchase this insurance plan.
  • You can get additional accidental death benefit rider in this plan.
  • You can get multiple death payout options such as lump sum, income, increasing income etc.
  • The plan offers loyalty discount of 2-5% for the existing ICICI Prudential Life Customers.
  • Minimum coverage amount is 2 Lakh and one can get coverage up to 70 years of age.
  • One can enjoy tax benefit under section 80c for the premium amount paid on this policy.
  • As per IRDA, Claim Settlement ratio of ICICI Pru is 97.88% for FY 2017-18 which is very good.


  • This plan covers medical conditions at an additional cost of premium. You need to pay higher premium compared to regular term insurance plans.
  • You will not get coverage of any additional critical illnesses which is provided by other insurance companies.
  • This plan is available offline only. The premium of offline term plan is higher compared to online term plan.

From the above points, one can easily make out that ICICI Pru Precious Life Term Plan is costly plan in terms of premium. It is recommended to go for regular online term plan only. It will be cheaper.

In case you are facing issues in buying term plan due to medical conditions you can go for this Plan. In addition to term plan you should buy good health insurance plan.

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment , tax, financial advice or legal opinion. Please consult a qualified financial planner and do your own due diligence before making any investment decision.
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