ICICI Pru iProtect Return of Premium

ICICI Pru iProtect Return of Premium – Benefits 

Here are the benefits of ICICI Pru iProtect Return of Premium Plan: 

1. Selection of four plan options personalized for your safety requirements 

   • Income Benefit: Receive life coverage all over the policy tenure and start receiving income monthly from 60 years of age till the completion of the policy tenure 

   • Return of Premium: Receive life coverage all over the policy tenure and get 105 percent of your premium amounts back at the time of maturity. 

   • Early ROP with life stage: Receive life cover (alterations as per life stage) during the policy tenure. Moreover, receive 105 percent of your premium amounts back upon maturity. 

   • ROP with Life Stage:Receive life cover (alterations as per life stage) during the policy tenure. And, receive 105 percent of your premium amount back on maturity. 

2. 360-degree Protection 

   • Protection with life stage option: This cover adjusts to your varying responsibilities and life stage.

   • Security for 64 critical ailments/illnesses: An added and immediate payout on the diagnosis of 4 minor and 60 major critical illnesses.

   • Increased protection for accidental death: Receive up to 2 times the life cover in case of demise because of an accident. 

   Term Insurance Plans

   1 Crore

   Term Insurance

   1.5 Crore

   Term Insurance

   2 Crore

   Term Insurance

   5 Crore

   Term Insurance

   75 Lac

   Term Insurance

   70 Lac

   Term Insurance

   50 Lac

   Term Insurance

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3. Survival Benefits 

   • Return of Premium: Receive 105 percent of your premiums back at the last of the plan tenure with ROP and ROP with life stage plan options. 

   • Regular Income: Receive a guaranteed income monthly from 60 years of age till the last of the policy tenure with the plan option of ‘Income Benefit’. 

   • Early ROP: Receive 105% of the premium amount back at the 60/70 years along with continued cover till the last of the policy tenure with plan option ‘Early ROP with Life stage coverage’.

4. Choose your Benefit option 

   You can opt for supplementary benefits such as safety against 64 critical ailments or add-on life cover in case of an accident under each of the plan options based on the below selection: 

   Options	Benefits
   Life	Life cover
   Life Plus	Life cover + Accidental death benefit
   Life and Health	Life cover + Critical illness Benefit
   All in one	Life cover + critical illness benefit + Accidental death benefit

   Note: The premium amount will vary on the basis of the benefit option chosen 

5. Tax Benefits 

   Get tax savings benefit on the premium amount paid & paybacks received as per the prevalent laws of the Income-tax act. 

Eligibility Criteria of ICICI Pru iProtect Return of Premium

Plan Options in Detail of ICICI Pru iProtect Return of Premium 

You have the flexibility to choose any of the following plan options at inception and your benefits will be based on the plan option chosen. Once selected, the plan option cannot be changed. 

Policy Details of ICICI Pru iProtect Return of Premium Plan 

1. Free Look Period

   If you are not satisfied with the T&Cs of the policy, the policy documents will be returned to the insurer along with the cancellation reasons within

   • 15 days from the date of receiving the policy, if purchased through distance marketing 

   • 30 days from the date of receiving the policy, in case of e-policies, if purchased through distance marketing 

   Upon policy cancellation during free look time, the premium will be returned to the policyholder subjected to the deduction of: 

   • Stamp duty under the plan 

   • Expenses are borne by the insurer on a medical test if any 

   • Proportionate risk premium amount for the time of cover 

2. Grace Period

   A grace time of 15 days for payment of premium applies for monthly mode of premium payment and 30 days for other premium payment modes, without any late fee or penalty, during which time the plan is considered to be active with the risk cover without any break, as per T&Cs of the policy. 

3. Loyalty Discount 

   5% of discount for regular pay and 2% for limited pay on 1st year’s premium will be offered to a current policyholder who is buying this product. The discount is not applied to a single payment plan. 

4. Policy Revival 

   The plan which has discontinued premium payment can be revived within 5 years from the due date of 1st unpaid premium and before the policy termination date. 

5. Loan

   Policyholders have the option to avail of a loan after your plan attains a surrender value. The maximum amount of loan will be 80% of the surrender amount and there is no minimum amount of loan. 

6. Suicide 

   In case of death due to suicide within 12 months from the risk commencement date under the plan or from the revival date of the policy, the policyholder shall be eligible to at least 80 percent of the full premium amount paid till the death date or the surrender amount available as on the death date whichever is higher, provided the policy is active.

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