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ICICI Pru iProtect Smart now offers a 100% Refund of Premium at No Cost 

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. 

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What is a 100% Refund of Premium at No Cost Term Plan?

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.

Note: Now that you know that what is 100% Refund of Premium at No Cost Term Plan, you should also get to know about what is term insurance to buy a term plan for your loved ones.

Smart Exit Benefit Option

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.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Key Features of ICICI Pru iProtect Smart

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.

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.

Final Thoughts

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.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.


Premium By Age

˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com  in the first 6 months of FY 24-25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.



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