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 .
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:
Increasing income
Features:
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
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:
**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.
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
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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 |
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Available under the Life Benefit option, and calculated according to increased life cover and policy period remaining |
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Once For a limited period of 5 years, or Throughout the policy term |
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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
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
Criteria |
Eligibility/Details |
Entry Age |
Minimum: 18 years |
Maturity Age |
Minimum: NA |
Policy Term |
Minimum: 10 years |
Sum Assured |
Minimum: INR 25 lakhs |
Premium Payment Term |
Same as policy term |
Premium Payment Frequency |
Annual |
Features
Criteria |
Eligibility/Details |
Entry Age |
Minimum: 18 years |
Maturity Age |
Minimum: NA |
Policy Term |
Minimum: 10 years |
Sum Assured |
Minimum: INR 25 lakhs |
Premium Payment Term |
Same as policy term |
Premium Payment Frequency |
Annual |
Features
Criteria |
Eligibility/Details |
Entry Age |
Minimum: 18 years |
Maturity Age |
Minimum: NA |
Policy Term |
Minimum: 10 years |
Sum Assured |
Minimum: INR 25 lakhs |
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 |
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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
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5 - 20 years, 5 - 30 years, 5 - 40 years, 10 - 30 years, 10 - 40 years, NA in some plans |
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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 |
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Annually for 1st three plans Yearly, half-yearly, quarterly or monthly for Super Term Plan and Premium Return Protection Plan |
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Available as optional rider in 1st three plans Not available in Super Term Plan In-built in Premium Return Protection Plan |
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Not available in 1st three plans Available as optional rider in Super Term Plan and Premium Return Protection Plan
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You may also like to read: Benefits of Buying Insurance Online