A Review of ICICI Prudential iProtect Smart Term Plan

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.

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

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:

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.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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