ICICI Pru iProtect Smart Term Plan Review, Benefits, Eligibility and more details read here.
You always make sure that your family and loved ones are taken care of even in your absence. A best term plan does just that for you. It helps in securing the future of your family.
ICICI Pru iProtect Smart Plan is an affordable and flexible term plan that safeguards your family financially at different stages of life.
ICICI Pru iProtect Smart Plan
ICICI Pru iProtect Smart Term Plan is the right insurance policy for individuals who want to financially secure their family and near and dear ones in critical situations. This policy offers a high sum assured with an affordable premium along with inbuilt features like any other term insurance plan.
There is an in-built terminal illness benefit and waiver of premium on disability benefit. There is also an option to cover 34 critical illnesses in this plan. Policyholder can choose convenient pay outs of Lumson, Monthly Income, Increase Income. It is a combination of Lumsum and Monthly Income.
ICICI Pru iProtect Smart Term Plan Eligibility Criteria
| Name of Insurance: | ICICI Pru iProtect Smart Term Plan |
| Entry Age: | Minimum:- 18 Years Maximum:- 65 Years |
| Coverage (Basic Sum Assured): | Minimum:- Subject to minimum premium Maximum:- No limit (Subject to Board approval) |
| Accidental Death Benefit: | Minimum: Rs.1,00,000 Maximum: Equal to Sum Assured |
| Critical Illness Benefit: | Minimum: Rs.1,00,000 Maximum: Equal to Sum Assured |
| Premium Payment Option: | Single, Regular, Limited |
| Policy Term (Minimum): | Single Pay: 5 Years Regular Pay: 5 Years Limited Pay: 10 Years |
| Policy Term (Maximum): | Single Pay: 20 years Regular Pay: 75 years minus entry age Limited Pay: 40 years Critical Illness Period 30 years or policy term, whichever is less |
| Mode of premium payment: | Single, Monthly, Half Yearly, and Yearly |
| Maturity Age: | Maximum: 75 Years |
Features of ICICI Pru iProtect Smart Term Plan
- Provides protection against 34 critical illnesses like heart attack, cancer etc. at a fixed premium.
- Permanent disability due to accident waives all future premiums.
- Get tax benefits on premiums paid as per income tax laws.
- This plan provides coverage against terminal illness, disability and death.
- This insurance policy offers special premium pricing for non-smokers/tobacco users.
- Policyholders can choose to receive the benefits as a lump sum or as monthly income for 10 years or a combination of both.
Benefits of ICICI Pru iProtect Smart Term Plan
Flexible Protection Options
The insured can choose any one of the plan variants given hereunder:
| Variant Name | Benefits |
|---|---|
| Life | Death Benefit Terminal Illness Benefit Premium Waiver in Case of Disability (Premium Waiver) |
| life plus | Death Benefit Terminal Illness Benefit Premium Waiver in Case of Disability Accidental Death Benefit |
| Life & Health | Death Benefit Terminal Illness Benefit Premium Waiver in Case of Disability Critical Illness Benefit |
| All in one | Death Benefit Terminal Illness Benefit Premium Waiver in Case of Disability Critical Illness Benefit Accidental Death Benefit |
All these benefits are given in detail here:
Death Benefit: In case of death of the insured, the Sum Assured will be paid to his beneficiary .
Premium Waiver in Case of Disability: If the insured becomes permanently disabled due to an accident, the future premiums will be completely waived off. This is an in built feature and no additional premium is charged.
Terminal Illness Benefit: If the insured is diagnosed with an illness with no survival chances for more than 6 months, the cover amount is paid immediately. This includes AIDS which was not previously covered. This is an in-built feature and no additional premium needs to be paid for it.
Accidental Death Benefit: In case of death due to an accident, you are paid the additional Sum Assured chosen by you. This is in addition to the Basic Sum Assured of the plan. For this you will have to pay additional premium.
Critical Illness Benefit: If you are diagnosed with any of the 34 critical illnesses covered under this policy, you will be paid an additional Sum Assured as chosen by you. It comes with an additional premium payment.
Death payout option
In the unfortunate event of death, the insured can choose from the following four modes of death benefit payment:
Lumsum: In this option, in case of death of the life assured, the entire sum assured is paid to the beneficiary at once.
Regular Income: In this type of option, the beneficiary of the insured will be given the benefit amount i.e. 10 percent of the Sum Assured for 10 years. And that 10 percent will be divided into 12 parts and paid monthly.
Increasing Income: In this type of option 10% of the benefit amount will be paid in the first year. Every year the payout will increase by 10% of the first year’s payout. Monthly payment is done by dividing the annual amount by 12.
Sum+Income: The policyholder can decide at the time of taking the policy which portion of the profit will be paid as a lump sum. The remaining amount will be paid in equal monthly payments for 10 years.
Enhanced Protection
This is a unique feature offered in this plan, where you can increase the accidental death benefit coverage based on the occurrence of life stages. You will have to pay an additional premium for increasing the cover. Also, this facility is available only for the regular premium paying option.
- On Marriage/Marriage: The basic death benefit can be increased up to a maximum of 50%, subject to a maximum of Rs 50 lakh.
- On Birth of First Child: Can be increased up to 25% of the Basic Accidental Death Benefit, subject to a maximum of Rs.25 Lakhs.
- On Birth of Second Child: Up to 25% of the Basic Accidental Death Benefit i.e. up to a maximum of Rs 25 Lakhs is enhanced.
Tex Benefits
The premium paid is exempt from tax under section 80C of income tax. You are also eligible for tax exemption under Section 80D in Life+Health and All-in-One options. Payments in this scheme are also tax free under section 10(10D).
Grace Period
A grace period of 30 days is available for quarterly, half-yearly, and annual premium payments. Same if you pay monthly premium then you get 15 days discount. If the premium is not paid before the end date of the grace period, the policy will lapse.
Surrender Benefit
Surrender value is applicable only for single pay policies. You can surrender your policy and get the Surrender Value benefit from Year 1 onwards as mentioned below.
Surrender Value = (Single Premium * Surrender Value Factor / 100)
Free look period
If you are not satisfied with the terms and conditions or features of the policy, you have the option to cancel it by returning the policy document to the insurance company within 15 days from the date of receipt of the policy document. In case of digital policies through distance marketing, a free look period of 30 days is allowed.
The Bottom Line:
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