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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.
Step 1 – the policyholder chooses the Sum Assured and the coverage option. There are four options which are as follows:
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:
Step 3- the death benefit can be chosen to be received in the following ways:
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.
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.
|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.
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.
Surrender value is applicable only for single pay plans. The surrender benefit is calculated as follows:
Surrender Value = (Single Premium * Surrender Value Factor / 100)
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.