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ICICI Prudential iProtect Smart Term Plan provides advanced protection to the policyholder by offering claim payment on the diagnosis of any of the listed 34 critical illnesses. In addition to delivering protection to the family of the policyholder in his/her absence, it also gives flexibility in paying premiums as per the comfort of the policyholder with tax benefits.
Not just this, ICICI Pru iProtect Smart plan comes with a long list of useful features and benefits, which are designed to provide maximum financial protection to the family members of the insured when they are no longer around.
Continue reading to explore all the features & benefits of the plan.
ICICI Pru iProtect Smart Term Insurance Plan
ICICI Pru iProtect Smart Plan Review
Min: 18 years
Max: 65 years
Min:Subject to the minimum premium
Max: Unlimited
5 to 99 years
Single premium, Regular premium, Limited premium
Single, Yearly, Half-yearly, and Monthly
There are four types of death benefit
Under the provision of this plan
ICICI iProtect Smart plan comes with
To ensure enhanced protection
Women while purchasing iProtect Smart
The plan offers 4 payout options
Sometimes people feel short of funds
The premiums submitted for the policy
There are four types of death benefit payout options available in this plan. Customers can opt for any of these payout options depending upon the way in which they desire to provide the payment of the coverage amount to their family members in the future. Given below is a brief explanation of all these options.
Under the provision of this plan, customers are allowed to get covered till the age of 85 and also have the option to get whole life cover till the age of 99.
ICICI iProtect Smart plan comes with useful optional benefits including accidental death benefit and critical illness benefit. These riders allow the policyholder to avail enhanced coverage by paying minimal premiums.
To ensure enhanced protection of its customers, the plan comes with two add-on benefits such as terminal illness benefits and waiver of premium benefits.
Women while purchasing iProtect Smart term insurance will get relaxation in the rate of premium to be paid. Additionally, they get an option to cover diseases like breast cancer and cervical cancer which are common in today's time.
The plan offers 4 payout options, wherein you can select the payout option as per your requirements when buying the policy.The four available payout options are:
Sometimes people feel short of funds on the happening of life-changing events that can financially affect their savings and income. Events like childbirth, the marriage of children are the major responsibilities of parents. To protect you in such scenarios, the iProtect Smart plan grants the flexibility to increase the current sum insured to meet the responsibilities.
Events | Additional Death Benefit (% of original death benefit ) | Maximum Additional Death Benefit |
Marriage | 50% | Rs 50,00,000 |
Childbirth/ legal adoption (1st child) | 25% | Rs 25,00,000 |
Childbirth/ legal adoption (2nd child) | 25% | Rs 25,00,00 |
The premiums submitted for the policy will receive all the benefit options under section 80C. While premium payment under life & health and all in one option will receive benefits under section 80D.
The plan comes with two optional benefits and allows customers to select any of these options as per their needs and convenience. Read below to know more about these optional benefits.
The plan provides coverage against 34 critical illnesses as listed below.
ICICI Pru iProtect Smart Coverage Options
There are four coverage options available within this plan. Let's learn about them in detail.
Regardless of the plan option selected, death, terminal illness, and permanent disability are covered. For better understanding, refer to the below table:
Coverage in case of an unfortunate event | Life | Life Plus | Life & Health | All-in-one |
Death/ Terminal Illness (including AIDS) | Yes | Yes | Yes | Yes |
Waiver of all future premiums on permanent disability due to accident | Yes | Yes | Yes | Yes |
Accidental Death | No | Yes | No | Yes |
34 Critical Illness | No | No | Yes | Yes |
Before buying an insurance plan, it is important to get an idea about its premium rates that you'll be paying in the future. That is why we've provided here a sample chart to illustrate the different premium rates of the iProtect Smart plan. The premium amounts in this chart are calculated for a nonsmoker male, buying the life cover of Rs 50 Lakhs with no add-on riders or optional benefits, opting for monthly premium payment mode.
Age of the Policyholder | 30 years | 40 Years | 50 Years |
Premium (in Rs.) | 685 | 1,378 | 2,250 |
Age of the Policyholder | 30 years | 40 Years | 50 Years |
Premium (in Rs.) | 1,298 | 2,683 | 3,664 |
Age of the Policyholder | 30 years | 40 Years | 50 Years |
Premium (in Rs.) | 1,29,211** | 2,61,574** | 5,46,817** |
ICICI Pru iProtect Smart Plan offers comprehensive coverage to the policyholders, there are a few conditions or situations for which the coverage is excluded in this plan. Given below is a list of the same.
No benefit is provided in respect to any of the listed condition arising directly or indirectly due to:
You can find other term policies offered by the ICICI Term Insurance company in the section below:
Critical Illness Plan
The plan offers coverage for 64 critical illnesses, 360-degree protection, and enhanced safeguarding against accidental death.
Unique Features
Comprehensive Plan
The plan provides coverage for road and train accidents, physical incapacity and comes with discounts for women.
Unique Features
Comprehensive Plan
This plan provides accidental death cover with lump sum payouts for accidental death and disability, also offering to grow wealth through market-linked returns.
Unique Features
Comprehensive Plan
This policy includes benefits for death and disability, along with valuable add-ons like sum insured protector and claim protector.
Unique Features
Standard Plan
ICICI Pru iCare II is a term plan that lets you secure your family’s future, and allows you to choose the number of years for which you wish to pay the premiums.
Unique Features
Standard Plan
A standard pure protection term plan that offers coverage on affordable premiums.
Unique Features
Specialized Plan
The plan covers cancer survivors, pre-existing conditions, post-surgery individuals and offers lump sum and income benefits.
Unique Features
Standard Plan
A pure term plan that offers low coverage of 5 lakhs and premium discounts.
Unique Features
Affordable Plan
ICICI Pru Loan Protect protects your family from the outstanding home and car loans in your absence.
Unique Features
Affordable Plan
The plan covers death, accidental death, critical illness, and total and permanent disability offering loan benefits during periods of income loss.
Unique Features
ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025
lifeline@iciciprulife.com
1860 266 7766
Yes, a person with a smoking habit is liable to pay more premium than non-smokers. This happens because smoking increases the risk of death from serious lung illnesses and cancer, which means if you are a smoker then your iProtect Smart ICICI insurance premium rates will be higher.
No, ICICI Pru iProtect Smart does not come with any maturity benefit, so you cannot avail of any loan under the plan.
Yes ICICI Pru iProtect Smart Term Plan allows the policyholders to increase your life cover amount after your marriage or the addition of your children into your family.
Yes, your premium for your iProtect Smart ICICI Insurance will be returned to you after deducting the Stamp duty charges and any medical expenses covered by the company.
In case your nominee is dead before you, the first thing you need to do is inform the insurance company. The company will then assist you in the further procedure of changing your nominee.
Under this plan, a woman will be eligible to get 18% lower premium rates than a man.
Every individual's needs are different, therefore we cannot decide the ideal term for your policy. However, It is recommended to have a term till retirement. For example, if you are 30 years old and plan to retire at 60, you should purchase a 30-year term life insurance policy.
Thus, if the above scenario fits in your case then the policy term could be equal to your expected retirement age minus your current age.
Yes, the value of the Critical Illness Benefit given to you will lower the Life Coverage. As a result, the premiums you'll have to pay in the future will be lower.
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Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.
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