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ICICI Prudential 1 Crore Policy

With the skyrocketing inflation rate, it has become imperative to create a strong financial backup for your loved ones.  And, the term insurance plan is the best way to secure the financial future of your loved ones. Moreover, if you are a single breadwinner of the family, then it is very important for you to choose a life insurance product which offers a higher insurance coverage up to 1 crore or above.

As one of the top insurance providers in our country, ICICI Life insurance offers ICICI Pru iProtect Smart Term Plan, which offers a life cover of Rs 1 crore at just Rs 490 per month. Let’s read further to know in detail ICICI Life Insurance 1 Crore Policy.

ICICI Pru iProtect Smart Plan

This is a non-participating pure term plan, which can be bought through the company’s website. As a pure protection plan, ICICI Pru iProtect Smart plan offers a high insurance coverage at a lower premium rate. With the help of this ICICI Life Insurance 1 crore policy, you can ensure the financial security of your loved ones against any type of eventualities.

Key Benefits of ICICI Pru iProtect Smart Plan

The following are some of the key benefits offered by the policy.

  • The policyholder can choose the policy tenure at an affordable premium rate.
  • The plan offers four different protection options as per your need.
    • Life
    • Life Plus
    • Life & Health
    • All in One
  • The plan offers four flexible payout options to choose from i.e.
    • Lump-sum
    • Monthly income
    • Increasing income
    • Lump-sum plus income
  • Special benefits are offered to the female policy buyers like lower premium rates and option to cover critical illness like breast cancer and cervical cancer.
  • Tax benefits can be availed on the premium paid towards the policy U/S 80C of the Income Tax Act.

Eligibility Criteria

Eligibility Criteria



Entry Age

18 years

65 years

Premium Payment Options

Single Pay

Regular Pay

Limited Pay

Policy Term

Single Pay- 5 years

Equal to the PT- 5 years

Whole Life (99 years minus the age at entry)


For PT 5, 7 (years)- 10 years

For PT 10 years- 15 years 

60 years minus age at entry- PPT + 5 years

20 years

85 years




85 years

85 years

85 years

Sum Assured

Subject to minimum premium

Subject to board approved underwriting policy

Mode of Premium Payment

Single, monthly, half-yearly & yearly.

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Additional Benefits Offered by ICICI Pru iProtect Smart

  • Term Plan: ICICI Pru iProtect Smart Term Plan comes with a host of add-on rider benefits to enhance the coverage of the policy, along with the base plan. Let’s take a look at these rider benefits.
  • Terminal Illness Benefit: Under this benefit, in case the life assured is diagnosed with a terminal illness like AIDS then a full life cover will be paid to the claimant immediately.
  • Waiver of Premium Benefit: Under this option, in case the life assured is diagnosed with permanent disability due to an accident, then all the future premiums of the policy will be borne by the insurer and the life cover will stay intact.
  • Critical Illness Benefit: Under this option, in case the life assured is diagnosed with any one of the 34 critical illnesses as mentioned under the policy, the critical illness benefit amount will be paid immediately to the life assured at the first diagnosis stage without any hospital bills. This means that the life assured and raise a claim with just a scanned copy of diagnosis report. Moreover, the premium under the critical illness remains the same throughout the policy tenure.
  • Accidental Death Benefit: In case of demise of the life assured due to accident during the policy tenure, the nominee of the policy will be paid extra amount. The maximum accidental cover available with this benefit is Rs 2 crore. An individual can opt for this option under life plus or all in one plan options.

The Thumb Rule!

Whether you buy 1 crore term insurance plan or not, it is important to consider that the coverage amount should be 10-12 times of your annual income. Along with this thumb rule that other important factors that you should keep in mind are health condition, age, dependents, annual income, etc. By giving equal attention to all these factors and by going through the policy brochure thoroughly you can customize the as per your requirement and choose the best coverage for your family.

Written By: PolicyBazaar - Updated: 31 March 2021
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