ICICI Prudential iProtect Smart
The ICICI Pru iProtect Smart is a popular and comprehensive term insurance plan offered by ICICI Prudential Life Insurance. It’s designed to provide financial security to your family in your absence.insurance plan that offers a good range of customisable features and benefits , like life stage benefits, add on riders , multiple payment terms , multiple mode of payments, discounts etc, making it a comprehensive plan to look for when if you are looking for the an term plan.
Here in this blog we have detailed the policy ,with its all features and benefits , all the terms conditions , which you can go through to understand the policy in detail.
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| Built In Rider | Coverage against death | |
| terminal illness | – in the opinion of two independent medical practitioners’ specialising in treatment of such illness, is highly likely to lead to death within 6 months – The terminal illness must be diagnosed and confirmed by medical practitioners’ registered with the Indian Medical Association and approved by the Company. – The Company reserves the right for independent assessment. – The Medical Practitioner should neither be the insured person(s) himself nor related to the insured person(s) by blood or marriage nor share the same residence as the Life Assured. | |
| Waiver of premium on disability | – On diagnosis of Permanent Disability (PD) due to an accident, the future premiums under your policy for all benefits are waived – In the event of PD of the Life Assured after 180 days of the occurrence of the accident, the Company shall not be liable to pay this benefit. | |
| What is disability | if person is not able to perform 3 out of 6 activities • Mobility: The ability to walk a distance of 200 meters on flat ground. • Bending: The ability to bend or kneel to touch the floor and straighten up again and the ability to get into a standard saloon car, and out again. • Climbing: The ability to climb up a flight of 12 stairs and down again, using the handrail if needed. • Lifting: The ability to pick up an object weighing 2kg at table height and hold for 60 seconds before replacing the object on the table. • Writing: The manual dexterity to write legibly using a pen or pencil, or type using a desktop personal computer keyboard. • Blindness – permanent and irreversible – Permanent and irreversible loss of sight to the extent that even when tested with the use of visual aids, vision is measured at 3/60 or worse in the better eye using a Snellen eye chart. | |
| T & C | – The disability should have lasted for at least 180 days without interruption from the date of disability and must be deemed permanent by a Company empanelled medical practitioner | |
| T & C | -Attempted suicide or self-inflicted injuries while sane or insane, or -whilst the Life Assured is under the influence of any narcotic substance or – drug or intoxicating liquor except under the direction of a medical practitioner; – Engaging in aerial flights (including parachuting and skydiving) other than as a fare paying passenger or crew on a licensed passenger-carrying commercial aircraft operating on a regular scheduled route – The Life Assured with criminal intent, committing any breach of law – Due to war, whether declared or not or civil commotion – Engaging in hazardous sports or pastimes, e.g. taking part in(or practicing for) boxing, caving, climbing, horse racing, jet skiing, martial arts, mountaineering, off site skiing, pot holing, power boat racing, underwater diving, yacht racing or any race, trial or timed motor sport. – PD due to accident must be caused by violent, external and visible means – No benefit is paid if the Life Assured’s death occurs 180 days after the accident. | |
| Optional Rider | Accidental Death Benefit | – An case of death due to an accident within Accidental Death Benefit term, we will pay your nominee/legal heir AD Benefit as lump sum. – It can be added anytime during policy except in last 5 years – There must not have been any claim in the policy till the time of opting of AD Benefit – The AD Benefit starts from the next policy anniversary and continues for the remaining policy term or until age 80, whichever is sooner. – Life Assureds then age must be less than or equal to 55 years – once added cannot be removed – For the Accidental Death Benefit to apply, injuries from the accident must directly cause the Life Assured’s death within 180 days and before coverage ends. – No benefit is paid if the Life Assured’s death occurs 180 days after the accident. |
| SI Min 1L Max is 3 times of Sum Assured , subject to maximum Board approval | ||
| T & C | -Attempted suicide or self-inflicted injuries while sane or insane, or -whilst the Life Assured is under the influence of any narcotic substance or – drug or intoxicating liquor except under the direction of a medical practitioner; – Engaging in aerial flights (including parachuting and skydiving) other than as a fare paying passenger or crew on a licensed passenger-carrying commercial aircraft operating on a regular scheduled route – The Life Assured with criminal intent, committing any breach of law – Due to war, whether declared or not or civil commotion – Engaging in hazardous sports or pastimes ,e.g. taking part in(or practicing for) boxing, caving, climbing, horse racing, jet skiing, martial arts, mountaineering, off site skiing, pot holing, power boat racing, underwater diving, yacht racing or any race, trial or timed motor sport. – PD due to accident must be caused by violent, external and visible means | |
| Accelerated Critical Illness Benefit | -The ACI Benefit offers you coverage against 34 critical illnesses -This benefit is payable, on first occurrence of any of the covered 34 illnesses -the policy will continue with the Death Benefit reduced by the extent of the ACI Benefit paid. -To protect you against this, we will pay you the ACI Benefit, as a lump sum to meet your financial needs. – The benefit is payable irrespective of the actual expenses incurred by the policyholder – Premium payment on account of ACI Benefit will cease after payout of ACI Benefit and – the future premiums payable under the policy for death benefit will reduce proportionately – If ACI Benefit paid is equal to the Death Benefit, then the policy will terminate on payment of the ACI Benefit to policyholder/ Claimant as the case maybe – In the event the life assured is diagnosed with any of the covered critical illness on the Date of Maturity of ACI term, then no ACI benefit is payable. – Should no ACI Benefit be triggered, it terminates, and premiums for it are no longer required. Premiums for all other policy benefits must still be paid to keep the policy active. | |
| Min : Rs 1L Max : Asper board approved underwriting policy ACI not available for Single pay polices ACI is applicable for policy term 30 years or (75- entry age ) whichever is lower | ||
| Waiting period of ACI | – The benefit won’t apply to a Critical Illness if a doctor recommended or provided care/treatment for it, or if it manifested or was contracted within the initial 6 months of the policy, or within 3 months of revival after a lapse of more than three months. – If the Life Assured dies or a critical illness (CI) is diagnosed during the waiting period for which a CI claim could have been made, the Company will refund ACI Benefit premiums from the risk commencement or revival date, and the ACI Benefit will immediately terminate. – No waiting period applies where Critical Illness is due to accident. | |
| Exclusion | The ACI benefit won’t be paid for conditions directly or indirectly caused by or aggravated by any of the following: Pre-Existing Conditions: Any condition diagnosed or treated by a doctor within 36 months before the policy’s start or revival date. |
| Plan Options | Life | Death Benefit + Terminal Illness + Waiver of Premium on permanent disability |
| Life Plus | Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accidental Death Benefit | |
| Life & Health | Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accelerated Critical Illness Benefit | |
| All in One | Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accidental Death Benefit + Accelerated Critical Illness Benefit |
| Payout option | Lump Sum | the entire benefit amount is payable as a lump sum |
| Monthly income for 10/20/30 Years | 10 Year = 100%/10=10% payable every year = 10% /12=0.8333% 20 year – 100%/20=50% Payable Every year = 5%/12=0.41667% 30 Years= 100%/20=3.33% payable every year = 3.33%/12= 0.27778% | |
| if Lumpsum advance 1 year advance is take | 10 Years =0.80% 20 Years = 0.40% 30 Years = 0.27% | |
| Combination of both | The Death Benefit will be paid as a combination of income and lump sum payout options. | |
| Increasing Income | -The benefit amount is payable in monthly instalments 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. -Sum of total monthly benefits payable over 10 years is equal to 145% of the death benefit amount reduced by ACI benefit paid, if any – At any point you can convert monthly payout to lumpsum amount . calculation would be at present value of future payouts calculated at a discount rate – at time of death claim approval : 4% p.a – after payment of first monthly income : higher of 4% or 10 Y G sec rounded of to 0.25% | |
| Life stage protection | Marriage | 50% of original SI max to RS 50L |
| Additional Premium would be calculated as SA and outstanding policy term as per your age at time | Birth / Legal Adoption of 1st Child | 25% of Original SI max to 25 L |
| Birth/ Legal Adoption of 2nd child | 25% of original SI max to 25L | |
| T& C | – Minimum policy term (which is 5 years) available at the time of the exercising this feature – The insured life has to be less than 50 years of age at the time of opting for this feature – Feature needs to be exercised within 6 months from the date of the event and only if no claim for any benefit under the policy has been admitted – only if regular pay policy – Only base Death benefit is increased |
| Payment terms | minimum /max policy term | Min/Max Age of entry |
| Single | 5/20 | 18/65 |
| Regular | 5 years/ 85 years less age of entry Whole life ( 99 years less age of entry ) | 18/65 |
| Limited Pay 5/7 Years | 10 years / 85 Years less age of entry | 18/65 |
| Limited pay 10 Years | 15 years / 85 Years less age of entry Whole Life ( 99 years less age of enetry ) | 18/65 |
| Limited pay 15 Years | 21 Years/ 85 less age of entry | 18/65 |
| 60 years less age of entry | PPT + 5 Years / 85 less age at entry | 18/55 |
| 60 years less age of entry | Whole Life ( 99 years less age of entry ) | 18/55 |
| Mode of payment | Single | Loading – NA |
| Half yearly | Loading – 1.25% | |
| Monthly | Loading – 2.50% | |
| Grace Period | – 15 days for monthly frequency – 30 days for other frequencies of premium payment | |
| Smart Exit benifit | Base Benifit | Revive Total Premium paid during the policy – – Life Stage Protection options has been exercised, Total Premiums Paid shall include the Premiums paid for each tranche of additional sum assured purchased – Accelerated Critical Illness and/ or Accidental Death Benefits, then Total Premiums Paid shall exclude the Premium Paid towards such additional benefit(s) |
| Additional Benefit | – option availed in the (T-10)th Policy year, T is the Policy Term – You will receive an additional amount equal to the Total Premiums Paid – available only under Limited Pay policies with Premium Payment Terms of 5 years, 7 years, 10 years and 15 years | |
| T& C | – in any policy year greater than 29 but not during the last 5 policy years – The age of the life assured is 60 years or more – The policy is in-force – No claim for any of the underlying benefits has been registered and is under evaluation/ or accepted/ or paid/being paid on the policy. | |
| The policyholder can either opt for Smart Exit Benefit or Unexpired Risk Premium Value | ||
| Free Look Period | cancellation within 30 days from the date of receipt of the policy document | we will return the premium paid subject to the deduction of: a. Proportionate risk premium for the period of cover, b. Stamp duty paid under the policy, c. Expenses borne by the Company on medical examination, if any |
Policy Ratios:Â
Claim Ratio : 99.17% (FY 2024-25)
Total Claim complaints / 1000 claims registered = 10
Best in Policy :Â
- 1. Multiple payment options to chose from
- 2. Great Payout Options
- 3. Smart Exit Benefit available
- 4. Good Claim Ratio
- 5. Add ons Available
Bad in Policy :Â
- 1. Life Stage benefits are limited
- 2. Critical Illness and Disability rider is inbuilt so cost cannot be separated
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