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A Review of ICICI Prudential iProtect Smart Term Plan

“One of my close friends had been using ICICI term insurance since last 8 years. He has married 2 years ago and due to unfortunate circumstances involved, he was severely injured in an accident. Thankfully, ICICI team was really considerate and helpful while helping his wife settling the claim. The claim settlement was fast and timely. Following his steps, I have recently bought ICICI Pru iProtect Smart. It is safe to say that investing in ICICI term insurance is definitely worth every penny experience. It has worked as a great deal for me. The staff was really good and was prompt with their service.” – By Ankit 

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Ankit from Chandigarh is one of our old and loyal customers, who bought an ICICI term insurance called iProtect Smart in early 2019. He was motivated after seeing first-hand his friend’s quick claim settlement by the company in times of need. 

ICICI Pru iProtect Smart Term Plan is one of the most comprehensive term plans offered by the company and helps policyholders secure their family’s future in their absence. You can easily buy the ICICI Pru iProtect Smart Term plan from Policybazaar at a premium rate of just Rs. 33 per day.

About ICICI Life Insurance 

With a claim settlement ratio of 97.82%, ICICI Life Insurance is one of the most reliable insurers in the Indian insurance sector. They offer a wide range of plans to fulfil your future goals like family financial protection, early investment, securing child’s future, creating wealth in the long run, and saving on taxes. 

Let us take a look at the plan in detail and see why it might be the perfect plan for you:

Note: Now that you know that what is ICICI Life Insurance you should also know about what is term insurance before buying any term plan for your loved ones.

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₹1
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₹75
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@ Starting from ₹ 12/day+

Key Features of ICICI Prudential iProtect Smart

Here is a list of all the key features of the ICICI Pru iProtect Smart term plan:

  • Enhanced protection covers you against death, disability, and terminal illness

  • The plan offers special premium rates for non-tobacco users and females

  • Tax benefits as per the prevalent tax laws allow you to save on premiums and benefits

  • You can add Accidental Death Benefit and Accelerated Critical Illness Benefit to the base plan to increase its coverage

  • You can choose for your nominee to receive the benefit as monthly income, lump sum, or a combination of both

  • The plan’s Accelerated Critical Illness Benefit also covers female organ cancers like breast and cervical cancers

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What are the Benefits of ICICI Pru iProtect Smart?

Let us see the various benefits that convinced Ankit and his friend to buy the plan:

  • Plan Options: The ICICI Prudential iProtect Smart offers the following 4 plan options

    • Life Option: With the life option of this term insurance plan, the company will pay the sum assured on either the death of the policyholder or the diagnosis of terminal illness, whichever is first. In case of a Permanent disability due to an accident, the remaining premiums for your policy will be waived, allowing you to stay covered under the plan without paying premiums.

    • Life Plus Option: Along with the benefits available in the Life option, you will also get coverage for Accidental Death Benefits. In case you suffer an accidental death, the company will pay the accidental death benefit in a lump sum to the nominee. 

    • Life & Health Option: This option pays the nominee in case of your unfortunate death during the policy term and provides coverage against 34 critical illnesses. In case of diagnosis of any of the mentioned critical illnesses, you will receive an Accidental Critical Illness benefit as a lump sum amount.

    • All in One Option: In this, your nominee gets the death benefit in case of the policyholder’s unfortunate death, the Accidental Death Benefit if the policyholder died due to an accident, and Accelerated Critical Illness benefit payout on the diagnosis of any of the 34 critical illnesses covered under the plan.

  • Death Benefit Payout Options: You can select to receive the death benefit in a lump sum amount, income, lump sum and income, and increasing income.

  • Life Stage Protection: With the change in life stage, you can also change your sum assured to fit your needs. You can increase the sum assured by 50% of the basic sum assured at marriage, and 25% each at the birth or legal adoption of 1st and 2nd child.

Eligibility Conditions of ICICI iProtect Smart

These are the conditions that made Ankit and his friend eligible to buy ICICI Pru iProtect Smart term plan:

Parameters Minimum Maximum
Entry Age 18 years 65 years
Maturity Age 23 years 99 years
Policy Term 5 years 69 years
Premium Payment Modes Monthly, quarterly, semi-annually, and annually
Premium Payment Term Single pay, Limited pay, and Regular pay

You can use the term insurance calculator to calculate the premium you would need to pay for your desired life cover.

Wrapping It Up!

Similarly to Ankit and his friend, you too can benefit from the ICICI Pru iProtect Smart term plan. The plan offers benefit options designed to fit the needs of every individual and is perfect to secure you and your family’s financial future.

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

FAQs

  • Q: What is the benefit of ICICI Pru iProtect Smart?

    Ans: ICICI iProtect Smart offers the Accidental Death Benefit and the Accidental Critical Illness Benefit. Your nominee can receive a lump sum payout in case of your accidental death or the diagnosis of critical illnesses covered under the plan. You can make these ICICI Term premium payments for riders along with the base premiums of the plan.
  • Q: What is the monthly income for ICICI iProtect Smart?

    Ans: The monthly income for ICICI iProtect Smart is 0.8333% of the death benefit amount payable every year for 10 years. You can also choose to receive the payout in annual installments as 10% of the benefit amount.
  • Q: What are the options of ICICI Prudential iProtect Smart?

    Ans: The available options in ICICI Pru iProtect Smart are following:
    • Life option
    • Life plus option
    • Life & health option
    • All in One option
  • Q: Do we get money back in term insurance after maturity?

    Ans: Yes, we can get the premiums back as a maturity benefit in the Term return of premium plans. The premiums returned are subject to nominal deductions like GST and administrative charges. You can simply check the ICICI life insurance login to see the amount you are eligible to receive at the end of the policy tenure.

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