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iProtect Smart Term Plan
  • Cover For 34 Critical Illnesses
  • Accidental Benefit Upto 2 Cr.
  • Coverage Till Age of 99
  • Buy Online With MWP Act
  • Coverage Against AIDS

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ICICI Pru iProtect Smart

Is there any policy that pays insurance money before death? Do you know any term insurance which gives coverage after the detection of terminal diseases like AIDS? Will any term plan pays in event of permanent disability due to an accident?

The answer to all the above-mentioned question is one i.e. ICICI Prudential Life Insurance - iProtect Smart Term Plan. This product was launched by the ICICI Prudential Life Insurance which was given the honor of Product of the year 2016 in products innovation under life insurance category. Apart from delivering protection the family of the policyholder in absence, it also gives flexibility in paying premiums as per the comfort of the policyholder with tax benefits.

Iprotect Smart Eligibility Criteria

Sum insured Based on the income of the policyholde
Age of entry 18 years to 60 years
Term of policy 5 to 67 years
Maturity Age Up to 85 years
Premium Payment Mode Single, Yearly, Half-Yearly and Monthly
Minimum Premium paid Rs 3,600 per year including all the taxes like GST and Cess
Accidental Death Rider sum insured Rs 1,00,000 to Rs 75,00,000
Critical Illness Rider sum insured Rs 1,00,000 to Rs 75,00,000

Eligibility criteria for Premium

Options for Premium Payment Term of Premium Payment Maximum/ Minimum Term of the policy Minimum & Maximum entry age
Single Single 5/ 20 years 18- 60
Regular Pay Same as policy term 5 years / 85 minus Entry Age 18- 60
Whole life (99 minus Entry Age)
Limited Pay 5, 7, policy term minus 5 years 60 years minus entry age 18- 60
10 years 15 years / 85 years minus entry age Whole life(99 years minus entry age
60 years minus entry age Premium Payment term + 5 years/ 85 years minus entry age 18- 55
Whole life(99 years minus entry age

icici i protect Coverage Options

Life options

By choosing this option the beneficiaries or the nominees of the insured will get a complete payout of sum insured in the event of death or incurable illness. This option becomes resourceful when you are detected with personal disability happening

due to an accident.

Consequently, future premiums are waived off to minimize the load of the insured.

Life Plus

It includes all the benefits under life options and in addition, it also covers accidental death benefit which would come in function in the event of death due to an accident. Policy shall terminate following the payment of claims made under such benefits,

Life Plus health

In supplement to the life options benefits, Life Plus health also offer coverage for Critical Illness. On the occurrence of any one of the listed Critical Illness, the company shall pay the whole sum insured opted for Critical Illness benefit regardless of the actual amount incurred on the treatment of the disease.

All in one option

This will cover death benefit on the detection of terminal illness or personal disability due to an accident, accidental benefit, and critical Illness benefits.

icici iprotect smart Benefits

  1. Special privileges to women - Women while purchasing iProtect Smart term insurance will get relaxation in the rate of premium to be paid. Additionally, they get an option to cover diseases like breast cancer, cervical cancer which are common in today’s time.
  2. Waiver of premium due to permanent disability - The future premiums would get waived off completely and will be borne by the company if there is an emergence of disability due to accidents. Permanent disability can include blindness, incompetent to climb or lift or write anything properly and can’t even bend knees.
  3. Death benefit - On the event of death, the company will pay the claim amount either in lumpsum/ regular income/ increasing income/ lumpsum plus income as selected by the policyholder at time of purchase.
  4. Life stage Benefit - Sometimes people feel short of funds on the happening of life-changing events that can financially affect your savings and income. Events like childbirth, marriage of children are the major responsibilities of parents. With due attention to this thing, iProtect Smart plan grants the flexibility to increase the current sum insured to meet the responsibilities.
  5. Events Additional Death Benefit (% of original death benefit ) Maximum Additional Death Benefit (in Rs)
    Marriage 50% Rs 50,00,000
    childbirth/ legal adoption (1st child) 25% Rs 25,00,000
    childbirth/ legal adoption (2nd child) 25% Rs 25,00,000

    Please Note: This feature is only applicable to Life option.

  6. Tax benefits - The premiums submitted for all the benefit options under section 80C. While premium payment under life & health and all in one option will receive benefits under section 80D.
  7. Covers terminal illness (like AIDS) - While most of the term insurance plan excludes death due to AIDS but iProtect Smart pay the AIDS-infected policyholder.
  8. For instance - If Aditya purchased iProtect Smart term policy of Rs 50 lakhs in 2013 and after five years he was investigated to be poisoned with a terminal illness. The company after intimation of the fact returned the whole coverage amount. Aditya cleared all his liabilities like home loans and other financial debts so that his family won’t suffer in the future in his absence.
  9. Flexibility - A policyholder has various options offered under the policy like affordable sum insured amount, optional coverage, payout options for death benefit, term of the policy.
  10. Claim Settlement Ratio - The company has established a wonderful reputation in the market which shows the brand value and faithfulness served to its customers. The ratio of claim settlement is 97.88 %.

Death Benefit Payout Options

  1. Lumpsum
    The nominee of the policyholder will receive the complete coverage amount in one go or lumpsum after death.
  2. Regular income
    Let’s take an example to illustrate this option- Prerna has taken a life cover of Rs 2 crore and has opted for regular income as a death payout option. Later her demise, the nominee will obtain a regular income of 10% (same in all cases) on the sum insured for 10 years.e 20 lakhs (10% of 2,00,00,000). Whereas the monthly payout would be @ 0.80% of 2 crores i.e. 1,60,000.
  3. Increasing income
    In this option the benefit amount will keep on ascending following each year. The benefit amount will determined on the sum insured. The first year income should be 10% of the sum insured which will increase by 10% every year. Let’s say, a life cover is bought for Rs 6 crores and after the death of the policyholder, the first year income must be 60 lakhs (10% of 6,00,00,000). After implementing an increase of 10% in the first year income, the second year income would be Rs 66,00,000. This process will repeat till the completion of 10 years.
  4. Lumpsum plus income
    The beneficiaries of the policyholder will get the benefit of both lump sum and fixed regular incomes on the sum insured. If the total coverage is of 2.4 crores where the lumpsum amount paid is 60 lakhs and the regular income would be 10% of 1.2 crores i.e. 12,00,000 every year and the monthly income would be Rs 1 lakh.

iProtect Smart Optional Benefits

Accidental Death: Accidents are uncertain and cost you heavily which can drain your savings and income. To give protection against this, iProtect smart policy provides maximum coverage of 2 crore death due to an accident. A policyholder can choose this benefit during the policy term or at the time of purchasing.

For example- Yash, a senior analyst of 35 years has purchased a cover of Rs 1 crore iProtect smart insurance policy along with accidental death benefit of Rs 50 lakhs as optional cover. After ten years from the date of purchase, he succumbs to death due to a road accident. The company on the claim intimation by the nominee will pay Rs 1.5 crores in lumpsum.

Critical Illness Benefit: The iProtect smart term insurance plan covers 34 critical illnesses such as brain surgery, strokes, kidney and liver failure, heart valve surgery, trauma, major organ transplant as listed in policy wordings.

The claim amount will be paid immediately on the investigation of critical illness by just submitting the photocopy of the diagnosis report only. The maximum payout is up to 1 crore. If a critical illness cover is availed by the policyholder, then the claim amount is subtracted from the actual sum insured and the future premiums will be decreased.

Let's check the availability of several benefits under benefit coverage options-

Benefits/ Benefit options Life option Life Plus Life Plus health All in one option
Critical Illness Benefit Not applicable Not applicable Provided Provided
Accidental Death Benefit Not applicable Provided Not applicable Provided
Terminal Illness Provided Provided Provided Provided
Premium Waiver Benefit Provided Provided Provided Provided
Death Benefit Provided Provided Provided Provided

Exclusions

Any death arising due to -

  • Suicides or self-inflicted illnesses due to lifestyle habits like intake of liquor, tobacco, marijuana or other narcotic substance.
  • Involvement in war, adventure sports, criminal activities.

FAQs

1. What is the ideal term of the policy?

The term of the policy should depend upon the retirement age. In India, the maximum number of individuals get retired at the age of 60 years. You should invest in a term plan to retirement age as you have no dependents and salary to submit premiums after retirement.

For instance- If you purchase a policy at 35 years where you anticipate the retirement age to be 60 years. The policy term should be for 25 years.

2. What are the important documents for claim intimation?

  1. Claim intimation form duly filled and attested
  2. Death certificate with photocopies issued by Local Municipal Corporation.
  3. Identity proof and address proof of the nominee who is claiming.
  4. Canceled cheque or the photocopy of passbook (of the nominee)
  5. Flexibility under a plan

3. What list of documents for non-accidental death?

Photocopy as well as original proofs of

  • Medical records like diagnosis results, admission reports, death summary etc
  • Medico-legal cause of Death Certificate
  • Medical attendant/ hospital certificate filled by the doctor.
  • Certificate from employer (if salaried)

4. What list of documents for accidental death?

Photocopy as well as original proofs of

  1. FIR/Punchnama/ Post Mortem report/ Inquest reports
  2. Driving license of the life insured ( if he/she is riding the vehicle when the accident took place). This requirement is valid if you have selected ‘Accident and Disability Benefit Rider’.

5. What list of documents for disability/ critical illness claim/incurable illness?

  1. Original policy certificates
  2. Claim intimation form present on the company website
  3. Attending Doctor’s certificate
  4. Medical records (original as well as photocopies)

6. What process is followed to file a claim?

  • Fill the claim intimation form.
  • Send your duly completed form and documents to the branch.
  • The team of ClaimCare will examine your documents and other information provided to process the claim.
  • If the claim is authorized, then the company will take 12 days to settle the claim. The amount of claim will be transacted to the policyholder's account through cheque or ECS.

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