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ICICI Prudential iProtect Smart Term Insurance
Smart Protection for Your Loved Ones
Life Cover + optional 34 CI
30 day Return policy
Affordable Premiums
2 lakh + Happy Customers
About ICICI Prudential iProtect Smart Term Insurance
Term life insurance plans offer considerable coverage at an affordable cost, without providing any maturity value. They provide financial protection for a certain period, ensuring the well-being of your spouse, children or nominated beneficiaries in the event of your absence.
ICICI Pru iProtect Smart offers comprehensive protection by not only securing you and your family with a term plan but also providing the added benefit of health coverage for 34 critical illnesses. The unique feature of providing a claim payout on the first diagnosis without the need for hospital bills adds an extra layer of support. Additionally, the availability of accidental death cover of up to 2 crore rupees makes it a well-rounded protection plan.
This page offers assistance with choosing the right insurance policy for your needs. It also provides detailed information about iProtect Smart, including the online purchasing process and the easy claims process offered by ICICI Prudential Life.
ICICI Pru iProtect Smart is one of the top-selling plans online and has gained popularity since its launch. It stands out in the industry by offering claim payments for 34 critical illnesses, making it a desirable choice for 1 in 3 customers. Furthermore, in a customer survey of over 7000 individuals, this term plan was awarded “Product of the Year” in the life Insurance Industry in 2016.
Key Features of ICICI Prudential iProtect Smart Term Plan
These are some of the key features of the ICICI Prudential iProtect Smart Term Plan -
- The enhanced protection provides comprehensive coverage against death, terminal illness and disability, offering valuable financial security in case of unexpected circumstances.
- You have the option to choose additional benefits such as Accidental Death Benefits and Accelerated Benefits. These benefits provide comprehensive coverage and added financial protection in case of accidental death or critical illness. It is important to carefully consider these options to ensure you have the coverage that best suits your needs.
- Critical Illness Benefit
- Non-tobacco users can enjoy special premium rates on their insurance policies, reflecting their healthier lifestyle choices. This demonstrates the insurance company’s recognition and reward for individuals who do not engage in tobacco use. It also promotes a proactive approach to wellness and overall health.
- Salaried customers can now enjoy a special discount on their first year’s premium.
- Choose your preferred method of receiving the benefits - either as a one-time lump sum or as a monthly payout based on your needs.
- You can choose to receive a steady income for 10, 20, 30 years or a combination of these options. This flexibility allows you to tailor your income stream according to your specific needs and preferences, providing you with financial security over the long term.
- You have the option to pay your premiums flexibly, whether it is a one-time payment, over a limited period or throughout the entire policy term.
- Tax benefits can be availed of on both the premiums paid and the benefits received per the current tax regulations.
Eligibility Criteria of ICICI Pru iProtect Smart Term Plan iProtect Smart Term Plan
| Payment Option | Payment Term | Policy Term | Entry Age (Min/Max) |
|---|---|---|---|
| Single Pay | Single Payment | 5 to 20 years | 18 to 65 years |
| Regular Pay | Equal to Policy Term | 5 to 85 years less age at entry | 18 to 65 years |
| Whole Life (up to 99 years less age at entry) | |||
| Limited Pay | 5, 7, or Policy Term - 5 years | 10 to 85 years less age at entry | 18 to 65 years |
| 10 years | 15 to 85 years less age at entry | ||
| Whole Life (up to 99 years less age at entry) | |||
| 60 years less age at entry | Payment Term + 5 years to 85 years less age at entry | 18 to 55 years | |
| Whole Life (up to 99 years less age at entry) |
Additional Benefits and Details
- Minimum Premium: The annual cost is Rs. 2,400, excluding any applicable taxes such as GST and/or cesses.
- Accidental Death Benefit:
- Minimum: The policy term and the age limit both affect the duration of the policy. The policy will continue for the selected term or the age limit, whichever comes first. In this case, the policy will either remain in effect for the selected term or until reaching the age of 80, whichever occurs first.
- Maximum: The coverage amount is determined based on the chosen sum assured and is subject to the underwriting policy approved by the board.
- Accelerated Critical Illness Benefit (ACI):
- Minimum: The policy term for Rs. 1,00,000 is 30 years or until the age of 75, whichever comes first.
- Maximum: The Board Approved Underwriting Policy does not apply to Single Pay policies according to ACI.
- Minimum Sum Assured: The minimum premium requirement is a condition that must be met when purchasing an insurance policy.
- Maximum Sum Assured: Your insurance coverage is unlimited, within the parameters of the Board Approved Underwriting Policy.
- Premium Payment Modes: You have the option of choosing between single, yearly, half-yearly, or monthly payment plans.
Benefits of ICICI Pru iProtect Smart Term Plan
ICICI Pru iProtect Smart benefits offer comprehensive coverage for both you and your family, ensuring that you are fully protected in various aspects of your life. With a range of benefits tailored to your needs, iProtect Smart provides peace of mind and security for the future.
Policy Term and Premiums
ICICI Pru iProtect Smart allows you to choose a policy term that suits your needs, with affordable premiums. You can opt for a maximum policy term up to the age of 85 and even have the option for whole life cover till age 99.
Sr. No. Age (yrs) Life Cover Max. Policy Term Annual Premium 1 30 ₹50 Lacs 69 Years ₹13,207 2 30 ₹1 Crore 69 Years ₹28,175 3 35 ₹50 Lacs 64 Years ₹15,379 4 35 ₹1 Crore 64 Years ₹31,888 Protection Options
Select the protection option that best fits your requirements from the available 4 choices -
Benefit Life Life Plus Life & Health All-in-One Death / Terminal Illness Benefit Yes Yes Yes Yes (includes AIDS) No No No No Waiver of Premium on Disability No Yes Yes Yes Accidental Death Benefit (up to ₹2Cr) No Yes Yes Yes Critical Illness Benefit (up to ₹1Cr) No No Yes Yes Tip: The critical illness benefit is a popular choice among ICICI’s term plan buyers, with 1 in 3 customers opting for it. It provides coverage for 34 critical illnesses and the claim amount is paid upon the first diagnosis. Simply providing a photocopy of the diagnosis report is enough to initiate the claim process.Flexible Payout Options
Payout Option Description Lumpsum . The most preferred option online Monthly Income The most economical option Increasing Income Provides 45% more life cover Lumpsum plus Income Our new payout option Tip: Your beneficiary has the flexibility to convert their regular monthly income into a one-time lump sum payment when needed, providing them with added financial flexibility and control.Special Benefits for Women
Special Benefit Description Lower premium rates Women enjoy lower premium rates Coverage for critical illnesses Option to cover illnesses like breast cancer and cervical cancer Tax Benefits (As per Income Tax Act 1961)
Tax Benefit Section Applicable Plans Tax benefits on premiums paid Section 80C All plan options Tax benefits on premiums paid Section 80D Life & Health or All-in-One plan options No tax on the claim amount Section 10(10D) All plans
What are the Documents Required to Buy the Policy?
Please find below the list of documents required for purchasing the iProtect Smart policy. Kindly ensure that all the necessary documents are provided to facilitate the smooth processing of the policy application.
- Identity proof :
- PAN Card or AADHAAR Card
- Age & Address proof (Any one) :
- Current Passport
- Current Driving License
- Aadhar card with photo and address (12-digit UID number)
- Income Proof :
- Income Tax returns (ITRs) for the last 3 assessment years duly filed with the IT department
- Form 16 of the latest assessment year
- Salary slips of the last 3 months
- Individual Audited Profit and Loss account, Balance Sheet of last 3 assessment years
- The last 3 months' bank statement reflecting regular salary credits
- Latest salary certificate from the employer on the letterhead signed by the authorized signatory
Please note that the required documents for purchasing an insurance policy may vary depending on the policy and insurance company. To ensure you have the correct list of documents, it is always recommended to check with your insurance provider directly.
Policy Details of ICICI iProtect Smart Plan
Maturity, Paid-up, or Survival Benefit
- Applicable to Single Pay policies.
- Surrender value available from year 1
- Surrender Value formula: Single Premium×(Surrender value factor\100).
Surrender Policy
- Review and cancel policy within:
- 15 days of policy document receipt.
- 30 days for electronic or Distance Mode policies.
- Refund includes premium minus:
- Stamp duty.
- Medical exam expenses.
- Proportionate risk premium.
- The policy terminates upon refund.
Free Look Period
- Review and cancel the policy without charges.
Life Stage Protection
- Increase Sum Assured with additional premium based on current age (Regular premium payment only).
- Applies only to the base death benefit.
Conditions
- Minimum policy term of 5 years.
- Life Assured under 50 at the event.
- Increase within 6 months of the event.
Terminal Illness
- Diagnosis by two independent medical practitioners.
- Condition likely to lead to death within 6 months.
- Practitioners must be registered with the Indian Medical Association and approved by the Company.
Permanent Disability (PD) Due to Accident
- Premiums waived for Life Option, Life Plus Option, Life & Health Option, and All-in-one Option.
- PD if unable to perform 3 out of 6 Activities of Daily Work.
Conditions:
- Disability lasting at least 180 days.
- Caused by violent, external, and visible means.
- The policy must be in force at the time of the accident.
Accidental Death Benefit (AD Benefit)
- Lump sum payable on accidental death.
- Can be chosen at policy inception or during the term (Regular Pay policies) with additional premium.
Conditions:
- Death is caused by violent, external, and visible means.
- The policy must be in force at the time of the accident.
Critical Illness (ACI) Benefit
- Accelerated benefit for first diagnosis of covered Critical Illnesses.
- Available with Regular Pay and Limited Pay options.
- Maximum ACI Benefit per Board Approved Underwriting Policy.
- Angioplasty benefit limited to ₹5,00,000.
Conditions:
- Continues with reduced Death Benefit after ACI payout.
- Terminates if ACI Benefit equals Death Benefit.
- One claim per Critical Illness.
Waiting Period for CI Benefit
- Initial Waiting Period:
- Critical Illness symptoms, treatment, or diagnosis within 6 months from the policy issue or 3 months from reinstatement (if lapsed over 3 months) are excluded.
- Refund and Termination:
- If Critical Illness occurs during the waiting period or in case of death with a prior diagnosis during this period:
- Refund of premiums related to ACI Benefit; ACI Benefit terminates.
- If the Death Benefit equals ACI Benefit, refund of premiums from risk commencement or reinstatement date; policy terminates.
- If Death Benefit does not equal ACI Benefit:
- For Critical Illness claim: Reduce Death Benefit by ACI Benefit amount; refund proportionate premiums; policy continues with reduced Death Benefit and lower future premiums.
- For death claim: Reduce Death Benefit by ACI Benefit amount; refund proportionate premiums; remaining Death Benefit paid, and policy terminates.
- If Critical Illness occurs during the waiting period or in case of death with a prior diagnosis during this period:
Accidental Critical Illness
- No waiting period for Critical Illness due to an accident.
Exclusions for ACI Benefit
- Pre-Existing Conditions:
- Conditions with signs, symptoms, diagnosis, or treatment within 48 months before policy issuance or between the due date of the first unpaid premium and reinstatement.
- Specific Conditions Excluded:
- STDs, AIDS, HIV.
- Self-inflicted injury, suicide, insanity, illegal or criminal acts.
- Drug/alcohol use (except under medical direction).
- War, civil commotion, rebellion, etc.
- Aviation (except as fare-paying passenger or crew in licensed aircraft).
- Criminal acts, dangerous activities (e.g., hunting, mountaineering, professional sports).
- Nuclear accidents, radioactive contamination.
- Delaying medical treatment to circumvent policy conditions.
- Donor treatment for organ replacement.
- Congenital defects are diagnosed before age 17.
Additional Policy Provisions
- Suicide Clause:
- Suicide within one year of policy inception or reinstatement (for Limited/Regular Pay): Nominee receives 80% of premiums paid or surrender value, whichever is higher.
- Grace Period:
- 15 days for the monthly premium mode and 30 days for other modes.
- Policy Revival:
- Within 2 years from the first unpaid premium’s due date, subject to underwriting and health evidence.
- Arrears and interest must be paid; terms may change (e.g., extra premiums).
- The company can refuse revival; a waiting period of 3 months for CI Benefit applies if revival is after 3 months of unpaid premium.
- Limited Pay Option:
- Premiums are paid for a specific term; benefits continue for the policy term.
- Premium Discontinuance:
- Non-payment within the due date or grace period results in the cessation of benefits.
- Nomination and Assignment:
- Governed by Sections 39 and 38 of the Insurance Laws (Amendment) Act, 2015, respectively.
- Section 41 Compliance:
- No rebates on commission or premiums except as allowed by the insurer’s published tables.
- Violations may result in fines of up to ten lakh rupees.
- Section 45 Compliance:
- Treatment as per Section 45 of the Insurance Laws (Amendment) Act, 2015.
How to file ICICI Prudential Life Insurance Claim?
Filing a claim for iProtect Smart is a quick and straightforward procedure that consists of just 3 easy steps -
Moreover, you can also raise your claim by visiting the nearest branch of ICICI Life Insurance.
Step 1: Claim intimation
To claim insurance, complete the claim intimation form and submit it with the required documents at ICICI’s branch or central claim care centre.
Step 2: Claim processing
Their dedicated ClaimCare team meticulously reviews your claim details and provides personalized guidance throughout the entire process. If any documents are outstanding, the team will notify you and issue a requirement within 8 calendar days. Their claim experts are readily available to assist and ensure that you receive the support you need.
Step 3: Claim settlement
After approval and receipt of necessary documents, they settle your claims within 12 days, if no investigation is needed. To simplify the process, reduce paperwork and ensure convenience, they use electronic transfer methods for disbursing the settlement amount.
Key Inclusions and Exclusions of the Plan
What's Included
- COVID-19 claims
- Optional coverage for 34 critical illnesses
- Disability benefit for life
- Optional accidental death coverage
- Coverage for death and serious illnesses
What's Not Included
- Self-harm, suicide or mental illness
- Engaging in illegal or criminal activities with criminal intent
- Substance abuse including drugs, alcohol and solvents
- Treatment for injuries from hunting, mountaineering etc
- Donor treatment for organ replacement
ICICI Prudential Life Insurance Contact Details
You can contact ICICI Prudential Life Insurance by using the below-mentioned contact details.
- Registered Office Address ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025
- Customer Helpline Number 1860-266-7766
Frequently Asked Questions (FAQs)
A.
ICICI Pru iProtect Smart by ICICI Prudential Life Insurance is an exceptional term life insurance policy that guarantees financial protection for your family in the event of your untimely demise during the policy term. Although this plan does not provide a maturity benefit, it is strategically designed to deliver comprehensive coverage at a more affordable cost than whole life insurance.
A.
ICICI Pru iProtect Smart provides comprehensive coverage with affordable premiums, making it an ideal choice for those seeking to protect their loved ones’ financial future. The additional benefits such as critical illness coverage and accidental death benefits add an extra layer of security, making it a well-rounded option for individuals looking for term life insurance.
A.
Ensure that your life cover amount is sufficient to meet the financial needs of your dependents in case of your absence. Experts usually recommend choosing a cover amount that is 10-15 times your annual income. With ICICI Pru iProtect Smart, you also have the flexibility to increase your life cover at key milestones without undergoing medical tests, providing added convenience.
A.
The ideal policy term for life insurance coverage depends on your circumstances. It is usually suggested to have term life insurance until your retirement age, but if you have loans or liabilities that extend beyond retirement, you might consider a longer policy term.
A.
Yes, you can buy an ICICI Pru iProtect Smart Policy even with a pre-existing medical condition. You may have to take medical tests and the premium could be higher based on the severity of your condition.
A.
Yes, you can make changes to your life insurance policy based on your policy terms. This includes the ability to increase your coverage, add optional riders for critical illness or accidental death, or modify the premium payment frequency. To find out more about the specific modifications allowed, get in touch with an ICICI Prudential agent.
A.
Some factors to consider when comparing term life insurance plans include the coverage amount, premium cost, available riders, claim settlement ratio and the insurance company’s reputation. Online resources and insurance comparison websites are useful for comparing different plans.
A.
The premium for ICICI Pru iProtect Smart is determined by factors like - :
- Your age
- Gender
- Smoking habits
- The chosen life cover amount
- Policy term
- Inclusion of optional riders (critical illness benefit, accidental death benefit)
You can get a personalized quote by using ICICI Prudential Life's online quote calculator or contacting their insurance agent.
A.
The MWP Act benefit guarantees that your wife and/or children will receive the claim amount if you pass away, protecting them from potential legal disputes over the insurance payout. This is especially important if creditors or relatives attempt to claim the money.
A.
Yes, ICICI Pru iProtect Smart has a grace period for premium payment, giving you around 15 to 30 days after the due date to make the payment. However, it is advised to pay your premiums on time to avoid any lapses in coverage.
A.
You can potentially revive a lapsed ICICI Pru iProtect Smart Policy within a certain period by paying overdue premiums as well as a revival penalty, though there is no guarantee of success. The outcome may hinge on your health status and the length of the lapse. To pursue revival, it is advisable to get in touch with ICICI Prudential Life for specific guidance.
A.
The ICICI Pru iProtect Smart policy requires filing a claim within 3 to 4 years from the date of death or critical illness diagnosis. It is important to notify the insurance company within this timeframe to ensure a smooth claim settlement process.
A.
ICICI Pru iProtect Smart is specifically tailored for Indian residents and ICICI Prudential Life may have other insurance plans better suited for Non Resident Indians or NRIs. We recommend visiting their official website or reaching out to them directly for information about insurance plans designed for your specific location.
A.
Yes, ICICI Pru iProtect Smart provides flexibility with different premium payment options such as monthly, quarterly and annual payments. Opting for an annual payment could potentially lead to a discount on the total premium compared to monthly payments.
A.
Suicide exclusion clauses are commonly found in term life insurance plans, like ICICI Pru iProtect Smart. These clauses typically restrict coverage for suicide within a specific period, usually one year from the policy’s start date. To get specific details about suicide exclusions, it is important to review the policy wording.
A.
Depending on your age and the amount of life coverage you choose, a medical exam may not be required for ICICI Pru iProtect Smart. For lower coverage amounts, they might waive the medical exam, but may still ask for a health declaration or basic medical information.
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