ICICI Prudential iProtect Smart Plan versus Max Life Online Term Plan

Under ICICI Prudential iProtect Smart Plans, policyholders get substantial life cover for affordable premiums and various options for how the life cover will be paid to the nominee. Payout options are based on the basic life cover amount. Monthly income payouts and various important riders are also available in this ICICI Prudential life insurance.

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Plan options

Lump sum

Here, the life cover is paid as a fixed lump sum, which is the sum assured. So if the policyholder opts for a life cover of INR 1 crore, the nominee will receive this full lump sum.

Income

Features:

  • 10% of the benefit amount is payable annually for 10 years 
  • The benefit is paid in equal monthly installments, in advance, at 0.8333% of the total benefit amount. To illustrate, for an INR 1 crore life cover, the monthly benefit/income paid to the nominee will be INR 83,333 
  • In the same example as above, as an alternative, the nominee may choose to receive the first year’s income as a lump sum i.e. INR 10 lakhs. Following this, from subsequent months, monthly installments would continue for 9 years at 0.80% of the total benefit amount, working out to INR 80,000 monthly

Increasing income

Features:

  • The nominee receives monthly installments for 10 years
  • The income benefit increases by 10% simple interest p.a
  • For an INR 1 crore life cover, the nominee receives INR 10 lakhs in the first year, INR 11 lakhs in the second year, INR 12 lakhs in the third year and so on
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Protection offered by ICICI Prudential iProtect Smart plans

Death: In case of the policyholder’s death, the nominee receives the full life cover.

Terminal illness: On the very first diagnosis of a terminal illness, the policyholder receives the entire lump sum.

Permanent disability: ICICI takes care of all due premiums on the policyholder’s behalf if he/she is permanently disabled due to an accident.

Accidental death: If the policyholder passes away in an accident, the nominee receives a lump sum called the Accident Cover. Here, the payout is double the life cover opted for, subject to a maximum of INR 2 crores.

Critical illness (CI): On the very first diagnosis of any of the 34 critical illnesses covered under the plan, the policyholder receives a lump sum, made irrespective of actual treatment cost, immediate hospitalisation or other associated medical costs. The CI benefit is accelerated, meaning the policy continues as usual, however, the life cover is reduced by the value of the CI benefit paid. Therefore, future premiums also reduce to that extent.

Notes:

  • The CI benefit can be exercised only once during the policy period, after which, the policy continues without this benefit
  • If the CI benefit and death benefit/sum assured are equal, then after payment of the CI benefit, the policy terminates
  • If the incident is covered under CI rider and accidental rider, the policyholder receives benefits from both features

**Details about the exact definition and coverage of terminal illnesses, permanent disability, accidental death and critical illnesses, are available on the company website and product brochure.

Available plans

Life, Life Plus, Life & Health and All-in-one are the four plans offered. Death, terminal illness, and permanent disability caused due an accident (in which case all future premiums are waived off) are covered in all four plans. The Accidental Death benefit is available under Life Plus and All-in-one options, whereas the CI benefit is available under Life & Health and All-in-one options.

Increased protection at life’s important milestones

The policyholder may opt for additional cover that pays the nominee a certain percentage of the life cover amount for key life events like marriage, birth or adoption of a child.

  • For marriage, additional life cover equal to 50% of the original life cover is paid, subject to a maximum of INR 50,00,000
  • On birth or legal adoption of first child, additional life cover equal to 25% of the original life cover is paid, subject to a maximum of INR 25,00,000
  • On birth or legal adoption of second child, additional life cover equal to 25% of the original life cover is paid, subject to a maximum of INR 25,00,000

Tax benefits

 Life cover amount is tax-free
 Up to INR 1.5 lakhs paid towards life cover is tax exempt under Section 80C
 INR 25,000 paid towards CI benefit is tax exempt under Section 80D

Eligibility for ICICI Prudential iProtect Smart Plan

 Criteria Eligibility/Details
Entry Age Minimum: 18 years
Maximum: 60 years
Maturity Age Minimum: 23 years
Maximum: 75 years
Premium Amount As per the life cover and other benefit options chosen. Starts at INR 2,400 p.a. - excludes service tax and cess as applicable for the life option
Additional premium payable for increase in protection Available under the Life Benefit option, and calculated according to increased life cover and policy period remaining
Premium Payment Term Once For a limited period of 5 years, or Throughout the policy term
Premium Payment Frequency Annually / Bi-annually / Monthly
Pay out in case of Accidental Death Combined lump sum life cover + accident cover chosen
Critical illness benefit that can be chosen Minimum CI benefit that can be chosen is INR 1 lakh. Maximum benefit is up to the basic life cover, subject to maximum INR 1 crore
Policy Term Varies as per different plans and different payout options ** See table below

**Policy Term

Plan Option Regular Pay Limited Pay One 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

Special features

  • If the policyholder becomes permanently disabled because of an accident, all future premiums are waived off while the policy continues
  • Special premiums for women
  • Female organ cancers like breast cancer and cervical cancer are covered
  • Policy can be surrendered and surrender benefit/value can be availed. Surrender value applies to single premium policies only

Max Life Online Term Plans

Max Life offers five different types of affordable term plan offering excellent benefits to customers. The first three plans are comparable to the ones offered by ICICI Prudential. Let’s take a closer look:

Basic Life Cover

Features

  • The plan can be purchased online, eliminating hassles of paperwork
  • If the policyholder passes away during the policy tenure, death benefit equivalent to the sum assured is paid to the nominee/beneficiary
  • By opting for the Max Life Comprehensive Accident Benefit rider, an additional sum assured is paid if the insured’s death is caused by an accident
  • Discounts are offered if the insured opts for higher sum assured ranges
  • Premium discounts available for women and non-smokers 
 Criteria Eligibility/Details
Entry Age Minimum: 18 years
Maximum: 60 years
Maturity Age Minimum: NA
Maximum: 70 years
Policy Term Minimum: 10 years
Maximum: 35 years
Sum Assured Minimum: INR 25 lakhs
Maximum: INR 100 crores
Premium Payment Term Same as policy term
Premium Payment Frequency Annual


Max Life Online Term Plan Life Cover + Monthly Income

Features

  • The plan can be purchased online
  • In case of the policyholder’s death, the nominee/beneficiary is immediately paid the full  sum assured
  • After this, an additional benefit equal to 0.4% of the sum assured is paid every month to the nominee, following the month of the insured’s demise. Therefore, the total amount the nominee receives is 148% of the original sum assured (including monthly payouts)
  • By opting for the Max Life Comprehensive Accident Benefit rider, an additional sum assured is paid if the insured passes away in an accident
  • Discounts are offered if higher sum assured ranges are opted for
  • Premium discounts available for non-smokers and women
 Criteria Eligibility/Details
Entry Age Minimum: 18 years
Maximum: 60 years
Maturity Age Minimum: NA
Maximum: 70 years
Policy Term Minimum: 10 years
Maximum: 35 years
Sum Assured Minimum: INR 25 lakhs
Maximum: INR 100 crores
Premium Payment Term Same as policy term
Premium Payment Frequency Annual

Max Life Online Term Plan Life Cover + Increasing Monthly Income

Features

  • This Max life term plan  can be conveniently bought online, eliminating paperwork and bringing down costs
  • If the life insured passes away during the plan’s term, the nominee is immediately paid the sum assured
  • Thereafter, an additional benefit equivalent to 0.4% of the sum assured is paid monthly to the nominee, following the month of the insured’s demise. This benefit increases annually at a simple 10% rate on the first monthly benefit paid, meaning, the increment is offered on the original 0.4% of the sum assured paid in the first month of the income payout benefit
  • The total amount the nominee receives, including monthly payouts, amounts to 169.60%  of original sum assured
  • By adding the Max Life Comprehensive Accident Benefit rider, an additional sum assured is paid if the insured’s death is caused by an accident
  • Discounts are offered for opting for higher sum assured ranges, and for those who lead healthy lifestyles 
 Criteria Eligibility/Details
Entry Age Minimum: 18 years
Maximum: 60 years
Maturity Age Minimum: NA
Maximum: 70 years
Policy Term Minimum: 10 years
Maximum: 35 years
Sum Assured Minimum: INR 25 lakhs
Maximum: INR 100 crores
Premium Payment Term Same as policy term
Premium Payment Frequency Annual


Additional term plans by Max Life

Max Life Super Term Plan has an increasing sum assured feature plus a dual death benefit option. The Waiver of Premium Plus rider can be taken optionally. 

Max Life Premium Return Protection Plan promises return of premium on the plan’s maturity. While the Accidental Death Benefit rider is inbuilt in this plan, the Waiver of Premium Plus rider can be taken optionally. 

Comparison between ICICI Prudential iProtect Smart Plans and Max Life Online Term Plans

Criteria/Feature/Benefit

ICICI Prudential iProtect Smart Plan

Max Life Online Term Plan

Plans available Life
Life Plus
Life & Health
All-in-one
Basic Life Cover
Life Cover + Monthly Income
Life Cover + Increasing Monthly Income
Super Term Plan
 Premium Return Protection Plan
Eligibility age Minimum: 18 years
Maximum: 60 years
Minimum: 18 years
Maximum: 60 years
Maturity age Minimum: 23 years
Maximum: 75 years
Minimum: NA
Maximum: 70 years
Tenure Varies for different plans and pay options, ranges between: 5 - 20 years, 5 - 30 years, 5 - 40 years, 10 - 30 years, 10 - 40 years, NA in some plans Minimum: 10 years
Maximum: 35 years
Premium payment term   Once
For a limited period of 5 years, or
Throughout the policy term
Equal to policy term for 1st four plans
11 years for Premium Return Protection Plan
Premium payment frequency Annually / Bi-annually / Monthly Annually for 1st three plans
Yearly, half-yearly, quarterly or monthly for Super Term Plan and Premium Return Protection Plan
Accidental death benefit rider Available under Life Plus and All-in-one Available as optional rider in 1st three plans
Not available in Super Term Plan
In-built in Premium Return Protection Plan
Critical illness benefit Available under Life & Health and All-in-one For Super Term Plan and Premium Return Protection Plans, future premiums are waived if the insured is diagnosed with any of the listed critical illnesses within the plan’s duration
Premium waiver benefit,
if life insured becomes permanently disabled in an accident
Available under all plans Not available in 1st three plans
Available as optional rider in Super Term Plan and Premium Return Protection Plan
Increased protection at important milestones of life - marriage, birth or adoption of child Yes No

 

You may also like to read:  Benefits of Buying Insurance Online

Types of Term Plans


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