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ICICI Pru iProtect Smart Term Plan

ICICI Pru iProtect Smart is a comprehensive term insurance plan that is specifically designed to protect the financial future of their dependents/family in case of eventualities. This plan offers an option to increase your coverage against accelerated critical illness and accidental death, thus ensuring full security on your life. This can also be purchased through online mode.

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Key Features of ICICI Pru iProtect Smart Term Plan 

  • The plan provides coverage against terminal illness, disability, and death

  • Policyholders have the option to choose Accelerated Critical Illness Benefit and Accidental Death Benefit. 

  • The plan offers special premium prices for non-smokers/tobacco users. 

  • Flexibility to pay the premium one time, for a limited time, or throughout the policy tenure. 

  • Get tax benefits on paid premiums as per the prevailing Income tax laws

  • Policyholders can also choose to receive a benefit in the form of a lump sum or as a monthly income for 10 years, or as a combination of both. 

  • ICICI Pru iProtect Smart also offers a lifetime discount for women of 15% on the premiums and an additional discount on the 1st year premiums for salaried women. 

  • With this plan, women can get cover against breast or cervical cancers under the plan’s accelerated critical illness benefit

  • The plan offers special premium rates on life and accelerated critical illness benefit cover

Note: Know what is term insurance first and then buy a term plan for your loved ones.

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Eligibility Criteria of ICICI Pru iProtect Smart Term Plan

Option of Paying Premiums  Premium Payment Term  Policy Term  Entry Age 
Minimum  Maximum 
Single Pay Single  5 years  20 years  18/65 years
Regular Pay Equal to Policy Term  5 years  85 years less entry age  18/65 years
99 years less entry age – Whole life 
Limited Pay  5, 7, Policy term – 5 years  10 years  85 years less entry age  18/65 years
10 years 15 years  85 years less entry age
Whole life  99 years less entry age 
60 years less entry age PPT + 5 years  85 years less entry age 18/65 years
Whole life  99 years less entry age
Minimum Premium  Rs. 2400
Maturity Age (Maximum) 75 years 
Accidental Death Benefit  Minimum: Rs. 1 Lakh  Maximum: Equal to the SA chosen by you 
Accelerated Critical Illness (ACI) Benefit  Minimum: Rs. 1 Lakh  Maximum As per the underwriting policy 
Sum Assured  Minimum: 25 Lacs  Maximum: 20 Crore
Premium Payment Modes  Single/Yearly/Half-yearly/Monthly 

Plan is now enabled for 12th pass with minimum income ₹10 Lacs and minimum sum assured ₹1 Cr.

* You can calculate the estimate premium using the term insurance premium calculator.

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Benefits of ICICI Pru iProtect Smart Term Plan 

The ICICI Pru iProtect Smart Term Plan received the best Term Insurance provider 2017-18 by Money Today Financial Awards. Some of the main benefits of term insurance offered by this plan are:

  1. Flexible Protection Options:

    The policyholder is entitled to choose from any of the following plan variants:

    • Life: The coverage includes a death benefit, terminal illness benefit, and premium waiver in case of disability. 

    • Life Plus: The coverage includes all the above and accidental death benefit up to a maximum of Rs.2 cr.

    • Life and Health: A critical illness benefit is added, covering 34 illnesses and in addition to the coverage provided under the Life variant. 

    • All-in-One: True to its name, the coverage encompasses all that is covered under the other variants.

  2. Death Benefits

    On the death of the policyholder during the policy term, the insurer will pay the applicable sum assured on death to the nominee of the policy.

  3. Maturity Benefits

    There will be no maturity benefits payable on the maturity of the policy at the end of the policy term.

  4. Smart Exit Benefit

    Smart exit benefit provides the option to exit the plan early and receive all the premiums paid until the policy termination. This option is available free of cost and is applicable only if the base sum assured is more than 60 Lacs, the policy year is more than 25 but not in the last 5 years of the policy, the age of the policyholder is more than 60 years, all the premiums have been duly paid, and no benefit claims have been made.

  5. Death Benefit Payout Options

    Like the protection options, the policyholder is entitled to choose the mode of death benefit payment in the unfortunate event of demise from among the following four:

    • Lump-Sum: By far the preferred payout, in which the sum assured is paid to the beneficiary upon the policyholder’s death during the policy term.

    • Regular Income: The death benefit is disbursed at 10% to the beneficiary for 10 years in equal monthly installments. The beneficiary has the option to receive the first year's benefit in a lump sum. 

    • Increasing Income: The death benefit is paid in incremental monthly installments for ten years at the rate of 10% simple interest applied per annum. 

    • Lump-Sum plus Income: The death benefit is split in a partial lump-sum payment, and the residual in monthly installment is spread over ten years.

  6. Life Stage Benefits

    It is a unique feature offered in the ICICI Pru iProtect Smart Term Plan, where the death benefit coverage is enhanced based on life-stage events. The option is availed of for the following events:

    • Marriage: The original death benefit is augmented by up to 50%, subject to a maximum of Rs.50 lacs

    • Birth of 1st Child: Up to 25% of the original accidental death benefit increases subject to a maximum of Rs.25 lacs

    • Birth of 2nd Child: Up to 25% of the original accidental death benefit is increased as subject to a maximum of Rs.25 lacs

  7. Tax Benefits:

    All life insurance products are governed by the extant tax laws defined under the Income Tax Act, 1961. Accordingly, the premium paid for the ICICI Pru iProtect Smart Term Plan in a financial year is tax-exempt under Section 80 C. Benefit receipts are exempt likewise under Section 10 (10D). 

    “Tax benefit is subject to changes in tax laws. Standard T&C apply.”

Riders Under ICICI Pru iProtect Smart Term Plan

The plan offers several riders that you can include in the base plan to enhance the plan’s coverage. They are:

  • Terminal illness: This rider is inbuilt into the plan and provides the rider sum assured on the diagnosis of a terminal illness during the policy term.

  • Waiver of premium on Accidental total permanent disability: In case the policyholder suffers an accidental permanent total disability during the policy term, the insurer will waive off all the remaining premiums. 

  • Accidental death benefit: The rider will payout the benefit amount in case the policyholder passes away during the policy term due to accidental reasons.

  • Critical illness benefits: On diagnosis of any of the critical illnesses listed under the plan, the insurer will payout the rider sum assured, which the life assured can use to pay off the hospital bills and medical costs. This rider covers women-specific cancers like cervical cancer and breast cancer as well.

What are the Special Benefits ICICI iProtect Smart Offers For Women?

  • The company offers a 15% lifetime discount on premiums for female customers along with an additional 15% discount on the 1st year premiums for salaried women with this plan.

  • Not only that, the plan provides critical illness cover against women-specific cancers like ovarian, breast, and cervical cancers.

Policy Details of ICICI iProtect Smart Plan

This ICICI Prudential term insurance plan comes with the following policy details:

  1. Grace Period

    A 15 days grace period is allowed for monthly premium payment mode whereas 30 days is allowed for the other premium payment modes. If you do not pay premiums within the grace period, the policy lapses and the cover will terminate or cease. 

  2. Freelook period

    If you are not satisfied with the terms and conditions or the features of the policy, you have the option to cancel it by returning the policy documents to the insurance company within 15 days from the date of receiving it. 30 days of free look period is allowed in case of digital policies through distance marketing. 

  3. Surrender

    In the case of single pay plans, unexpired risk premium amounts will be payable if the life assured voluntarily closes or terminate the plan within the policy tenure. 

    Unexpired risk premium value is defined as = (Single Premium X Unexpired risk premium value factor/100)

  4. Loan Benefit

    There is no loan facility available under this term insurance plan.

  5. Policy Revival

    The policy can be revived within 5 years from the date of the first unpaid premium. All you need to pay is the outstanding premiums, applicable interests, proof of good health, and late fee payment charges.

  6. Discontinuance of premiums 

    If the premium amount is not paid on the premium due date or within the grace period, all the benefits available under the plan will cease.

What are the Documents Required to Buy the Policy?

The ICICI Pru iProtect Smart Term Plan is conveniently purchased online at the insurer portal. Several aggregators also facilitate online policy purchases. The advantage is financial with a concessional premium rate and needs upload of bare minimum document of policy issue. The mandatory documents required for purchasing the ICICI Pru iProtect Smart Term Plan are:

  • PAN card: The document doubles up as an ID and Age proof

  • Age and address proof

  • Income proof

  • Recent photograph

How to Buy ICICI Pru iProtect Smart Term Plan Online?

You can buy the ICICI iprotect smart online in a seamless way using the steps detailed below:

  • Step 1: Visit the term insurance page

  • 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 Smart from the list of best term insurance plans available and proceed to pay.

Exclusions

Exceptions in the ICICI Pru iProtect Smart Term Plan apply in relation to terminal illness, critical illness, and accidental disability benefits. The situations described below are only indicative, and the policyholder needs to consult the policy document for greater clarity. 

  • Terminal Illness: It is paid only when a medical practitioner certifies that the diagnosed illness can lead to death within six months from the diagnosis date. 

  • Critical Illness: The benefit payment is confined to the first diagnosis of any of the 34 listed illnesses, which under no circumstance should be pre-existing. The following conditions also apply:

    • The ACI benefit is not available for the single premium payment option.

    • The benefit is applicable for a policy term of 30 years, whichever is lower. 

    • The minimum ACI benefit is Rs.1 lac

  • Accidental Death Benefit: The death should not have been caused due to any hazardous activity, suicide, self-harm, breaking the law, engaging in aerial fights, or being under the influence of drugs. The following conditions also apply:

    • The minimum rider sum assured will be 1 Lac

    • The rider will provide coverage till 80 years of maturity (whichever is earlier)

  • Permanent Disability: It should be caused by an accident or any willful, hazardous, and criminal acts.

  • Suicide: If the policyholder commits suicide within 12 months from the date of inception of the policy, the insurance company will refund the higher amount of 80 percent of the total paid premiums (including the additional premiums) till the death date or unexpired premium risk will be paid by the insurer.

*Note: You must first learn about terminal illness meaning and then add the terminal illness rider to your term plan to eventually avail its benefits.

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