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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.
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.
Here are some key features of this plan:
Minimum Age - 18 years Maximum Age - 65 years
Minimum Age - 23 years Maximum Age - 85 years
Minimum term - 5 years Maximum term - 40 years
Base sum assured: 1 Lac to no limit.
The Policy Loan is not available under ICICI Prudential iProtect Return of Premium
Annual, Half yearly, quaterly & monthly
Let's understand how the ICICI Pru iProtect Return of Premium Plan works with a simple premium illustration.
Mr. Vaibhav Gupta is a 27-year-old Gurugram-based software engineer looking for a term plan that provides regular guaranteed income along with whole life coverage.
He visited PolicyX.com to learn more about term insurance with regular income. PolicyX.com advisors carefully understand his query and suggest to purchase the ICICI Pru iProtect Return of Premium Plan.
Let us see a brief illustration of Vaibhav's ICICI Pru iProtect Return Of Premium Plan
Age of policyholder | Annual premiums | Premium payment mode | Policy tenure | Premium payment term | Total premiums paid | Sum assured |
27 years | Rs 30,655 | Annually | 20 years | 20 years | Rs 613100 | Rs 75 lakhs |
Key Takeaways: Mr. Vaibhav will be covered until the age of 47 years. In case of any unfortunate demise during the policy term, his nominee will receive sum assured equal to Rs. 75 lakhs.
Here are the benefits associated with the ICICI Prudential iProtect Return Of Premium
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.
The Critical Illness Benefit offers coverage against 64 critical illnesses, of which 60 are major critical illnesses and 4 are minor critical illnesses.
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. This benefit is over and above the life cover benefit.
Under this plan option the insured gets life coverage, which changes as per the life-stages throughout the policy term. Also, the insured gets their premiums back on maturity.
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.
All the premiums paid for the ICICI Prudential iProtect Return Of Premium Plan can be used for claiming tax benefits as per Section 80C and Section 1010D of the Income Tax Act.
ICICI Prudential Term Insurance
You can add the following riders to your ICICI Pru iProtect Return Of Premium Plan:
With ICICI Pru Accidental Death Benefit Rider, you can cover yourself with a maximum sum assured of 2 crore against any unfortunate accident that causes death to the life insured.
With ICICI Pru Critical Illness Rider, you can protect yourself with a maximum sum assured of 1 crore against 34 critical illness diseases.
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.
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.
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.
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.
Here is the list of exclusions associated with the plan:
With ICICI Pru iProtect Return Of Premium Plan, You can get all-around protection such as the return of premium, Income benefit, and Return of Premium with Life stage benefit in the same plan. This plan offers lifetime coverage at an affordable cost. For more info related to this Plan, you can contact PolicyX.com. Our insurance advisors work 24/7 to solve every possible query of yours.
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This plan protects coverage against 60 major critical illnesses and 4 are minor critical illnesses.
Yes, critical illness benefits will be available throughout the policy term.
Yes, you can claim critical illness benefits multiple times throughout the policy term, depending on the type of illness, such as major or minor.
This plan offers 4 different plan options such Income Benefit, Return of Premium with Life stage cover, and Early Return of Premium with Life stage cover.
Yes, this plan offers tax benefits for upto Rs. 1.5 lac under section 80C and upto Rs. 2.5 lac under section 1010D of income tax act 1961.
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Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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