- About Coverfox
Life is an adventure for everyone with constant ups and downs. Insurance is a great concept that helps us give assurance of financial help if we get struck by an unfortunate event. Term insurance plan is a pure and basic insurance plan that gives financial protection to our loved ones against life’s biggest risk which is death.
ICICI Prudential Life- the 1st insurance company in India listed on NSE & BSE.
ICICI Prudential's iProtect Smart term insurance plan is one of the comprehensive term plans available in the market today. It has lots of features and benefits which makes it a truly smart and worthy term insurance plan.
Let's have a look at these four options and its features that you can choose from as per your individual need.
Life: This option provides benefit in case of death or terminal illness of the policyholder. Besides it also provides the benefit of waiver of premium in case the policy holder gets permanently disabled due to an accident. In such a case the policy will continue but no premium payment will be charged from the policy holder. If the policy holder dies during the term period then the death benefit will be given to nominee.
Life Plus : This option has all the components of “Life” option. Over and above, it also has an accidental death benefit of up to INR 2 crore.
Life & Health : This option again has all the features of “Life” option. In addition to this, it also provides you critical illness benefit of up to INR 1 crore. The critical illness benefit can only be availed once during the policy period. If the life assured say is diagnosed with any one of the 34 Critical illnesses mentioned in the policy document, the critical illness benefit amount will be paid immediately at the first occurrence. Even if the actual medical expense incurred is less the policy holder will get the full amount of critical illness as promised in the policy document. After the critical illness payment, the life insurance policy will stay active with reduced premium and sum assured will be reduced by the amount of critical illness benefit paid.
All in one: This option carries all the benefits and features mentioned in the above options.
Table Illustration of Benefits in each option
|Benefits||Life||Life Plus||Life and Health||All in One|
|Death and Terminal Illness||Yes||Yes||Yes||Yes|
|Premium Waiver on permanent disability||Yes||Yes||Yes||Yes|
ICICI Pru iProtect Smart offers "Life Stage Protection" benefits. You have the option to increase the sum assured when you reach the important milestones of your life.
|Eligibility Age||18 years to 60 years|
|Maturity Age of the policy holder||23 years to 75 years|
|Policy term length|
|Benefit Option||Regular Pay||Limited Pay||Single Pay|
|Life||5 - 40 years||10 - 40 years||5 - 20 years|
|Life Plus||5 - 40 years||10 - 40 years||5 - 20 years|
|Life & Health||5 - 30 years||10 - 30 years||Not applicable|
|All-in-one||5 - 30 years||10 - 30 years||Not applicable|
|Premium paying mode||Monthly, half yearly or yearly|
Three payout options to take care of your family
Free look up period: The plan has a free look period option of 15 days (if not purchased through distance marketing) and 30 days if purchased through distance marketing. If the policy is returned, the company will pay the premium minus the expenses on stamp duty and medical checkup cost.
Maturity: There is no payment made on the maturity of the policy term. If the policy holder survives the term the policy gets terminated and no payment is made.
Life stage protection: This feature needs to be used within 6 months from the date of the event and applicable to use only if no claim for any benefit under the policy has been made. The life insured has to be less than 50 years of age at the time of exercising this option.
Suicide clause: If the policy holder commits suicide in one year from the date of issue of policy, the policy will be void and no benefit will be payable. The company will refund 80% of the premium.
Grace period: Grace period for premium payment is 15 days for monthly payment mode and 30 days for other payment modes.
ICICI Pru Protect smart term insurance plan offers good flexibility when it comes to features and benefits. It gives death cover till the age of 75 years which is extensive coverage for Indian nationals. With a healthy claim settlement ratio of 96.2% in FY 2016, it is a very good competitive term insurance plan available in the market today under a strong ICICI brand name.