Compare ICICI Pru iProtect Smart Plan

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ICICI Pru iProtect Smart Plan

ICICI Pru’s iProtect Smart Plan is an online term insurance plan which offers an all-round coverage through different plan coverage options. The policyholder can enjoy the flexibility of premium payment term. Moreover, the Sum Assured can also be enhanced if the policyholder chooses to do so.

Key features of the plan

  • The plan has four coverage options called Life, Life Plus, Life & Health and All-in-one.
  • The death benefit under the plan can be taken in lump sum, as annual incomes and as increasing annual incomes.
  • The policy can opt to include the Life Stage Protection option wherein the Sum Assured can be increased at important events.  

How does the plan work?

Step 1 – the policyholder chooses the Sum Assured and the coverage option. There are four options which are as follows:

  • Life option – under this option death benefit is payable in case of death or on diagnosis of a terminal illness. If the insured becomes disabled due to an accident, future premiums are waived off but the plan continues.
  • Life Plus Option - under this option death benefit is payable in case of death, accidental death or on diagnosis of a terminal illness. If the insured becomes disabled due to an accident, future premiums are waived off but the plan continues.
  • Life & Health Option – this option covers the benefits of the Life option. Death benefit is payable in case of death or on diagnosis of a terminal illness. In case of accidental disability, future premiums are waived off. There is also a Critical Illness benefit which covers 34 illnesses. A lump sum benefit is paid if the insured suffers from any covered illnesses.
  • All-in-one option – under this option, all coverage features under the above options are covered. Death benefit is payable in case of death, accidental death or on diagnosis of a terminal illness. In case of accidental disability, future premiums are waived off. There is also the Critical Illness benefit which covers 34 illnesses.

Step 2 – the policyholder can choose Life stage Protection benefit through which the Sum Assured can be increased. This increment is allowed on marriage or at childbirth. The proportion of increase is as follows:

  • On marriage – 50% of the existing Sum Assured subject to a maximum of Rs.50 lakhs
  • On birth of 1st child – 25% of the existing Sum Assured subject to a maximum of Rs.25 lakhs
  • On birth of 2nd child - 25% of the existing Sum Assured subject to a maximum of Rs.25 lakhs

Step 3- the death benefit can be chosen to be received in the following ways:

  • In lump sum
  • In level annual instalments where 10% of the benefit is paid every year for 10 years in monthly instalments.
  • In increasing annual instalments where 10% of the death benefit is paid 10 years. Moreover, the benefit increases by 10% simple rate of interest every year from the next year.

Step 4 – The policyholder also chooses the plan tenure, the premium paying tenure and the premium paying mode.
Step 5 - on death of the life insured, the Sum Assured on death is paid according to the plan option selected.

Example

Soham, aged 35 years buys iProtect Smart Plan for a Sum Assured of Rs.50 lakhs and a policy term of 30 years.

Option 1 – He opts for life option. The premium is Rs.8353 if he chooses to receive a lump sum benefit, Rs.7100 for annual income benefit and Rs.10, 526 for increasing annual income benefit.

Option 2 – For the life plus option, the premium is Rs.11, 199 if he chooses to receive a lump sum benefit, Rs.9946 for annual income benefit and Rs.13, 372 for increasing annual income benefit

Option 3 – For the life & health option Soham’s premiums are Rs.17, 212 if he chooses to receive a lump sum benefit, Rs.15, 959 for annual income benefit and Rs.19, 385 for increasing annual income benefit

Option 4 – Lastly, for the all-in-one benefit, the premium is Rs.20, 058 if he chooses to receive a lump sum benefit, Rs.18, 805 for annual income benefit and Rs.22, 231 for increasing annual income benefit

Option 5 – on death the death benefit payable would depend on the plan option selected.

Option 6 – if the plan matures, no benefit is payable.

Plan benefits

  • Death benefit – the death benefit is paid as per the coverage option selected by the policyholder. The death benefit would be equal to the Sum Assured chosen under the plan.
  • Maturity Benefit – there is no maturity benefit payable under the plan

Eligibility

  Minimum Maximum
Age at entry (in completed years) 18 years 60 years
Age at maturity (in completed years) 23 years 75 years
Term of the plan Regular and single premium paying term - 5 years
Limited premium paying term – 10 years
Regular and limited premium paying term:
For life and life plus option – 40 years
For life & health and all-in-one option – 30 years
Single premium paying term:
For life and life plus option – 20 years
Premium paying options Single Pay, Limited Pay or Regular pay
Premium Paying term Single Pay – once
Limited pay – (term – 5 years)
Regular pay - Equal to the plan tenure
Sum Assured Depends on the minimum premium amount which is Rs.2400 annually No limit

What is not covered by the plan?
If the life insured dies due to suicide within one year of plan commencement or revival, 80% of the premiums paid are refunded.

Premium Illustration
Below are the sample rates of premium (inclusive of taxes) payable by a non-tobacco user male aged 30 years opting for different levels of Sum Assured. The term is assumed to be 30 years and premiums are paid annually for the entire duration.

ICICI-Pru-iProtect-Smart-Plan

FAQs

  • What is the surrender benefit available under the plan?
  • Surrender value is applicable only for single pay plans. The surrender benefit is calculated as follows:
    Surrender Value = (Single Premium * Surrender Value Factor / 100)

  • Can the monthly incomes be received as lump sum?
  • Yes, if the beneficiary wants a lump sum benefit, the monthly instalments would be paid in lump sum after being discounted @ 4%.

  • Is the Life Stage Protection feature available with all plan options?
  • No, life stage protection feature can be taken only with Life Option.

  • What is the free-look period under the policy?
  • The free-look period is 30 days (for distance marketing channels) or 15 days for Monthly frequency payment When will the premiums be waived under the plan?
    Only when the life insured suffers permanent disability due to an accident would the premiums be waived under the plan.

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