ICICI Pru iProtect Care

Available through online purchase, ICICI Pru iProtect Care helps ensure that your family remains financially protected and you receive support during critical health situations.

Key Features of ICICI Pru iProtect Care

ICICI Pru iProtect Care offers a mix of pure life protection and health cover. Key features of this term insurance plan include a built-in terminal illness benefit, a premium break facility for financial difficulties, multiple payout choices, and up to a 15% discount on premiums for female policyholders.

• Provides financial protection to your family against death and terminal illness during the policy term.

• Allows you to take a break from premium payments during financial difficulties while keeping the policy benefits active, subject to applicable conditions.

• This ICICI Prudential term insurance offers an accelerated Death Benefit of up to ₹3,00,000 on claim intimation to provide immediate financial support during the claim process.

• Provides flexible Death Benefit payout options, including lump sum payment or increasing income for up to 10 years.

• Offers flexible premium payment options, allowing you to choose between regular pay and limited pay options based on your financial needs.

• Provides complimentary health management and wellness services to support your overall health and well-being.

• Offers a 15% discount on premium rates for Life Cover (Death Benefit) for female policyholders compared to male lives.

• Allows policyholders to exercise the Smart Exit Benefit after the 25th policy year (subject to eligibility conditions) and exit the policy before the end of the policy term.

• With ICICI iProtect Care term insurance, you can claim term insurance tax benefits as per the prevailing tax laws of the Income Tax Act, 1961

Plan Variants Available Under ICICI Pru iProtect Care

ICICI Pru iProtect Care offers two plan variants that allow you to choose the level of protection based on your financial needs and family requirements:

Life Variant

The Life Variant provides comprehensive financial protection to your family in case of your death or diagnosis of terminal illness during the policy term. Under this variant, the death benefit paid is equal to the highest of:

• 7 times the annualised premium

• 105% of total premiums paid up to the date of death

• Sum Assured

Enhanced Protection Variant

The Enhanced Protection Variant provides additional financial protection by offering a higher level of coverage along with enhanced benefits. Under this variant, if the Life Assured passes away during the policy term, the Death Benefit is paid to the nominee, provided the policy is active and all due premiums have been paid.Death Benefit payable will be the highest of:

• 7 times the annualised premium; or

• 105% of the total premiums paid up to the date of death; or

• Sum Assured applicable on the date of death.

The variant also offers an increasing Sum Assured benefit, allowing the life cover to increase by 20% of the original Sum Assured after every five policy years, subject to applicable conditions. This helps enhance financial protection over time and ensures that the coverage keeps pace with changing family needs.

Eligibility Criteria of ICICI Pru iProtect Care

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

Benefits of ICICI Prudential iProtect Care

The benefits mentioned below are of ICICI Prudential iProtect Care

Comprehensive Life Cover

ICICI Pru iProtect Care provides financial protection to your family in case of your unfortunate demise during the policy term. The nominee receives the Death Benefit as per the payout option selected at policy inception, helping your loved ones manage their financial needs in your absence.

Terminal Illness Benefit

In case the Life Assured is diagnosed with a terminal illness during the policy term, the Death Benefit is paid in advance as per the selected payout option. This benefit accelerates the Death Benefit and is not an additional payout. On payment of this benefit, the policy terminates, and no further benefits are payable.

Flexible Death Benefit Payout Options

The plan allows you to choose how your family receives the Death Benefit based on their financial requirements:

• Lump Sum Option: The entire Death Benefit is paid as a one-time payment.

• Increasing Income Option: The Death Benefit is paid as monthly income for 10 years, starting with 10% of the benefit amount annually in the first year. The income increases by 3.5% per year (simple interest), providing a regular income stream for your family.

The payout option must be selected at policy inception and cannot be changed during the policy term.

With the ICICI Prudential Term Insurance Calculator, you can get an approximate premium amount, making it easier to compare coverage options and choose a plan that aligns with your financial goals.

Smart Exit Benefit

The Smart Exit Benefit allows eligible policyholders to exit the policy and receive an amount equal to the Total Premiums Paid under the policy. This option can be exercised after the 25th policy year (but not during the last 5 policy years of the policy term), subject to conditions such as the Life Assured being 60 years or older, the policy being in force with all premiums paid, and no claims being registered or pending under the policy or riders.

Premium Break Facility

The Premium Break or premium holiday feature allows policyholders to defer premium payments for 12 months during temporary financial difficulties while keeping the life insurance coverage active, subject to applicable conditions.

• The deferred premiums must be paid along with the next due premium within the applicable grace period to continue the policy benefits.

• Can be availed multiple times during the premium payment term, with a minimum gap of five policy years between two Premium Break periods.

• Available after the policyholder has paid premiums for at least five policy years from the start of the policy.

Instant Payment on Claim Intimation

The plan provides an accelerated Death Benefit of up to ₹3 lakh within one working day of claim registration, subject to submission of required documents and eligibility conditions. This benefit is available for policies with a Sum Assured of ₹1 crore or above.

Increasing Sum Assured Benefit (Enhanced Protection Variant)

The Enhanced Protection Variant allows the Sum Assured to increase by 20% of the original Sum Assured after every five policy years, subject to applicable conditions. This helps increase financial protection over time to match changing family responsibilities.

Health Management and Wellness Services

Policyholders get access to complimentary health management and wellness services, Free Health Benefits up to ₹67,100/yr through the ICICI Pru Life Customer App. These services may include health and wellness support offered through third-party service providers, helping Life Assured manage their overall well-being.

Policy Details of ICICI Pru iProtect Care

• Free Look Period
  Policyholders can cancel the policy within 15 days from the receipt of the policy document if they are not satisfied with the terms and conditions. For policies sourced through distance marketing, the free look period is 30 days.

• Grace Period
  A grace period of 15 days for monthly premium payments and 30 days for other payment modes is available to pay due premiums. If premiums are not paid within this period, the policy lapses and benefits cease.

• Policy Cancellation / Surrender Benefits
  The policyholder may cancel the policy as per the applicable terms. Policy Cancellation Value or Unexpired Risk Premium Value, wherever applicable, will be payable as per policy conditions.

• Loan Facility
  No loan facility is available under ICICI Pru iProtect Care.

• Policy Revival
  A lapsed policy can be revived within 5 years from the first unpaid premium date, subject to company guidelines, payment of outstanding premiums, applicable charges, and required health declarations.

• Discontinuance of Premiums
  If premiums are not paid within the grace period, the policy will lapse and the life cover and other benefits will cease. The policy may be revived within the allowed revival period, subject to conditions.

How to Buy ICICI Pru iProtect Care Term Plan Online?

You can buy the ICICI iProtect Care plan online in a seamless way using the steps detailed below:

• Step 1: Visit the term insurance page of Policybazaar

• Step 2: Fill in personal information like name, mobile number, gender, and email ID

• Step 3: Select the right occupation type, annual income, educational background, and smoking habits

• Step 4: Choose ICICI Pru iProtect Care from the best term insurance plans available and proceed to pay.

What is Not Covered Under ICICI Pru iProtect Care?

90-Day Waiting Period for POS-Sourced Policies
For policies sourced through POS, if the Life Assured dies within the first 90 days from the commencement of risk, the Death Benefit will not be payable. In such cases, the company will refund the premiums paid (excluding applicable taxes, cesses, and levies), and the policy will terminate.

FAQs