Life is a process of eternal learning. We learn by our constant ups and downs during financial stability and crises. These plans offer you life coverage for a limited period and safeguard the nominees from the financial crisis in your absolute non-existence. You can opt for the most affordable plan from ICICI prudential using ICICI iProtect Premium Calculator to compare between the plans.
ICICI Prudential Life takes pride in being India’s first insurance company to be listed on NSE and BSE. ICICI iProtect Smart is one of the all-inclusive term plans available for customers in today’s Life Insurance market. It is a plan that offers something beyond just protecting your loved ones financially. It offers the insured a health cover to combat 34 specific illnesses. On the first diagnosis itself, you can claim for this protection and get reimbursed without having to submit any hospital bills. The plan also offers you an accidental death cover with an upper limit of Rs. 2 Crores.
Premium refers to the annual amount to be paid by the insured to the insurer as prescribed by the policy purchased by him/her. The premium value is subject to vary based on the age, gender, and health practices of the insured policyholder.
A premium calculator is an effective online tool to determine the estimated value of the premium to be paid for a particular term insurance plan. Premium calculators such as ICICI iProtect Premium Calculator consider the variables like income, gender, age, and smoking habits of the expectant policyholder in addition to the medical history of the insured and their family, assured life cover sum, risk factors, etc. while estimating the premium values. If the purchase has to be made manually, the aspirant should wait till all the insurance companies respond regarding the premium amounts and other policy details.
ICICI Prudential provides numerous financial tools to aid the customers in making the right decision. The ICICI customers who look forward to purchasing a term insurance plan can use the ICICI iProtect Premium Calculator to estimate the payable premium for different life covers and policy terms. The Premium calculator is available on the ICICI prudential official website. Below is a detailed description for checking the estimated premium using the ICICI iProtect Premium Calculator:
Step 1: Visit ICICI Prudential official website.
Step 2: Scroll down to the bottom of the homepage to locate the “Tools and Calculators” tab.
Step 3: When this tab is clicked, you are redirected to the list of financial calculators and tools rendered by the company. Locate the “Term Insurance Premium Calculator” and click on the same.
Step 4: Once you are redirected to the ICICI iProtect Premium Calculator page, enter the required life cover amount and other details such as Date of Birth, gender, and declaration of tobacco consumption of the expectant policy buyer.
Make sure that you select a life cover that suits you the most. Consider the fact that every single rupee may be significant to your family in your complete absence. It would be best if you do not go with rounded-off figures such as Rs. 50 Lakh or Rs. 1 Crore etc.
Step 5: You will be redirected to a page where you will have to enter your personal details such as name, mobile number, and email address.
These details are required so that the premium estimations and plan comparisons are sent to you personally.
Step 6: Choose an appropriate life cover and payment options.
Step 7: Before the final submission of the details, verify if you have entered accurate details. Once you submit the details, the estimated premium for a particular plan will be displayed. If the plan works out for you, choose add-ons if required and checkout to the payment section.
Some of the major advantages of using the ICICI iProtect Premium Calculator are mentioned below.
The following details are required to calculate the approximate premium amount using ICICI iProtect Premium Calculator:
ICICI iProtect comes packed with a wide array of benefits under the plan. The following are the ley benefits offered under ICICI Prudential Term Insurance Policy:
With the ICICI iProtect Plan, you are covered against 34 listed crucial illnesses that include cancer and heart attack. Pay-out of the claim is made on the first diagnosis without producing hospital bills. In case the policyholder avails this benefit, the policy continues with a life cover amount reduced by the amount availed as a critical illness benefit.
This term insurance plan offers an additional life cover up to Rs. Crore if the policyholder loses his life in an accident. Accidental deaths are usually accompanied by an additional cost. The project term plan offers additional security to your family in case of your unfortunate death.
You can avail of the tax benefits up to Rs. 54,600/- for all the premiums paid and life cover received.
All death claims are settled within a day’s time. This benefit ensures hassle-free and quick financial assistance to your family when they require it the most. If there are further delays beyond a single working day, the insured amount is paid with a specific interest amount.
Terminal illness refers to the death of the policyholder within six months from the time when the illness is detected. Such death instances are life-threatening and lead to a financial hazard. The policyholder’s family will be immediately settled in case the policyholder is diagnosed to have expired due to terminal illness. This is an inbuilt policy benefit and does not incur an additional cost.
In cases where the policyholder becomes permanently disabled in an accident within the policy term period such that his daily life is adversely affected, all the future premiums of the policyholder are waived off. However, the life cover continues till the end of the policy term. It is also an inbuilt benefit of the policy and does not incur any additional cost.
Apart from a huge set of benefits, ICICI iProtect Term Insurance Plan has the following set of salient features:
ICICI iProtect Premium Calculator considers various factors while estimating the premium. Some of the important factors are listed below.
ICICI Prudential iProtect Smart Term plan is one of the most popular term insurance products available in today’s life insurance market. The plan has numerous benefits in addition to offering financial security to the insured person’s family. The policyholders are free to choose the features as per their necessities. The ICICI iProtect Premium Calculator enables the policy buyer to compare between the plans and select an appropriate plan for which they can afford to pay premiums without any grievance.
A1. No. Premium calculator tools offered by ICICI prudential will only assist the customers in comparing the plans and obtaining premium quotes. Paying premiums with this tool is not possible.
A2. Customers can pay their premiums online by visiting the ICICI prudential official website. They can also make payments through net banking, Debit card, UPI, credit cards, or e-wallets. You can also make payments personally at the collection centres in the form of cash or drop a policy premium cheque in any of the ICICI prudential branches. You can also drop your cheques at a few bank branches. Auto-pay features in your credit cards and e-wallets will enable you to pay future premiums automatically.
A3. A receipt that reflects the paid premium amount for a particular policy is referred to as the premium receipt. The premium receipt will be generated only after the due date of the premium payment. The premium receipt will be sent to the policy holder’s email id or couriered to the registered mailing address within four days from the date of premium due. If you do not get the premium receipts within the stipulated time, you can make a request by sending an email or calling the ICICI prudential customer care.
A4. A premium or tax paid certificate refers to a document that reflects the total amount of premium paid by the policyholder for all his/her policies within a particular financial year. This document is used as proof of investment at the time of filing Income Tax Returns.
A5. The life cover that you need depends on your annual income at the time of purchasing a policy. It would be best if you select a plan whose life cover is at least 10 to 15 times your annual income at the time of policy purchase. This safeguards the financial necessity of your dependents and makes your life more secure. To reduce the burden of annual premium payments, you can opt for a monthly premium payment provision. Never compromise on your family’s financial security while selecting a term plan. If you are confused about choosing an appropriate life cover, you can take the assistance of the ICICI human life value tool.
A6. Yes. The policy buyer can purchase more than one term plans from ICICI prudential.
A7. Yes. Policy buyers can choose to purchase multiple term plans from different insurers. There is no such restriction that the policyholder of an insurance company denies buying a policy from another insurer.
A8. No. Any person can buy term plans on or after his/her eighteenth birthday.
A9. Yes. As riders are the additional benefits that are not included within the purchased policy, your premium rates will be affected by the addition of riders.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.