ICICI Pru iProtect Smart is known to be one of the top-selling plans of ICICI through online mode. It is one of the initial term insurance plans in the Indian insurance industry that provides cover payout on the diagnosis of any of the 34 Critical Illnesses mentioned in the policy document. Immediately, consumers started flocking towards the product with every 1 n 3 customers buying this plan. Not only this, but in 2016, according to a customer survey conducted on more than 7000 customers, our term plan was awarded ‘Product of the Year’ in the Life Insurance industry
ICICI Prudential iProtect Plan – Overview:
ICICI Pru iProtect Smart is more than a term plan as apart from providing you and your family financial security, it also offers health cover against 34 critical illnesses. The claim payout is given on the first diagnosis itself. This ICICI term insurance plan also provides accidental death cover up to Rs 2Cr.
Eligibility Criteria for ICICI Pru iProtect Plan
|Sum Assured (in INR)||Subject to the minimum premium||Unlimited|
|Premium (in INR)||Rs 2400 per annum||–|
|Entry Age||18 years||65 years|
|Maturity Age||23 years||75 years|
|Premium Payment Options||Single Pay, Regular Pay, Limited Pay|
Features of ICICI Pru iProtect Smart:
- Easily fits into your budget
After paying your bills, monthly rent, etc., it’s not an easy job to maintain a term life insurance premium too.
The affordable premium rate of ICICI Pru iProtect Smart makes sure that it isn’t that tough. Additionally, you have the option to pay your premiums in monthly, half-yearly or yearly mode.
- Longer cover
The best time to buy this term plan is now. As buying this plan now will ensure that the insured gets life cover for the desired term and lower premiums. ICICI iProtect Smart term plan has a maturity age of 75 years.
- Pays lump sum on diagnosis of any of the listed 34 Critical illnesses
It’s an optional benefit provided with the plan. With ICICI Pru iProtect Smart, the insured is eligible to receive the claim payout on the very first diagnosis of any Critical Illnesses. In addition to, you also don’t have to submit hospital bill to get the sum assured processed. You simply need to submit a copy of the diagnosis report.
- Four payout options to choose from
You can’t really be sure how would you like your sum assured to be given to you. In some cases, you might need lumpsum payments say for your kid’s education; whereas, in some cases, you would simply need monthly income such as to pay home loan EMIs, etc.
ICICI Pru iProtect Smart gives you a choice to disperse the sum assured in 4 payouts, whichever suit your family’s financial needs.
- Pays life cover on terminal illness
Terminal diseases are life-threatening diseases that not only ruin your health also the financial stability of your family.
ICICI Pru iProtect Smart gives financial support to your family by paying the cover amount before death. This benefit is available with all plan options and it covers AIDS too.
- A choice to get accidental benefit at the purchase time or later
Accidents are something not under our control and may happen anytime. Even though, insurance can’t really stop them but can definitely lessen the financial burden on your family.
ICICI Pru iProtect Smart allows you to add accidental benefit cover at the time of purchasing the policy or even after purchase.
- Option to buy the plan online with Married Women’s Property (MWP) Act
Buying the plan with MWP Act lets you ensure that only your near ones are going to get the claim amount and it does not go into the hands of wrong people.
Key Benefits of ICICI iProtect Smart Plan
The benefits of iProtect Smart plan are designed to provide complete protection to you and your family members.
Get to choose between 4 protection options suiting your needs
- Accidental Death Benefit (up to Rs 2Cr)
- Death / Terminal Illness Benefit (includes AIDS)
- Critical Illness Benefit (up to Rs 1Cr)
- Waiver of Premium on Disability
Get to choose between 4 flexible payout options
- Lumpsum: – The most preferred option
- Monthly Income: The most economical option
- Increasing Income: Most economical option as it offers 45% more life cover
- Lumpsum plus income: The latest payout option
Women applicants get better benefits
- Critical illnesses like cervical cancer and breast cancer are covered
- Lower premium rates
- Tax benefits on premiums u/s 80C in all plan options and 80D in Life & Health or All-in-one plan options
- Tax-free claim amount u/s 10(10D)
FAQs of ICICI iProtect Smart Plan:
Q1) How much money will an insured’s family receive in case of an accidental death?
The insured’s family will receive the lump sum Life Cover plus Accident Cover (if chosen by the insured).
Q2) How much Critical Illness Benefit can one opt for?
The minimum Critical Illness Benefit one can choose is of Rs 1 lakh. The maximum benefit is dependent on the basic Life Cover (subject to a maximum of Rs 1 crore).
Q3) When does an insured is supposed to receive critical illness pay-out?
Critical Illness benefit is paid on the very first instance of an insured diagnosed with any of the 34 critical illnesses listed in the policy. The critical illness claim can be initiated with a copy of the diagnosis report.
Q4) Does the premium amount or life cover gets affected once the policyholder has received her/his critical illness benefit?
Yes, it does affect the premium and the cover amount. The Life Cover will reduce by the value of the Critical Illness Benefit paid to you. It will also affect the future premium rates as they will also reduce depending upon the leftover life cover amount.