ICICI Pru iProtect Smart term plan recently introduced a new modification to its existing term plan by introducing its No cost term insurance option. In regular term plans, if you decide to surrender/cancel the plan after a period of time, you could exit the policy and lose all the premiums paid, but with the no-cost term plan option, you can surrender the plan at a specific point and receive the premiums paid up until that point. A 100% refund of premium at no cost term plan is the best option for people who are not sure about their retirement age but still want long-term coverage.Read more
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100% refund of premium at no-cost term plan is a variant of term insurance plans that allow customers to exit the plan at any time within the period provided by the insurer. This was launched keeping the increasing life expectancy in mind. Since life insurance for senior citizens above 65 years of age is tough to buy, therefore it is suggested that customers should buy term plans at an early age for a long duration and exit the plan as per their suitability. With this plan, by the time of your retirement, in case you have accumulated enough wealth and don’t need the extra security of term insurance, you can exit the plan early at a pre-fixed interval and receive all the premiums paid.
ICICI Life Insurance company launched its Smart Exit Benefit Option within its iProtect Smart Plan which allows customers to exit the plan at a specific stage and get a return of all the total premiums paid. This feature is free of cost and available on term insurance policies with a sum assured over Rs. 60 Lacs. The feature can be availed any time after the end of the 25th policy year, provided that the policyholder is over the age of 60 and the policy is not about to end in the next five years. To get the benefits of this option, all the premiums should have been duly paid and no other benefits (like death or rider benefits) should have been claimed.
Here is a list of all the key features of this ICICI Term Insurance Plan:
The plan offers 4 benefit options with different coverage benefits.
You can increase the death benefit at different stages with the Life stage protection option.
You can choose from 4 death benefit payout options to suit your requirements.
The plan offers coverage against terminal illness and waiver of premiums on permanent disability.
The premiums can be paid as per your suitability: in a single lump sum, monthly, semi-annual, or annual payments.
You can get tax benefits as per the prevailing tax laws.
The plan provides special premium rates for non-tobacco users.
The plan covers 34 critical illnesses in its All in One Option
The plan offers a free look period of 15 days for offline policies and 30 days for online policy purchases.
ICICI Prudential iProtect Smart Plan is a comprehensive term insurance plan that offers various benefits like long-term protection and a chance to save on yearly taxes. With the inclusion of its 100% refund of premium at no cost feature, you can purchase a term plan even if you are uncertain about your retirement age or the future dependency of your current financial dependants. You can purchase the plan online for added convenience to further save on your premiums.