ICICI Pru iProtect Smart

ICICI Prudential Life Insurance - iProtect Smart Term Plan gives coverage after the detection of terminal diseases like AIDS and pay in event of permanent disability due to an accident. It provides advanced protection to the policyholder by offering claim payment on the diagnosis of any of the listed critical illnesses. In addition to delivering protection to the family of the policyholder in his/her absence, it also gives flexibility in paying premiums as per the comfort of the policyholder.

Not just this, ICICI Pru iProtect Smart plan comes with a long list of useful features and benefits, which are designed to provide maximum financial protection to the family members of the insured when they are no longer around. Continue reading to explore all the features & benefits of the plan:

Benefits of Buying ICICI Pru iProtect Smart Plan

1. Pocket-Friendly Plan

   ICICI Pru iProtect comes with affordable premiums and secures the future of your loved ones if something unfortunate happens to you.

2. Get Coverage for a Long Time

   The plan gets you covered till the age of 99 under its whole life cover option.

3. Add-on Benefits

   To ensure enhanced protection of its customers, the plan comes with a variety of add-on benefits such as terminal illness benefits and waiver of premium benefits.

4. Buy a Plan online under MWP Act

   To ensure that your loved ones rightfully get the claim amount, you have the option of buying ICICI Pru iProtect Smart under the Married Women's Protection Act (MWP Act). This will help in the payment of the full life insurance claim amount to your wife and/or children.

5. Tax benefits

   The premiums submitted for the policy will receive all the benefit options under section 80C. While premium payment under life & health and all in one option will receive benefits under section 80D.

Key Features of ICICI Pru iProtect Smart Plan

For the convenience of readers, we've listed down some of the key features of this plan. Read below.

1. Death Benefit

   In the event of death, the company will pay the claim amount either in lump sum/ regular income/ increasing income/ lump sum plus income as selected by the policyholder at the time of purchase.

2. Optional Covers

   It comes with optional benefits including accidental death benefit and critical illness benefit. In the sections given below, we've discussed both these covers in brief. Read along to find out.

3. 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.

4. Payout Options

   With the plan's 4 payout options, you can select the payout option as per your requirements when buying the policy.The four payout options such as lump sum, monthly income, increasing income, and lump sum plus income.

5. Life Stage Benefit

   Sometimes people feel short of funds on the happening of life-changing events that can financially affect their savings and income. Events like childbirth, the marriage of children are the major responsibilities of parents. With due attention to this thing, the iProtect Smart plan grants the flexibility to increase the current sum insured to meet the responsibilities.

   Events	Additional Death Benefit (% of original death benefit )	Maximum Additional Death Benefit
   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

   **Last Updated on August, 2021

ICICI Pru iProtect Smart Coverage Options

There are four coverage options available within this plan. Let's learn about them in detail.

1. Life

   By choosing this option the beneficiaries or the nominees of the insured will get a complete payout of the 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.

2. Life Plus

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

3. Life Plus Health

   In supplement to the life options benefits, Life Plus health also offers 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.

4. All in One Option

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

   Regardless of the plan option selected, death, terminal illness, and permanent disability are covered. For better understanding, refer to the below table:

   Coverage in case of an unfortunate event	Life	Life Plus	Life & Health	All-in-one
   Death/ Terminal Illness (including AIDS)	Yes	Yes	Yes	Yes
   Waiver of all future premiums on permanent disability due to accident	Yes	Yes	Yes	Yes
   Accidental Death	No	Yes	No	Yes
   34 Critical Illness	No	No	Yes	Yes

Add-on Benefits of ICICI Pru iProtect Smart Plan

This plan comes with two major add-on benefits to offer financial protection to the insured and his/her family. Given below is a detailed explanation of these benefits. Let's learn about them.

1. Premium Waiver Benefit

   Under this benefit, all the future premium amounts of the policyholder get waived off if in case he/she becomes disabled due to an accident. The future premiums are borne by the company and the cover stays intact till the policy term. Please note that permanent disability includes blindness, incompetent to climb or lift or write anything properly, and can't even bend knees.

   Let's take the help of the example given below to understand better.

   Naman Joshi, a 28 years old healthy person buys the iProtect Smart to ensure the financial protection of his family members if in case he dies suddenly. He opts for a life cover of Rs. 1 crore for a policy term of 30 years. One day while returning home from work, he meets with an accident that leads to permanent injury in his legs and he becomes unable to move, climb or bend. After receiving intimation about the injury from Naman, the company waived off all his future premiums and the life insurance cover stayed in force till the policy term.

2. Terminal illness Benefit

   Under this benefit, complete coverage is provided to the insured person if he/she gets diagnosed with a terminal illness including AIDS as well. ICICI Pru iProtect Smart plan pays the AIDS-infected policyholders also.

   For example:

   Let's assume that Aditya buys the iProtect Smart term policy of Rs. 50 lakhs in 2015 and after five years he gets diagnosed with a terminal illness. He informed the company about the same and the company provided him with the whole coverage amount. With the help of the cover amount, Aditya cleared all his liabilities like home loans and other financial debts to make sure that his family won't suffer in the future when he is no longer around.

Optional Benefits Available in ICICI Pru iProtect Smart Plan

The plan comes with two optional benefits and allows customers to select any of these options as per their needs and convenience. Read below to know more about these optional benefits.

1. Accidental Death Option

   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 in case of death that happens due to an accident. A policyholder can choose this benefit during the policy term or at the time of purchase.

   For example- Yash, a senior analyst of 35 years has purchased a cover of Rs. 1 crore iProtect smart insurance policy along with an 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 a lump sum.

2. Critical Illness Benefit

   As per the terms and conditions of this optional cover, if the policyholder is diagnosed with a critical illness then the complete cover amount is provided to him/her immediately. The plan provides coverage against 34 critical illnesses as listed below.

   • Cancer of specified severity
   • Angioplasty*
   • First Heart Attack - of Specified Severity
   • Open Heart Replacement or Repair of Heart Valves
   • Surgery to aorta Heart and Artery Benefit
   • Cardiomyopathy
   • Primary Pulmonary hypertension
   • Open Chest CABG
   • Blindness
   • Chronic Lung Disease
   • Chronic liver disease Major Organ Benefit
   • Kidney Failure Requiring Regular Dialysis
   • Major Organ/ Bone Marrow Transplant
   • Apallic Syndrome
   • Benign Brain Tumour
   • Brain Surgery
   • Coma of specified Severity
   • Major Head Trauma
   • Permanent Paralysis of Limbs
   • Stroke resulting in permanent symptoms Brain and Nervous System Benefit
   • Alzheimer's disease
   • Motor Neurone Disease with Permanent Symptoms
   • Multiple Sclerosis with Persisting Symptoms
   • Muscular Dystrophy
   • Parkinson's disease
   • Poliomyelitis
   • Loss of Independent Existence
   • Loss of Limbs
   • Deafness
   • Loss of Speech Others
   • Medullary Cystic Disease
   • Systemic lupus Eryth with Renal Involvement
   • Major Burns
   • Aplastic Anemia

   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.

Death Benefit Payout Options

There are four types of death benefit payout options available in this plan. Customers can opt for any of these payout options depending upon the way in which they desire to provide the payment of the coverage amount to their family members in the future. Given below is a brief explanation of all these options. Let's take a look at them.

1. Lumpsum Payment

   The nominee of the policyholder will receive the complete coverage amount in one go or lump sum 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. After her demise, the nominee will obtain a regular income of 10% (same in all cases) on the sum insured for 10 years i.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 be 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 2.4 crores where the lump sum 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.

Eligibility Criteria for ICICI Pru iProtect Smart Plan

The table below highlights the eligibility criteria to buy ICICI Pru iProtect Smart plan. Go through this table if you wish to buy this plan.

**Last Updated on August, 2021

Eligibility Criteria for Premium of ICICI Pru iProtect Smart Plan

**Last Updated on August, 2021

Sample Premium Illustration of ICICI Pru iProtect Smart Plan

Before buying an insurance plan, it is important to get an idea about its premium rates that you'll be paying in the future. That is why we've provided here a sample chart to illustrate the different premium rates of the iProtect Smart plan.

The premium amounts in this chart are calculated for a nonsmoker male, buying the life cover of Rs 50Lakhs with no add-on riders or optional benefits, opting for monthly premium payment mode.

Regular Pay (Pay for 30 Years)

Limited Pay (Pay for 10 years)

Single Pay (Pay at once)

**The premium paying frequency is Yearly for a Single Pay.

How to make a Claim for ICICI Pru iProtect Smart Plan?

Step 1: Intimate the claim

You can intimate the claim in any of the following ways:

• Online filing by visiting the official website
• Send an SMS ICLAIM Policy number to 56767
• Send an email to lifeline@iciciprulife.com
• Helpline number 18602667766
• At any of your nearest branc

Step 2: Claim processing

Once done, the company will assess your claim details and will inform you if they require any other documents.

Step 3: Claim settlement

Once your claim request is approved, the company will settle your claim within 12 calendar days, provided no investigation is required.

Documents Required to File a Claim

Mandatory Documents

• Claimant's statement / Claim intimation form
• Copy of Death certificate issued by the Local Municipal Authority
• Copy of Claimant's Photo Identification Proof
• Copy of Current Address Proof.
• Cancelled Cheque or the copy of passbook of the nominee's bank account

For Accidental Death Claims

• FIR Copy or Punchnama or Inquest Report
• Post Mortem Report for accidental death & suicide cases
• Copy of Driving License if Life Assured was driving the vehicle at the time of accident (Applicable only if 'Accident and Disability Benefit Rider' is opted)

For Critical Illness/ Terminal Illness/ Disability Claims

• Claimant's statement / Claim intimation form
• Attending Doctor's Certificate
• Copy of Medical Records (Admission Notes, Discharge Summary and Test Reports)
• Original Policy Certificate
• Canceled Cheque or Passbook copy

Exclusions

Although ICICI Pru iProtect Smart Plan offers comprehensive coverage to the policyholders, there are a few conditions or situations for which the coverage is excluded in this plan. Given below is a list of the same.

No benefit is provided in respect to any of the listed condition arising directly or indirectly due to-

• Pre-Existing diseases
• Self-inflicted injury, suicide, insanity
• Consumption of drugs, alcohol
• Participating in a criminal act with criminal intent
• Injuries happening due to war

Buying Process of ICICI iProtect Term Plan

• Visit the official website of ICICI Prudential, & from the top menu select "Term Plans".
• On the next page, click on "iProtect Term Plan", and check your premium by filling a form.
• Once done, select any riders as per your requirements.
• Pay the premium online, and once the payment is received, you will receive your policy details at your registered email address.