ICICI Pru iProtect Smart Plan is a term insurance policy which provides you with different options to enhance the protection for yourself and your family through affordable premium payments. The plan offers comprehensive protection through flexible options that can help ensure financial security for your family when you are not around anymore. The plan also offers the option to enhance coverage to include accidental death and critical illness benefits.
ICICI Pru iProtect Smart Plan is Available in 3 Options:
- Life Option: This plan offers (a) death benefits, (b) terminal illness cover and (c) premium waiver on permanent disability.
- Life Plus Option: This plan offers (a) death benefits, (b) terminal illness cover, (c) premium waiver on permanent disability and (d) accidental death benefit.
- Life & Health Option: This plan offer (a) death benefits, (b) terminal illness cover, (c) premium waiver on permanent disability and (d) critical illness benefit.
- All in One Option: This plan offers you (a) death benefits, (b) terminal illness cover, (c) premium waiver on permanent disability, (d) accidental death benefit and (e) critical illness benefit.
Eligibility Criteria for ICICI Pru iProtect Smart Plan
- Minimum age of entry: 18 years
- Maximum age of entry: 65 years
- Minimum maturity age: 23 years
- Maximum maturity age: 75 years
- Minimum premium amount: Rs.2,400 p.a. (excluding service tax and cess)
Features of ICICI Pru iProtect Smart Plan
This ICICI Prudential term plan is packed with features including:
- Policy term: You can choose a policy term between 5-40 years subject to type of plan chosen and also the premium payment option selected.
- Premium payment options: Single Pay, Regular Pay, Limited Pay.
- Premium payment term: Once for Single Pay option; equal to Policy Term for Regular Pay option; and Policy Term minus 5 years for Limited Pay option.
- Premium payment frequencies: Single, yearly, half-yearly and monthly.
- Sum Assured: Minimum subject to minimum premium being paid, no maximum limit.
Benefits of ICICI Pru iProtect Smart Plan
There are several benefits associated with this plan:
- Death benefits: This is paid out in 3 options: (a) entire amount is paid as lump sum; (b) 10% of Sum Assured will be paid annually for 10 years in equated monthly instalments; and (c) benefits will be paid out in monthly instalments at an increasing income basis wherein 10% simple interest will be applicable on payouts from 2nd year onwards.
- Terminal Illness benefit: 100% Sum Assured paid out in case of terminal illness during policy tenure.
- Critical Illness benefit: Minimum Sum Assured of Rs.1 lakh, maximum as per company policy. A total of 34 critical illnesses are covered.
- Accidental Death benefit: You will receive double the Sum Assured as chosen.
- Premium waiver benefit: In case of permanent disability from an accident, your premium payments will be waived off for the remaining policy tenure.
- Tax benefits: Tax benefits are available as per relevant sections of the Income Tax Act, 1961.
- Surrender benefits: Surrender benefits available on Single Pay option only. Surrender value is calculated as (Single Premium*Surrender Value Factor/100)
Suppose Mr Singh is 32 years old and has taken a 30 year tenure iProtect Smart policy . He has a base cover of Rs.1 crore along with Critical Illness benefit of Rs.25 lakhs. He gets diagnosed with a Critical Illness in the 8th Policy year. Consequently, he will receive Rs.25 lakhs as lump sum and the policy will continue on a reduced Sum Assured benefit of Rs.75 lakhs. His premium are also reduced from around Rs.15,000 originally to Rs.7,000 now. In case Mr Singh unfortunately expires in the 20th policy year, his nominees will receive a lump sum of Rs.75 lakhs and the policy will terminate. The payout may also be made on a monthly increasing basis as decided between the parties.
- Are there maturity benefits associated with this plan?
No, maturity benefits are not available here.
- Till when can I revive my policy?
You may revive the policy by paying unpaid premiums plus interest within 2 years of last premium payment.
- Is there any grace period for making premium payment?
A. Yes, you will be given a grace period of 15 days for monthly premium payment mode and 30 days for all other modes of premium payment.
- How will my nominees get paid for death benefit monthly payout option?
Death benefit which is paid out as monthly payments will only be paid electronically.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017