ICICI Pru iProtect Return of Premium provides security to you and your loved ones against all such uncertainties of life that may pose a hurdle to your plan of a perfect future for yourself and your loved ones. ICICI Pru iProtect Return of Premium safeguards your future planning while simultaneously also ensuring that you get a survival/maturity benefit.
Every individual plans for a secure future for themselves and their loved ones, however, situations are not always what you aspire for them to be. ICICI Pru iProtect Return of Premium term plan is an excellent option that understands your needs with changing times.
ICICI Pru iProtect Return Of Premium Plan offers multiple benefits and key features such as multiple plan options, benefit options, critical illness benefit, accident benefit and more.
ICICI Pru iProtect Return of Premium Plan Specifications
As per Board Approved Underwriting Policy
Premium Payment Options
Single premium, Regular premium, Limited premium
Premium payment mode
One time/ 5/7/10/12/15/20 Pay
Key Features of ICICI Pru iProtect Return of Premium
ICICI Pru iProtect Return Of Premium is a term plan that is well known for being loaded with many features protecting the insured against unforeseen circumstances and providing them with maturity benefits. Read more to understand the features and benefits.
Plan Options : There are 4 plan options available under the ICICI Pru iProtect Return Of Premium plan and customers can customize their plan by selecting any of these options at their convenience.
Survival Benefits : ICICI Pru iProtect Return Of Premium plan offers various survival benefits if the insured individual survives the policy term such as earning a regular income, availing 105% of your premiums back at the end of the policy term, and early return of premiums.
All-round Protection: ICICI Pru iProtect Return Of Premium Term Plan safeguards you and your family with an all-round safety net by integrating features like Smart protection with Life-stage cover, and optional covers such as critical illness cover and Enhanced protection against accidental death.
Tax Benefits: An insured individual can avail Tax benefits that may be applicable on premiums paid and benefits received as per the prevailing tax laws.
Discounts : ICICI Pru iProtect Return Of Premium Term Plan offers multiple discounts such as loyalty discounts up to 5% and online discounts on purchase of policy online.
Benefits of ICICI Pru iProtect Return Of Premium Term Plan
ICICI Pru iProtect Return Of Premium Term Plan has multiple plan options and benefits that an individual can choose from and customize their plan accordingly.
Accidental Death Benefit
Benefit equal to your ADB Sum Assured
Critical Illness Benefit
coverage against 64 critical illnesses
Death Benefit Option
combination of both lump sum and income
Accidental Death Benefit
In case of death due to an accident, Accidental Death Benefit equal to your ADB Sum Assured will be payable in lump-sum to the nominee/ legal heir. This benefit is over and above the life cover benefit.
Critical Illness Benefit
Critical Illness Benefit is an additional optional benefit which can be chosen only at inception. The Critical Illness Benefit offers coverage against 64 critical illnesses, of which 60 are major critical illnesses and 4 are minor critical illnesses. 100% of the CI Sum Assured is payable on first occurrence of any of the covered major critical illnesses.
Death Benefit Option
The Death Benefit payout option has to be selected by the insured at Policy inception and can't be changed during the policy term. Death benefit option can be paid to your beneficiary as as a lump sum amount, income option or a combination of both lump sum and income.
ICICI Pru iProtect Return Of Premium Term Plan Options
There are a total of 4 plan options available under the ICICI Pru iProtect Return Of Premium Term Plan. All these options offer different types of features. Given below is a brief overview of all these plan options.
Return of Premium : Get life coverage throughout the policy term. Also, get the premiums back on maturity. The Nominee/legal heir will get the Life Insurance Cover as per the chosen Death Benefit Payout Option. There is no Survival Benefit is payable during policy term. On survival of the Life Assured till the end of the policy term, for a fully paid policy, 105% of Total premiums paid3 is payable as Maturity Benefit to you.
Income Benefit : Under this plan option the insured individual gets life coverage throughout the policy term and start getting monthly income from the policy anniversary after the Life Assured turns 60 years of age. Under Income benefit option survival benefit is payable as regular monthly income equal to 0.1%, 0.2% or 0.3% of Basic Sum Assured (Life Insurance Cover) chosen at inception.
Return of Premium with Life-stage cover Under this plan option the insured gets life coverage, which changes as per the life-stage throughout the policy term. Also, the insured gets their premiums back on maturity.
Early return of premium with Life-stage cover Under this plan option you get your premiums back on the policy anniversary after the Life Assured turns 60 or 70 years of age with life coverage which changes as per your life-stage and continues till the end of policy term.
1. How many critical illnesses are covered under Critical Illness(CI) benefit?
The Critical Illness Benefit offers coverage against 64 critical illnesses, of which 60 are major critical illnesses and 4 are minor critical illnesses.
2. Will I have the CI benefit available to me throughout the policy term?
Critical Illness Benefit is available for Single Pay and Limited Pay with maximum benefit term of 15 years. For regular pay, the maximum term under CI benefit is 40 years subject to maximum cover ceasing age of 85 years.
3. Can I claim Critical Illness multiple times for any illness?
Minor Critical Illnesses
Multiple claims for unique minor critical illnesses under CI benefit can be made till CI benefit Sum Assured gets exhausted
Once a claim has been paid for a specific minor CI, there can’t be another claim for the same minor CI in future
Major Critical Illnesses
There can only be one claim for anyone of the major CIs as the residual CI benefit Sum Assured gets paid out and CI benefit is terminated
4. Can I take the life stage cover with income benefit?
An insurance holder can not avail life stage coverage as it is offered with only 2 plan options which are the early return of premium with life stage cover and ROP with life stage cover.
5. What are the plan benefits offered under ICICI Pru iProtect Return Of Premium?
There are a total of 4 plan options available under the ICICI Pru iProtect Return Of Premium Term Plan. Return of Premium, Income Benefit, Return of Premium with Life stage cover, and Early Return of Premium with Life stage cover.