ICICI iProtect Smart Brochure

ICICI iProtect Smart Brochure has come up with a well-designed term plan keeping every need of the individual in perspective. This term plan not only provides life insurance but also provides accident and critical illness cover at affordable prices.

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Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
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*Tax benefit is subject to changes in tax laws. *Standard T&C Apply

** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

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Eligibility Criteria for ICICI iProtect Smart Plan

There are specific eligibility criteria one needs to look through before investing in ICICI iProtect Smart Brochure. These criteria cannot be ignored and must be followed at all costs. All the required criteria are put together in an easy-to-comprehend list below:

Parameters

Conditions

Minimum entry age 

18 years 

Maximum entry age

65 years

Minimum entry age at maturity 

23 years 

Maximum entry age at maturity 

75 years 

Minimum/Maximum Policy Term 

 

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 

Premium payment options

Single, regular, limited pay

Premium payment term 

Single pay: Single

Regular pay: Same as policy term

Limited pay: Policy term – 5 years 

Minimum premium 

Rupees 2400 per annum excluding all service tax, cesses for Life option

Accidental death benefit 

Sum assured as chosen by the policyholder.

Critical Illness benefit 

Minimum – Rs. 100,000

Maximum – As per insurer policy

Minimum sum assured 

As per minimum premium 

Maximum sum assured 

No limit 

Mode of premium payment 

Single, annual, semi-annual, and monthly

Salient Features of ICICI iProtect Smart Term Insurance Plan

The incredible features of the ICICI iProtect Smart Brochure make the term plan one stop for all financial securities. Here is the list of all the impressive features that come with this term plan:

  • The term plan provides enhanced protection by giving death, terminal illness, and disability coverage. After buying the term plan, policyholders do not need to worry about anything else. 
  • There is a special provision for non-smokers in the term plan. The premium rates for non-smokers will be more convenient. 
  • The term plan allows policyholders to choose from two payout options as per their convenience. The two options are lump sum benefit and monthly payment for ten years. 
  • The premium payment options are formulated in a manner to provide all possible flexibility to the policyholder. The policyholders can choose among single, regular or limited payment methods. 
  • Suppose policyholders are worried about the insurance money. They can buy the online term plan under the MWP act through the insurer's website. This will make sure that the insurance money will only go to the policyholder's wife or children.

Core Benefits of ICICI iProtect Smart Term Plan

ICICI iProtect Smart Brochure brings numerous advantages to it. The term plan is all about offering benefits to the policyholders so they will remain stress-free about the finances if they are not with their family anymore. Here is the detailed list of the benefits that come with this term plan:

  • Policyholders can choose from four different benefits options: Life, Life Plus, Life & Health, and All in One. 
    • Life cover = death benefit + terminal illness + waiver of premium on permanent disability 
    • Life Plus = death benefit + terminal illness + waiver of premium on permanent disability + accidental death benefit 
    • Life & health = death benefit + terminal illness + waiver of premium on permanent disability + critical illness benefit
    • All in One = death benefit + terminal illness + waiver of premium on permanent disability + critical illness benefit = accidental death benefit.
  • The term plan gives policyholders three death benefit payout options. The three options are:
    • Lump-sum – the whole insurance amount will be paid at once.
    • Income – If the nominees want, they can receive the death benefit in the form of monthly income. 10% of the total payable amount will be provided every year in equal monthly installments.
    • Increasing income – term plan allows the nominee to receive the benefit in the form of monthly installments for ten years with 10% of the total amount paid in the first year. After that, the amount will be gain 10% simple interest for the remaining years. 
  • If at any point the beneficiary wants to receive the lump sum for the remaining monthly installments, they can have it at a discount of 4% per annum. 
  • If the policyholders choose the Life Option, they will get an additional advantage of Life Stage Protection. Under this, the policyholder can increase the protection cover at important life stages like marriage and birth/legal adoption. 

The Process to Purchase ICICI iProtect Smart Term Policy

The process to purchase ICICI iProtect Smart Brochure is quite simple and convenient. Here are the steps one need to follow to buy the term plan online:

Step 1: Calculate the premium by using the insurer's premium calculator. Enter the following information: Name, cover amount, DOB, gender, tobacco consumption, contact information. 

Step 2: Fill the application generated on the insurer's website. The form will ask the following details: Name, DOB, Gender, Marital Status, Educational qualifications, Occupation, Organisation details, Organisation type, Trade, PAN number, Policy objective (select "Protection" to buy iProtect Smart), Age Proof, Annual Income, Politically exposed, Nominee details.

Step 3: If policyholders have multiple policies from other insurers, they will need to submit the details about them. 

Step 4: If policyholders are tax residents of another country, they need to submit the name of the country and tax identification number. 

Step 5: The next step is to enter the communication details like address proof, verification of mobile number, and email address. 

Step 6: Enter health details like height, weight, tobacco and alcohol consumption, and other information asked by the insurer. 

Step 7: Review all the entered information

Step 8: Select the mode for premium payment. It can be through credit-debit cards, net banking, wallet, etc. 

Step 9: Upload all the information, and the purchase process will be completed. 

Documents required to Buy ICICI iProtect Smart Plan

The insurer will ask for three documents other than the policyholder's photo. The required documents are:

  • PAN Card
  • Age and Address Proof
  • Passport
  • Driving license 
  • Aadhaar card
  • Voter’s Id
  • Income Proof
    • Last three years of Income tax returns
    • Form 16
    • Salary slip (previous three months)
    • Last three years of audited profit/loss account and balance sheet.
    • Bank statement of last three months 

Other Features of the Plan

The features of ICICI iProtect Smart Brochure are already discussed, but there are some additional features one should be aware of. These features combined together make the term plan a suitable investment arena. Here is the list of additional features:

  • The term plan provides a special premium for women. Not only this, but it also covers critical female illnesses like breast and cervical cancer. 
  • If the policyholder met an accident and became permanently disabled, all the future premiums will be waived off, and life cover will remain in force. 
  • Term plan offers tax benefits under Section 80C for premium, Critical illness tax benefit under Section 80D, and death benefit under Section 10(10D). *Tax benefit is subject to change in tax laws*
  • If, in any case, the policyholder is unable to pay the premium, a grace period of 15 days will be provided in the case of the monthly payment option and 30 days for all the remaining payment options. 
  • If, after purchasing the term plan, policyholders are not satisfied with the plan, the insurer offers a free look period of 15 days and 30 days in case the policy is bought through distance marketing mode. After the cancellation of the policy, the premium will be returned to the policyholder after deducting stamp duty, expenses of medical check-up, and risk premium for the period of cover. 

Terms and Conditions

Before making any decision about investing in the policy, one must be acquainted with all the terms and conditions attached to the policy. Here is the list of all the terms and conditions that comes with the term plan:

  • The policy does not offer any maturity, paid-up, and survival benefit. 
  • If the policyholders decide to surrender the policy in case of a single payment method, the unexpired risk premium will be payable. 
  • The monthly income under the death benefit will be paid only through electronic medium. 
  • If the policyholder does not pay the premium even after the given grace period, the policy will be terminated, and all benefits will be ceased. 
  • The policy has a chance of revival within the five years of the date of the first unpaid premium or before the end of the policy termination date. 
  • Nomination under the policy is applicable as per Section 39 of the Insurance Laws (Amendment) Act, 2015.
  • Assignment under the policy is applicable as per Section 38 of the Insurance Laws (Amendment) Act, 2015. 
  • Fraud and misrepresentation will be treated as per Section 45 of the Insurance Laws (Amendment) Act, 2015.  

Key Exclusions of ICICI iProtect Smart Term Insurance Policy 

If the person on whose life is insured under the policy, whether sane or insane committed suicide within the 12 months of risk commencement of the policy, the insurer will repay 80% of the total premium paid plus any other premium paid till that date or unexpired risk premium as applicable on the date of death, whichever is higher. But to get this benefit, the policy must be in force.

FAQ's

  • Q1. Can I change the premium payment frequency?

    A1. Yes, the term plan allows the policyholders to change the premium frequency by following the given steps: Download the request form from the insurer's official website, next to an electronic transfer form from the policyholder's bank and a cancelled cheque (only if the frequency is changed from annual to semi-annual or monthly mode). The final step is to submit these documents to the insurer's branch, or one also courier them. 
  • Q2. How can I assign my policy?

    A2. One can assign the policy to the bank or financial institution registered within SEBI/RBI/IRDAI. All they need to do is to submit the Assignment form, policy documents, and all other required documents as asked by the insurer.
  • Q3. Is there any benefit of buying ICICI iProtect Smart Brochure online?

    A3. Yes, one can avail benefits if they decided to buy the policy through online mode. The benefits involved are, there will be no intermediaries involved, the entire process of buying can be done at home, all the personal information of the policyholder will remain secure, and above all, one will get a discount on premium for the entire policy (5% for regular and limited pay method and 2% for single payment method).
  • Q4. What if I was diagnosed with a terminal illness?

    A4. If the policyholder is diagnosed with a terminal illness, the insurer will pay 100% of the benefit amount in the form of a lump sum payment.
  • Q5. Does this plan offer any riders?

    A5. The policy offers two riders for the policyholders to enhance their term plan. The riders are critical illness cover and accidental death cover.
  • Q6. How much cover will get under the riders?

    A6. In the case of a critical illness rider, the minimum cover is rupees 100,000 and a maximum of up to 1Crore. The ideal cover will be 15% of the total sum assured. For accidental death cover, the maximum coverage can be up to 2 Crore.
  • Q7. Can I change the nominee after buying the plan?

    A7. Yes, one can change the nominee anytime during the term plan, and the policyholder can also have multiple nominees. But the term plan only covers the individual, not all the family members.
  • Q8. What are the payment terms available under the term plan?

    A8. There are three options available for the policyholders: Regular pay (equal to the term of the policy), Limited pay 1, 5, 7, and 10, and the Single pay option. 
  • Q9. How will the medical test take place?

    A9. The policyholders can choose between two options for medical check-ups. The options are:
    • Home/Office: policyholder will choose the date and time for the medical check-up, and the examiner will come to their place.
    • Medical Centre: if the above-mentioned option is not available at the policyholder's location, they will be required to visit the medical check-up centre. The cost of the medical check-up will be borne by the insurer.

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