Since its launch ICICI Pru protect Smart has become our top selling plan online
ICICI Pru iProtect Smart Term Plan
A Term Insurance Plan
Secure your loved ones with our term plan
Since its launch ICICI Pru protect Smart has become our top selling plan online (Source: Company Buy Online data - Dec 2015 till Sep 2018). This term plan offers protection for your family and critical illness cover for you(optional). Critical illness cover is a very popular benefit among consumers with 1 out of 3 people selecting this benefit (Source: Company Buy Online data Sep 2018 till date).
Here are 7 things you must know about our term plan
It fits into your tight budget
After paying your monthly rent, light and phone bills, a term life insurance premium can be difficult. ICICI Pru IProtect Smart's affordable premiums make sure it isn't. Just what your wallet asked for. Moreover, you have the option to make the payments in yearly, half-yearly or monthly mode.
It gives you longer cover
The best time to buy life insurance is now. As buying now will ensure that you get life cover at low premiums and desired term. Our plan has the provision to cover you till age 99.
It is advisable that you take term life cover for your earning years because by then you would have paid off your liabilities and you may not have family dependent on your income.
It pays on diagnosis of any of the 34 Critical illnesses (optional)
Term Life Insurance is for your family's security. But what happens when a critical illness strikes and your life hangs in balance? ICICI Pru protect Smart gives claim payout on first diagnosis of any of the covered 34 Critical Illnesses^ . No Hospital Bills required.
That's correct no hospital bills required, we only need a copy of your diagnosis report. What's more? this health benefit covers you for 30 years without any change in premium. It is a popular option amongst buyers where 1 in 3 people go for this option. Source: Company Buy Online data - Dec 2015 till date.
It gives you 4 payout options to choose from
Sometimes you may make lumpsum payments, such as for your child's education and sometimes you just need monthly income, say for Home loan EMIs. Give your nominees the choice to receive insurance money, as per their needs with 4 payout options of ICICI Pru iProtect Smart.
Lump Sum: This is our most popular Payout option. Source: Company Buy Online data - Dec 2015 till date. The Life Cover will be paid together as a fixed lump sum. For example, if you choose a Life Cover of Rs. 1 crore, your nominee will receive the same as lump sum amount.
Income: Premium under this payout option is the lowest. You can choose this option if you want your wife or children (nominee) to receive a regular monthly income. With this option, 10% of the benefit amount is payable every year for 10 years. This will be paid in equal monthly installments, in advance, at the rate of 0.83333% of the total benefit amount. This means, for a Life Cover of Rs. 1 crore, the monthly income paid will be Rs. 83,333.
Your nominee can also choose to receive the first year's income, equal to Rs. 10 lakh, as lump sum. After this, the monthly installments will continue from subsequent month for 9 years at the rate of 0.80% of the total benefit amount, i.e., Rs. 80,000 per month.
Increasing Income: This payout option gives 45% more life cover. if your Life Cover is Rs. 1 crore, then your nominee will receive Rs. 10 lakh in the first year, Rs. 11 lakh in the second year, Rs. 12 lakh in the third year and so on. At the end of the 10th years, total life cover received will be Rs. 1.45 crore.
You can choose this option if you want your wife or children (nominee) to receive an increasing regular income. Your nominee will receive monthly installments for 10 years. The income amount will increase by 10% p.a. simple interest every year.
Lump Sum plus Income: This is our new payout option. With this option, the Life Cover will be paid in two parts as selected by you at policy inception. For example, if your life cover is Rs. 1 crore, you can choose to give Rs. 50 lakh as lumpsum and remaining Rs. 50 Lakh will be paid out in equal monthly installments of Rs. 41,667 per month, at the rate of 0.83333% per month over 10 years.
It pays life cover on terminal illness (including AIDS)
Terminal illnesses such as AIDS are not only life threatening but can also spell financial ruin. ICICI Pru iProtect Smart helps you give them that last fight, paying your insurance money before death. The terminal illnesses benefit is available with all plan options and it covers AIDS too.
Terminal Illness refers to the high likeliness of death within the next six months as diagnosed by medical practitioners that specialize in the same.
It gives you option to add accidental benefit now, or later
Road, Train accidents happen all the time. Insurance can't stop them, but it can mitigate the financial effects. ICICI Pru iProtect Smart lets you add accidental cover of your choice during purchase or, even after purchase.
For example if you buy life cover of Rs. 1cr with accident benefit of Rs. 50 Lakh, your nominee will get Rs. 1.5 crore in case of death due to accident. Maximum accident cover available with this benefit is Rs. 2 crore. 2 amongst 5 buyers prefer to go with this option. Source: Company Buy Online data - Dec 2015 till date.
It gives you option to buy online with MWP Act4
Last thing you want after buying a term plan is insurance money not given to your near ones, like to your wife or children. Your relatives /creditors may wrongfully claim the insurance amount. You have the option to protect it with us, by buying our online term plan ICICI Pru iProtect Smart under Married Women's Property Act (MWP Act).
This will help in the payment of full life insurance claim amount to your wife and/or children. Removing that last line of worry from your head.
Does this plan have waiver of premium?
In case of permanent disability due to an accident, the company waives all future premiums and your policy continues uninterrupted.
Does this plan provide tax benefits?
Yes, it gives three types of tax benefits.
1. Premiums paid are tax-free under section 80 C.
2. When you opt for Critical Illness benefit you can get additional tax benefit under section 80D.
3. Claim amount received by you or your nominee is tax free under section 10(10D).
Tax benefits under the policy are subject to conditions under Sec. 80C, 80D,10(10D) and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
Can I buy this plan online?
Yes, you can buy this plan online on your desktop or on your mobile phone. Buying online gives additional discount and takes just 10 minutes to complete the purchase (subject to realization of payment and documents).
Can I buy this plan under Married Women's Property (MWP) Act?
Yes, you can buy this plan under MWP act. In fact, you can attach MWP act even when you are buying online. All you have to do is tick "yes" in the MWP act question which appears in the application form.
Is death due to suicide included in this plan?
Yes, death due to suicide is covered in this plan. If death of the policy holder happens due to suicide within a year, the nominee or beneficiary of the policyholder shall be entitled to 80% of the premiums paid till the death, provided the policy is in force.
At what age can I start this plan?
You can start this plan from the age of 18. But, the maximum age should not exceed 65 years.
How much premium do I have to pay?
The premium will depend on the Life Cover amount and other Benefit Options you choose. It starts from Rs. 2,400 per annum excluding taxes as applicable for Life Option.
How much money will my family receive in case of death due to an accident?
Your family will receive the combined lump sum amount of Life Cover + Accident Cover if chosen by you.
How much Critical Illness Benefit can I choose?
The minimum Critical Illness Benefit you can choose is Rs. 1 lakh. The maximum benefit will be up to the basic Life Cover subject to maximum of Rs. 1 crore, as per the company policy.
When do I receive Critical illness pay-out?
This benefit is payable when you are diagnosed for the first time with any of the 34 critical illnesses covered by ICICI Pru iProtect Smart. A copy of the diagnosis report is enough to initiate the critical illness claim.
Does my Life Cover or Premium change after I receive the critical illness benefit?
Yes, the Life Cover will reduce by the value of the Critical Illness Benefit paid to you. As a result, the future premiums you have to pay will reduce as well.
What are the protection benefits available in this plan?
1. Death and Terminal Illness: Your nominee receives the Life Cover amount in case of your death. You get 100% cash payout of the total life cover amount if you are diagnosed with terminal illness. The policy will close on payment of either the death benefit or the terminal illness benefit. Terminal Illness refers to the high likeliness of death within the next six months as diagnosed by medical practitioners that specialize in the same.
2. Permanent Disability: The company pays all due premiums on your behalf in case of permanent disability caused due to an accident. Permanent Disability~ will be triggered if you are unable to perform 3 out of the 6 following activities permanently and consistently for 6 consecutive months:
Mobility: The ability to walk a distance of 200 meters on flat ground.
Bending: The ability to bend or kneel to touch the floor and straighten up again and the ability to get into a standard car, and out again.
Climbing: The ability to climb up a flight of 12 stairs and down again, using a handrail if needed.
Lifting: The ability to pick up an object weighing 2 kg at table height and hold it for 60 seconds before replacing the object on the table.
Writing: The ability to write using a pen or pencil, or type using a computer's keyboard.
Blindness (permanent and irreversible): Permanent and irreversible loss of sight to the extent that even when tested with the use of visual aids, vision is measured at 3/60 or worse, using a Snellen eye chart.
3. Accidental Death (optional): In case of death due to an accident, your nominee receives a lump sum amount called the Accident Cover*.
4. Critical Illness (optional): On the first occurrence of any of the covered 34 critical illnesses, you receive a lump sum pay-out*.
Which Benefit is covered under which benefit option?
You can choose your level of protection by selecting one of the four benefit options to suit your need. The plan options are Life, Life Plus, Life & Health and All-in-one.
Does this plan have single premium option?
Yes, this plan has single premium option. Here are the details:
|1||ICICI Prulife iProtect Smart||ICICI Prulife iProtect Smart|
|2||ICICI Prulife iProtect Smart||iProtect Smart|