ICICI Prudential Life Insurance Company Limited is one of the leading life insurance players in India. It is headquartered in Mumbai and offers a wide range of products to suit every financial need. In this post, I’ll tell you all about ICICI Pru iProtect Smart plan.
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ICICI Pru iProtect Smart Plan
ICICI Prudential iProtect Smart is a pure term insurance plan. It is a new age term plan that protects your family’s financial future at different stages of life. It is an affordable and flexible term insurance plan that financially secures your loved ones in your absence.
ICICI iProtect Smart plan gives you the flexibility to personalize your cover as per your family’s needs. It offers you the option to enhance your coverage against accidental death and critical illnesses. Therefore, ICICI Prulife iProtect Smart ensures a 360 degree cover on your life.
Key Features of ICICI iProtect Smart Plan
1. ICICI Prudential iProtect Smart is a pure online term insurance plan.
2. ICICI iProtect Smart provides enhanced protection by offering coverage against death, terminal illness, and disability.
3. Get comprehensive benefits by choosing optional riders like accidental death benefit and critical illness cover.
4. Four protection options are available such as Life, Life plus, Life and Health, All in One.
5. There are special premium rates for female lives and non-tobacco users.
6. You can opt to receive the benefit amount as a lump sum or as monthly income for 10 years.
7. There are options to pay premiums once, for a limited period, or throughout the policy term.
8. ICICI iProtect Smart covers female organ cancers such as cervical cancer and breast cancer.
9. ICICI Pru iProtect Smart plan offers the flexibility to increase the sum assured at key life stages of marriage and child birth.
10. Tax benefits on premiums paid and claim amount as per the prevailing tax laws in India.
Benefit Options with ICICI Prudential iProtect Smart
There are 4 benefit options to choose from as per your need.
1. Life Option
This plan offers you the following benefits:
- Death benefit
- Terminal illness cover
- Waiver of Premium on permanent disability
2. Life Plus Option
This plan offers you the following benefits:
- Death benefit
- Terminal illness cover
- Waiver of Premium on permanent disability
- Accidental death benefit
3. Life & Health Option
This plan offers you the following benefits:
- Death benefit
- Terminal illness cover
- A premium waiver on permanent disability
- Critical illness benefit
4. All in One Option
This plan offers you the following benefits:
- Death benefit
- Terminal illness cover
- A premium waiver on permanent disability
- Accidental death benefit
- Critical illness benefit
Benefits of ICICI Prulife iProtect Smart
1. Death Benefit
In the event of the policyholder’s death, the nominee will receive the sum assured. This is paid out either in a lump sum, regular income, or increasing income as opted by the policyholder at the time of purchase.
Lump-sum: The complete benefit amount is payable to the nominee as a lump sum.
Income: In this option, 10% of the benefit amount is payable to the nominee every year for 10 years.
Increasing Income: The benefit amount is payable to the nominee in monthly installments for 10 years. The income amount will increase by 10% p.a. simple interest from 2nd year onwards. The beneficiary will have the option to convert all or some of the monthly income into a lump sum at any time.
2. Terminal Illness Benefit
The cover amount is paid out in case of terminal illness during the policy term. This is an in-built feature of ICICI iProtect Term Insurance Plan.
3. Critical Illness Benefit
A total of 34 critical illnesses are covered. The cover amount paid on the first occurrence of any of the covered illnesses.
4. Accidental Death Benefit
In case of death due to an accident, the nominee will be paid an accidental death benefit as a lump sum.
5. Premium Waiver Benefit
On diagnosis of permanent disability from an accident, the future premium payments are waived off for the remaining policy term.
6. Benefits for Women
There are special premium rates for women. The plan also covers female organ cancers such as cervical cancer and breast cancer.
7. Maturity Benefit
There is no maturity or paid-up value or survival benefit available under ICICI iProtect Term Plan.
8. Surrender Benefit
Surrender benefit is applicable only for single pay policies.
Life Stage Protection under ICICI iProtect Term Plan
You can increase your protection cover at certain life stages of marriage and child birth, without any medicals as in the table below.
| Event | Additional Death Benefit (%tage of original Death Benefit) | Maximum Additional Death Benefit allowed |
| Marriage | 50% | Rs.50,00,000 |
| Birth / Legal adoption of 1st child | 25% | Rs.25,00,000 |
| Birth / Legal adoption of 2nd child | 25% | Rs.25,00,000 |
You will have to pay additional premiums on the increased sum assured. This feature is only available for Life Option.
Eligibility Criteria for ICICI iProtect Term Insurance Plan
| Minimum age at entry | 18 years | |||
| Maximum age at entry | 65 years | |||
| Minimum age at maturity | 23 years | |||
| Maximum age at maturity | 75 years | |||
| Minimum and Maximum Policy Term | Benefit Option | Regular Pay | Limited Pay | Single Pay |
| Life | 5 to 40 years | 10 to 40 years | 5 to 20 years | |
| Life Plus | 5 to 40 years | 10 to 40 years | 5 to 20 years | |
| Life & Health | 5 to 30 years | 10 to 30 years | NA | |
| All in One | 5 to 30 years | 10 to 30 years | NA | |
| Premium Payment Options | Single, Regular, Limited | |||
| Premium Payment Terms | Single Pay: Single | |||
| Regular Pay: Same as Policy Term | ||||
| Limited Pay: Policy Term – 5 years | ||||
| Minimum Premium | Rs.2,400 p.a. (excluding service tax and cess) for Life Option. | |||
| Accidental Death Benefit | Accidental Death Benefit Equal to Sum Assured chosen by you, subject to a maximum limit as per the company policy. | |||
| Critical Illness (CI) Benefit | Minimum: Rs.1,00,000 | |||
| Maximum: As per the Company policy | ||||
| Minimum Sum Assured | Subject to the minimum premium | |||
| Maximum Sum Assured | Unlimited | |||
| Mode of Premium Payment | Single Pay, Yearly, Half-yearly, and Monthly | |||
To know more about ICICI Pru Life iProtect, please click here.
ICICI Pru iProtect Smart Review
ICICI Pru iProtect Smart plan is one of the comprehensive term insurance plans available in the market today. The plan has an in-built terminal illness benefit and a premium waiver on permanent disability. You can personalize the protection cover as per your needs. It is a very good competitive term insurance plan that provides solid financial protection for your family.
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