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:
ICICI Pru iProtect comes with affordable premiums and secures the future of your loved ones if something unfortunate happens to you.
The plan gets you covered till the age of 99 under its whole life cover option.
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.
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.
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.
For the convenience of readers, we've listed down some of the key features of this plan. Read below.
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.
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.
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.
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.
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
There are four coverage options available within this plan. Let's learn about them in detail.
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.
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.
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.
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 |
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.
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.
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.
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.
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.
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.
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.
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.
The nominee of the policyholder will receive the complete coverage amount in one go or lump sum after death.
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.
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.
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.
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.
Eligibility condition | Minimum | Maximum |
Entry Age | 18 years | 65 years |
Sum Insured | Subject to the minimum premium | Unlimited |
Accidental Death Rider sum insured | Rs. 1,00,000 | As per the Company policy |
Critical Illness Rider sum insured | Rs. 1,00,000 | As per the Company policy |
Policy term | 5 years | 67 years |
Premium payment option | Singular pay, Regular pay, and Limited pay | |
Premium payment mode | Single, Yearly, Half-yearly, and Monthly |
**Last Updated on August, 2021
Options for Premium Payment | Term of Premium Payment | Maximum/ Minimum Term of the policy | Minimum & Maximum entry age |
Single | Single | 5/ 20 years | 18- 65 |
Regular Pay | Same as policy term | 5 years / 85 minus Entry Age | 18- 65 |
Whole life (99 minus Entry Age) | |||
Limited Pay | 5, 7, policy term minus 5 years | 10 years / 85 years minus Entry Age | 18- 65 |
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- 65 | |
Whole life (99 years minus entry age |
**Last Updated on August, 2021
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)
Age of the Policyholder | 30 years | 40 Years | 50 Years |
Premium (in Rs.) | 685 | 1,378 | 2,250 |
Limited Pay (Pay for 10 years)
Age of the Policyholder | 30 years | 40 Years | 50 Years |
Premium (in Rs.) | 1,298 | 2,683 | 3,664 |
Single Pay (Pay at once)
Age of the Policyholder | 30 years | 40 Years | 50 Years |
Premium (in Rs.) | 1,29,211** | 2,61,574** | 5,46,817** |
**The premium paying frequency is Yearly for a Single Pay.
Step 1: Intimate the claim
You can intimate the claim in any of the following ways:
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.
Mandatory Documents
For Accidental Death Claims
For Critical Illness/ Terminal Illness/ Disability Claims
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-
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(Showing latest 5 reviews only)
February 10, 2022
Kalpana Gupta
HyderabadNovember 22, 2021
Dinesh Chopra
DelhiAmazing life insurance plans at very cheap prices. sales team is also very good. they explained the plan to me very well. I am very impressed.
October 5, 2021
Shreya Sharma
DelhiJust got my claims settled. Thank god my husban chose ICICI term plan who understand how important the hassle-free claim is a blessing at this point when you have lost your everything. Thankyou ICICI for supporting me
September 13, 2021
Anshuman Dami
Bhopalbought a term plan from icici pru after carefully considereing that covid like situation is imminent. my fam needed protection financially and now they have it
September 13, 2021
Vasundhara
Chandigarhwill be foreever grateful to policyx for helping me settle the claim...really needed all the support in this time
Last updated on August, 2021
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It is one of the best companies as they explained the benefits of the term insurance then suggested me the best suitable plan as per my needs. I am happy to be associated with this company.