A term plan with high sums at low premiums is surely a dream come true!

ICICI Pru iProtect Smart Term Plan

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.

Features of ICICI Pru iProtect Smart

  • iProtect smart is a pure online term insurance plan.
  • Four protection options as per need- Life, Life plus, Life and Health, All in One.
  • It provides comprehensive coverage against death, terminal illness, and disability.
  • Offers Special discount on premiums for female lives.
  • Three payout options lump sum, monthly income and increasing income.
  • Special extensive coverage for females by offering coverage for breast cancer and cervical cancer.
  • Option to increase sum assured for key milestone achievements like marriage or birth/legal adoption of 1st and 2nd child.
  • Surrender value applicable for single premium only.
  • With ICICI Pru iProtect Smart, along with tax benefits under section 80C for premium, you can save tax under section 80D if you opt for critical illness benefit option. The death benefit is also tax free under section 10(10D).

Four Options with the iProtect Smart 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.

Benefits of ICICI Pru iProtect Smart

Table Illustration of Benefits in each option

BenefitsLifeLife PlusLife and HealthAll in One
Death and Terminal IllnessYesYesYesYes
Premium Waiver on permanent disabilityYesYesYesYes
Accidental deathNoYesNoYes
Critical IllnessNoNoYesYes

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.

  • Marriage: Option to increase sum assured by 50% of additional death benefit available to original death benefit (maximum limit is Rs. 50,00,000).
  • Birth/Legal adoption of 1st Child: Option to increase sum assured by another 25% of additional death benefit available to original death benefit (maximum limit is Rs.25, 00,000).
  • Birth/Legal adoption of 2nd Child: Option to increase sum assured by another 25% of additional death benefit available to original death benefit (maximum limit is Rs.25, 00,000).

Eligibility Criteria of ICICI Pru iProtect Smart

Eligibility Age18 years to 60 years
Maturity Age of the policy holder23 years to 75 years
Policy term length
Benefit OptionRegular PayLimited PaySingle Pay
Life5 - 40 years10 - 40 years5 - 20 years
Life Plus5 - 40 years10 - 40 years5 - 20 years
Life & Health5 - 30 years10 - 30 yearsNot applicable
All-in-one5 - 30 years10 - 30 yearsNot applicable
Premium paying modeMonthly, half yearly or yearly

Payout Options offered by ICICI Pru iProtect Smart

Three payout options to take care of your family

  • Lump sum: Get the entire death benefit amount as a lump sum
  • Regular Income: 10% of the benefit amount is payable every year for 10 years.
  • Increasing Income: The benefit amount is payable in monthly installments for 10 years starting with 10% of the benefit amount per annum in the first year. The income amount will increase by 10% per annum simple interest every year thereafter.

Other details of ICICI Pru iProtect Smart

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.

Waiting period:

  • Pre-Existing disease waiting period of 48 months.
  • The waiting period for critical illness is 6 months from the policy issue date and 3 months from the policy reinstatement date where the policy is lapsed for more than 3 months.
  • No waiting period applies where Critical Illness is due to an accident.

ICICI Pru iProtect Smart Term Plan Exclusions

  • Sexually Transmitted Disease (STD), AIDS and HIV and its related complications.
  • Self-inflicted injury, suicide, insanity and deliberate participation of the life insured in an illegal or criminal act.
  • Use of drugs/alcohol/taking of drugs except under the direction of a qualified medical practitioner.
  • Participation in war whether declared or not, civil commotion, breach of law with criminal intent.
  • Aviation other than as a fare paying passenger or crew in a commercial licensed aircraft.
  • Adventure sports such as racing of any kind, scuba diving, aerial sports deliberate exposure to danger.
  • Radioactive contamination due to nuclear accident.

Review of ICICI Pru iProtect Smart

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.