ICICI Pru iProtect Smart Plan is a life cover plan that offers coverage against disability, terminal illness, and death. With premiums starting from Rs.2,400 p.a., the plan comes with comprehensive additional benefits such as Critical Illness Benefit and Accidental Death Benefit. The iProtect Smart Plan also offers exclusive benefits for women and non-tobacco users, such as special premium rates, coverage against female organ cancers. The plan acts as a 360 degree protection for your family in your absence as it provides payout to your family in your absence or covers you against 34 major illnesses including kidney failure, heart attack, and cancer, etc. Additionally, the ICICI Pru iProtect Smart Plan also comes with tax benefits on received benefits and premiums, as per the current tax laws.
The ICICI Pru iProtect Smart Plan is a flexible plan that enables you to customise your coverage by choosing the desired benefits accordingly. However, there are certain eligibility criteria that must be met to avail the ICICI Pru iProtect Smart Plan, they are:
|Minimum age at entry||18 years|
|Maximum age at entry||65 years|
|Minimum age at maturity||23 years|
|Maximum age at maturity||75 years|
|Premium payment options||Regular payment, Single payment, Limited payment|
|Type of plan||Term Insurance Plan|
|Monthly income options (Death Benefit)||
Apart from receiving the Death Benefit as a lump sum amount, there are following monthly options:
The table given below indicates the sum assured, premium range, the frequency of payment, and the payment mode under the ICICI Pru iProtect Smart plan.
|Minimum Sum Assured||Subject to minimum premium|
|Maximum Sum Assured||No limit|
|Minimum Premium||Rs.2,400 p.a. (Excluding Service Tax and Cess – Life Option)|
|Premium Payment Mode||Single, Monthly, Half-yearly, Yearly|
|Premium Payment Option||Single, Regular, Limited|
*Premiums vary based on age, location, plan term and other factors
Policy Term: The policy term is based on the benefit option chosen by the insured as well as the premium payment option. It is indicated in the following table:
|Benefit Option||Regular Pay||Limited Pay||Single Pay|
|Life||5 – 40 years||10 – 40 years||5 – 20 years|
|Life Plus||5 – 40 years||10 – 40 years||5 – 20 years|
|Life & Health||5 – 30 years||10 – 30 years||NA|
|All in One||5 – 30 years||10 – 30 years||NA|
The ICICI Pru iProtect Smart Plan helps you to build a protection net around your family so that your family does not face any financial difficulties in your absence. It also provides an option to improve your coverage against critical illness and accidental death, enabling a 360 degree protection for your life.
|Life Plus Benefit||
|Life & Health Benefit||
|All in one||
Life Option: The legal heir or the nominee of the assured get the Death Benefit in case of either the death of the Life Assured or diagnosis of a terminal illness. The sum assured is given as the Death Benefit, post which the policy is considered terminated. Upon diagnosis of permanent disability caused by an accident, the pending premiums to be paid in the future are waived as it becomes a burden to continue paying premiums owing to disability.
Life Plus Option: Under this option, the assured is also covered for Accidental Death Benefit, apart from the benefits under the Life Option. In case the assured loses his or her life due to an accident, the nominee or the legal heir gets the Accidental Death Benefit as lump sum. This benefit allows you to upgrade your cover at an affordable price. Upon payment of the benefits, the policy is terminated.
Life and Health Option: Adding to the benefits under Life Option, Life and Health Option provides coverage for critical illness. Under this option, you can avail coverage against up to 34 critical illnesses as Critical Illness (CI) Benefit. ICICI Prudential helps you bear the burden of sudden medical expenses in case of a critical illness as it provides you the CI benefit as a lump sum. The benefit amount does not depend on the actual expenses incurred by the assured. The benefit is paid on first occurrence of any of the 34 illnesses covered. However, the Death Benefit will continue in the policy, reduced by the extent of the CI Benefit paid.
All in One Option: This option gives you cover for Critical Illness Benefit as well as Accidental Death Benefit in addition to the benefits under Life Option.
Apart from four options, ICICI Pru iProtect Smart Plan gives you the option of enhance your level of protection level at each stage of your life. The policyholder can upgrade the plan at crucial life stages such as marriage, childbirth, etc. The additional cover can be availed without any medicals.
|Event||Additional Death Benefit (% of original Death Benefit)||Maximum Death Benefit allowed additionally|
|Birth or legal adoption of first child||25%||Rs.25,00,000|
|Birth or legal adoption of second child||25%||Rs.25,00,000|
*This additional cover is only available for Life Option. Additional premiums is calculated based on the outstanding policy term and increased Sum Assured.
There are certain exclusions in all insurance policies in which cases, there will be no benefits payable. Under the ICICI Pru iProtect Smart Plan, there is a suicide exclusion as well as certain exclusion under critical illness benefit.
Suicide Exclusion: Under the ICICI Pru iProtect Smart Plan, if the Life Assured commits suicide despite being either sane or insane, within a year from the policy’s commencement date, the policy is considered void and is thereby terminated. 80% of premium, benefits, and interests under this policy are nullified. In case of a reinstated Limited Pay and Regular Pay policy, if the Life Assured, whether sane or insane, commits suicide within a year from the reinstatement of the policy, ICICI Prudential will refund 80% of the premiums paid post revival of the policy.
Exclusions for Critical Illness Benefit: There is a list of certain conditions such as taking part in a criminal offense, use of drugs, injury or damage caused by deliberate exposure to exceptional danger, pre-existing conditions, or existence of any STD, etc., that are not covered for receiving any CI benefit.
|Guaranteed Monthly Income||10% of the benefit amount for 10 year as per decided by the policyholder, either as income or increasing income|
|Tax Benefit||Applicable on premiums and benefits received|
|Maturity/Survival Benefit||Not available under this plan|
|Return of Premium||Option is available to get premiums refunded in case of cancellation of plan during free-look period|
|Nomination||Policyholder can nominate or change the existing nominee under Section 39 of the Insurance Act, 1938|
|Assignment||In accordance with Section 38 of the Insurance Act, 1938, policyholders can transfer, assign or partially assign the policy|
|Surrender Value||Applicable as per Single Pay Policies. Can be availed from year 1.|
Subject to following conditions:
|Grace Period||15 days from the due date of unpaid premium for monthly mode, 30 days for other modes|
|Premium Discontinuance||If premium not paid within the grace period, all benefits will be void under the policy|
The ICICI Pru iProtect Smart Plan helps you avail some tax benefits, while availing a protection through this plan.
ICICI Prudential offers other benefits on their website, through their customer service and through advisors. Customers who wish to purchase a plan can get sound advice from experts, find all relevant information in the brochures and on the website. ICICI Prudential offers the following benefits to their customers:
ICICI Prudential Life Insurance Company is one of the country’s largest private sector banks at present. Since its inception in 2001, the company has consistently performed to become one of the major players in the industry. The company operates under five significant values – Customer First, Integrity, Humility, Passion, and Boundaryless. With products in segments such as investments, protection, and savings, ICICI Prudential helps its customers achieve long term financial goals by supporting at different life stages. The company has introduced many initiatives that are cost-effective, offer consistent fund performance, superior quality services, and a hassle-free claim settlement process.
A. No, there is no Survival Benefit or Paid-up Value available under this plan.
A. If the policy is cancelled within the free-look period, ICICI Prudential returns the Premium, after deduction of the following:
A. Under the ICICI Pru iProtect Smart Plan, a Life Assured is considered to be terminally ill once he or she is diagnosed by two independent medical practitioners’ who are experts in treatment of such illness. The diagnosis should clearly mention that the illness of the Life Assure is highly likely to lead to death within six months. The illness should be confirmed by medical practitioners’ registered with the IMA (Indian Medical Association) and approved by ICICI Prudential.
A. No, loans are not allowed under this plan.
A. In case of availing the CI Benefit under this policy, a waiting period of three months is applicable for revival, after 3 months from the due date of the first unpaid premium.
A. Under the Limited pay option, premium payment is done only for the chosen payment term. Once the premiums are paid for the term, the policy benefits continue for the entire term of the policy.
A. You can opt for an additional Death Benefit under the Life Option, in the event of marriage, under which 50% of original DB is granted, additionally. The maximum additional DB allowed under the ICICI Pru iProtect Smart Plan in the event of marriage is Rs.50,00,000. However, additional premium is charged based on the increased Sum Assured and outstanding policy term.
A. Under the Life stage protection, ICICI Prudential allows you to opt for additional Death Benefit under the Life Option of iProtect Smart Plan, where 25% of the original DB is granted additionally, in case of birth of a child or legal adoption of a child. Another 25% can be added in case of a second child. Maximum of Rs.25,00,000 can be availed as additional Death Benefit under this policy.
A. nder this plan, the monthly income as Death Benefit Payout is only payable electronically.
A. In case of fraud or misrepresentation under this policy, action is taken as per Section 45 of the Insurance Act, 1938.