ICICI Pru iProtect Smart Term Plan
This is one of ICICI Prudential’s most popular term plans, tending to offer the most coverage at the most affordable premiums. In the event of an unfortunate death of the life insured, the candidate has the option of choosing to receive a regular monthly income or a lump sum benefit under the death benefit. In addition to the death benefit, this plan offers optional supplemental riders, such as critical illness and accidental death coverage.
Key Features:
- The plan comes in different variants like life, life plus, life and health and all in one.
- Sum assured options range from INR 50 lakh to INR 1 crore.
- It offers the maximum term of the policy that provides protection up to age 85 and life insurance also has the option to get whole life coverage up to age 99.
- You can also choose the type of term insurance claim payment you want from four flexible death benefit payment options, such as lump sum, monthly income, income increase by 10% each year, and a lump sum combination. and monthly income.
- It allows the insured to pay the premium in three options such as: limited payment, regular payment and single payment.
- The prior health screening depends on the health details submitted by the policy holder.
- The plans have a 30-day free search period, which means that if you are not satisfied with the policy, you can return it within 30 days of purchasing the policy.
- It offers almost 18% lower premium in the case of women life insurance. There is also an option to cover critical illnesses such as breast cancer and cervical cancer, especially for women.
- The additional death benefit is paid up to 50% in the event of any major event in the policyholder’s life, such as marriage or the birth of a child.
- Other benefits:
1. Critical Illness Coverage: Provides protection against 34 critical illnesses classified as cancer, heart attack, among others. This coverage can be purchased at an additional premium with your base policy. If one claims this rider, the policy will continue with the death benefit reduced by the extent of the paid critical illness claim. The maximum coverage of this supplement is INR 1 crore.
2. Accidental Death Coverage – This additional coverage can be purchased for a small additional premium, which provides financial protection in the event of accidental death. The maximum coverage of this plugin is INR 2 crore. However, this benefit is only applicable up to the age of 80.
3. Terminal illness clause: this clause grants the benefit of paying life insurance coverage even before death, if the insured is diagnosed with a terminal illness such as HIV/AIDS. This clause is included with the term policy at no additional cost.
4. Waiver of premium for permanent disability: This clause waives all future premium in the event of permanent disability in the life insured. With this rider, the policy remains active even if the life insured cannot pay a premium. This clause is also included with the term policy at no additional cost.
Who is eligible for the ICICI Pru iProtect Smart policy?
ICICI Pru iProtect Return of Premium
The ICICI Pru iProtect Return of Premium plan provides more financial protection than a basic plan. It offers the regular monthly income or single payment of the total premiums paid, even if the insured survives after the expiration of the term plan, thus safeguarding the benefit of survival or expiration.
Key Features:
- The life insured can choose any of the options according to their needs:
1. Return of Premium (RoP): The life insured receives life coverage until the end of the term of the policy. Plus, you receive 105% of your total premiums back at maturity.
two. Income benefit: The life insured receives life coverage until the end of the policy term and also begins to receive monthly income from the age of 60 until the end of the policy term.
3. Return of Premium with Life Stage Coverage: The life insured receives life coverage until the end of the term of the policy according to the different stages of life and also receives 105% of the total premiums at the time of expiration.
Four. Early refund of premium with Life-stage coverage: The life insured receives life coverage until the end of the term of the policy according to the different stages of life and also receives 105% of the total premiums once he/she turns 60 or 70 years of age.
1. Critical Illness Rider: This is an optional rider that provides financial protection against 64 listed critical illnesses, covering 60 major and four minor critical illnesses.
two. Accidental Death Clause: The life insured receives double the amount of life coverage in the event of accidental death.