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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.
|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|
|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|
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.
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.
|Events||Additional Death Benefit (% of original death benefit )||Maximum Additional Death Benefit (in Rs)|
|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.
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|
|Premium Waiver Benefit||Provided||Provided||Provided||Provided|
Any death arising due to -
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?
3. What list of documents for non-accidental death?
Photocopy as well as original proofs of
4. What list of documents for accidental death?
Photocopy as well as original proofs of
5. What list of documents for disability/ critical illness claim/incurable illness?
6. What process is followed to file a claim?