ICICI Pru iProtect Smart Term Insurance Plan

ICICI Pru iProtect Smart Term Insurance Plan is a flexible and comprehensive term insurance plan that financially safeguards your dear ones in your absence. It offers need based benefit payout, wherein the can choose to receive the benefit payout as a lump sum or as a monthly income for a period of 10 years, or a combination of both. The plan also provides special benefits for women and discounted premium rates for non-tobacco users. 

This plan comes with a free-look Period of 15 days for you to review the terms and conditions of the policy. If you are not satisfied with the policy, you can cancel the same during this period which starts from the day of receipt of the policy. However, you need to submit a letter and state the reason for policy cancellation. For the policy purchased by distance marketing, the free-look period is valid for 30 days from the date of policy receipt.

Best Features of ICICI Pru iProtect Smart Term Insurance Plan

The ICICI Pru iProtect Smart Term Insurance Plan is well-equipped with attractive features which include – 

• The plan allows you to avail life cover till 99 years of age.
• It offers inclusive coverage against terminal illness, disability, and death.
• The plan is available in 4 variants namely Life, Life Plus, Life and Health, and All in One. The wide variety of plan options help you choose the plan matching your requirements.
• The plan offers 3 payout options - lump sum, monthly income, as well as increasing income.
• It provides special discounts on the premiums to female policyholders.
• The plan offers an alternative to enhance the sum assured for important milestone achievements. This includes legal adoption/birth of a first and second child or marriage.
• The plan provides unique extensive coverage for ladies through offering the coverage for cervical cancer and breast cancer.
• There are  5 riders available with this plan that offers enhanced coverage against monthly income, accidental death, critical illness, and accidental disability.
• Surrender value is applicable for policies with single premium payment.

Benefits of ICICI Pru iProtect Smart Term Insurance Plan

Following are the unique benefits of this plan -  

1. Death Benefit
There are 4 death benefits options that you can choose from, to make sure that your family is financially stable and can maintain their lifestyle in your absence-

• Lump Sum Payout– The Death Benefit is paid to the beneficiary in a lump sum amount, after which the policy and all other benefits that come along with it stand terminated.
• Monthly Income Payout – 10% of the benefit amount is paid annually for the next 10 years. These payments are monthly, dividing that 10% into 12 parts, each for 1 month.
• Increasing Income Payout – The benefit amount’s 10% is paid to the beneficiary as a lump sum amount in the 1st year. The payout enhances annually by 10% of the 1st year payout after this. The further payments are monthly, dividing the annual payable amounts into 12 equal monthly payouts.
• Lump Sum + Income Payout – You can decide what part of the benefit will be paid in lump sum. The balance amount will be paid in equivalent monthly payments for the next 10 years.

2. Life Stage Protection Benefit

The Life Stage Protection feature offers benefits in the following events in the policyholder’s life, provided that the benefit is claimed within 6 months from the date of the event-

• Marriage – The option for increasing the assured sum by half of the additional available death benefit to the original one. INR 50 Lakh is the maximum limit here.
• Legal Adoption/Birth of the 1st child – Option for increasing the sum assured by another 25% of the extra death benefit available to the original death benefit. Please note that INR 25 Lakh is the maximum limit.
• Legal Adoption/Birth of the 2nd child – Option for increasing the assured sum by another 25% of the extra death benefit available to the original one. The maximum limit in this case also is INR 25 Lakh.

3. Benefits for Women

The ICICI Pru iProtect Smart Term Insurance Plan offers a couple of key benefits for the women Life Assured-

• Special premium rates for the Life Cover and Accelerated Critical Illness Benefit
• Additional coverage against female organ cancer such as cervical cancer and breast cancer, under the Accelerated Critical Illness Benefit.

What is Covered?

According to the chosen variant, ICICI Pru iProtect Smart Term Insurance plan covers the following - 

ICICI Pru iProtect Smart Term Insurance Plan – Life

This variant offers the following 3 coverages:

1. Death Benefit
In case of the death of the life assured, the beneficiary will receive a lump sum death benefit after which the policy is terminated. The death benefit is equal to the sum assured as chosen by the policyholder upon inception of the policy.

2. Terminal illness Benefit
a lump sum amount equivalent to the death benefit sum assured is payable to the policyholder in a scenario where he or she is diagnosed with a terminal illness. All other benefits cease to exist after the payout of the benefit and the policy is terminated.

3. Accidental Permanent Disability Benefit
Upon the diagnosis of a permanent disability caused due to an unfortunate accident, the future premiums for all the benefits applicable under the policy are waived off.

How this plan works-

Example –

Benefits Payable 

1. If Mr. Bhatt dies during the policy term, the nominee will receive a lump sum payout of INR 1 Crore after which the policy will be terminated.
2. In case Mr. Bhatt is diagnosed with a terminal illness during the policy term, a lump sum amount of INR 1 Crore is payable to him after which the policy stands terminated.
3. If Mr. Bhatt meets with an unfortunate accident during the policy term and is diagnosed with a permanent disability because of the accident, then he need not pay any future premiums to the company till the end of the policy term.

ICICI Pru iProtect Smart Term Insurance Plan - Life Plus

Following are the benefits payable under this variant -

1. Death Benefit
The beneficiary stands to receive Death Benefit if the Life assured dies during the policy term, after which the policy is terminated. The Death Benefit is the Sum Assured as chosen by you upon the commencement of the policy.

2. Accidental Death Benefit
In case the policyholder dies due to an accident within the Accidental Death Benefit term, an Accidental Death Benefit Sum Assured is payable to the beneficiary, post which the policy will be terminated.

3. Terminal Illness Benefit
A Death Benefit is payable to the policyholder if he or she is diagnosed with a terminal illness during the policy term. After the payout, the policy is terminated and all the other benefits are extinguished.

4. Accidental Permanent Disability Benefit
If the policyholder is diagnosed with a permanent disability following an accident, all the future premiums for all benefits under the policy are waived off.

How this variant option works-

Example -

Benefits Payable 

1. If Mr. Bhatt dies during the policy term, his beneficiary stands to receive a lump sum Death Benefit of the Sum Assured, INR 1 Crore.
2. In case Mr. Bhatt dies due to an unfortunate accident, the beneficiary will receive INR 30 Lakh payout, provided that the Accidental Death Benefit term is still in force.
3. If Mr. Bhatt is diagnosed with a terminal illness, the company will pay the Sum Assured of INR 1 Crore after which the policy will be terminated along with any other benefits.
4. In the unfortunate event of Mr. Bhatt being diagnosed with a permanent disability due to an accident, all the future premiums of all benefits are waived off by the company.

ICICI Pru iProtect Smart Term Insurance Plan - Life & Health

The benefits that are covered under this option are mentioned below-

1. Death Benefit
In case the Life Assured dies during the policy term, the beneficiary will receive the Death Benefit lump sum amount, after which the policy will be terminated. The Death Benefit is the Sum Assured as chosen by the policyholder.

2. Accelerated Critical Illness Benefit
Under this variant you get protection against 34 critical illnesses in the form of a lump sum called Accelerated Critical Illness Benefit. It is an accelerated benefit and not an additional one, meaning the benefit is assured to offer financial help in case the policyholder is diagnosed with a critical illness. The life cover continues with Death Benefit payable minus the Accelerated Critical Illness Benefit.

3. Terminal Illness Benefit
In case the policyholder gets diagnosed with a terminal illness during the policy term, a lump sum benefit equivalent to the Death Benefit is paid. After the payout, the policy and all the other benefits are terminated.

4. Accidental Permanent Disability Benefit
If the policyholder meets an accident and is disabled permanently as a result of it, then all the future premiums for all benefits under the policy are waived off by the company till the end of the term.

How this option works-

 Example –

Benefits Payable 

1. If Mr. Bhatt dies during the policy term, provided that the policy is in force, then the beneficiary will receive the Sum Assured of INR 1 Crore, after which the policy will be terminated along with all other benefits.
2. If Mr. Bhatt is diagnosed with any of the 34 critical illnesses covered under the plan, he will get INR 20 Lakh as an immediate lump sum payout. The death cover will continue, but the Sum Assured upon Death will be reduced in proportion to the Accelerated Critical Illness Benefit.
3. In case Mr. Bhatt is diagnosed with a terminal illness during the policy term, he will be liable to receive a lump sum Death Benefit of INR 1 Crore. After the payout of this benefit, the policy will be terminated and all other benefits will als cease to exist.
4. If Mr. Bhatt is disabled permanently due to an unfortunate accident, the company will waive off all the future premiums on all the applicable benefits under this variant.

ICICI Pru iProtect Smart Term Insurance Plan - All in One

The following benefits are covered under this option-

1. Death Benefit
In case the policyholder dies during the policy term, the beneficiary will receive a lump sum Death Benefit amount, after which the policy will be terminated. The Death Benefit is the Sum Assured as chosen by the policyholder upon inception.

2. Accidental Death Benefit
In the case where the policyholder dies due to an accident within the Accidental Death Benefit term, an Accidental Death Benefit Sum Assured is paid to the beneficiary. After the claim settlement, the policy along with all other benefits stand extinguished.

3. Accelerated Critical Illness Benefit
Under this benefit, a coverage against 34 critical illnesses is offered. The policyholder gets a lump sum Accelerated Critical Illness benefit in case he or she is diagnosed with a critical illness within the policy term. It is an accelerated benefit which means that the benefit payable is to meet the financial needs of the policyholder. The policy continues with the Death Benefit minus the Accelerated Critical Illness benefit that has already been paid.

4. Terminal Illness Benefit
In case the policyholder is diagnosed with a terminal illness during the policy term, a Death Benefit is paid which is equal to the Sum Assured as chosen upon inception. After the payout, the policy is terminated.

5. Accidental Permanent Disability Benefit
If the policyholder is disabled permanently as a result of an unfortunate accident, then the company waives off all the future premiums for all benefits under the policy till the end of the term.

How this plan works-

Example

Benefits Payable 

1. If Mr. Bhatt dies during the policy term, the beneficiary will receive a Death Benefits of INR 1 Crore, after which the policy will be terminated.
2. In case Mr. Bhatt unfortunately dies in an accident, a lump sum additional amount of INR 50 Lakh is payable to the beneficiary along with the Death Benefit of INR 1 Crore.
3. If during the term, Mr. Bhatt gets diagnosed with a critical illness, a lump sum amount of INR 20 Lakh will be payable immediately to take care of his financial needs. The same will be deducted proportionately from the Death Benefit cover and the policy will continue with the other benefits.
4. If Mr. Bhatt is diagnosed with a terminal illness during the policy term, a lump sum amount of INR 1 Crore will be paid out to him, after which the policy along with all the other benefits will cease to exist.
5. In the unfortunate scenario where Mr. Bhatt is diagnosed with permanent disability due to an accident, all the future premiums of all the benefits are waived off by the company.

ICICI Pru iProtect Smart Term Insurance Plan Eligibility

Below-mentioned are the basic eligibility conditions of this plan -

What is not Covered?

Below-mentioned are the exclusions of this policy – 

• Suicide, Self-inflicted injury, insanity, along with intentional participation of the policyholder in criminal or illegal activity.
• STD (Sexually Transmitted Disease), AIDS & HIV as well as its associated complexities.
• War participation whether declared or not, law breach with criminal intent, and civil commotion.
• Utilization of alcohol/drugs/consumption of drugs except under the direction of the well-qualified medical practitioner.
• Adventure sports like racing of any type, aerial sports, and scuba diving etc., implying intentional exposure to danger.
• Aviation, other than as the fare-paying crew or passenger in the commercial authorized aircraft.
• Radioactive contamination because of a nuclear accident.

ICICI Pru iProtect Smart Term Insurance Plan Claim Process

ICICI Pru iProtect Smart Term Insurance Plan will analyse the claim specifics and direct you at every step of the way, personally. They will review your claim, notify you within 8 calendar days in case any records are outstanding, and increase a condition. The claim specialists will guide you whenever you need any assistance to make sure that they are there to assist anytime you need them. 

You need to report your claim. You can do the same online, or through getting in touch with their claim care team, or visit your nearest branch or send a claim email/SMS. The turnaround time for the same can be 15-30 days.

Documents Required for Death Claims

1. Declaration of Claimant / Form of Argument Intimation - Download Form 

2. A copy of the Central Municipal Authority's death certificate. 

3. Copy of Photo Identity Evidence of the Applicant, and Current Address Proof. 

4. Cancelled Cheque/ passbook copy of the bank account of the nominee.

Documents Required for Non-accidental Death Claims 

1. Medico-Legal Cause of Death Certificate copy 

2. Health History Copy (Admission Notes, Discharge/ Death Summary, Examination Results, etc.) 

3. Certificate of Medical Attendant/ Hospital to be done by the prescribing doctor 

4. Employer's card (for salaried individuals)

Documents Required for Critical Illness Claim 

1. Declaration of Complainant / Argument Intimation Type 

2. Doctor's Certificate of Participation 

3. Copy of medical history (Notes of Entry, Description of Discharge, and Examination Reports) 4. Original Certificate for Policy 

5. Cancelled Cheque or Passbook copy

Claim Intimation Process 

A claim under the plan can be initiated in the following manner - 

• The nominee/claimant can intimate about the claim by filling the form for a death claim.
• Then, send the same to the firm at the head office/nearest bank branch/the offices along with the duly attested address proof & photo ID of the claimant.
• As soon as the documents and forms are found in the order, then the claim procedure is started so that claim settlement can be completed as early as possible without any hassle.

ICICI Pru iProtect Smart Term Insurance Plan Riders

ICICI Pru iProtect Smart Term Insurance Plan comes with the following 5 riders:

• Premium Waiver Rider: It makes sure that even though you are unable to afford your premiums, your life insurance policy remains active. The result of this proposal will be to waive all potential premiums but to maintain the benefits of the policy.
• Critical Illness Rider: You spend an additional fee under this rider to get yourself compensated in case you are afflicted with any of the serious illnesses mentioned in the policy manual. The amount earned under the rider will be used to cover all medical, and household costs, functioning as an income supplement scheme. While the essential diseases covered by the insurance can vary from insurer to insurer, such disorders such as stroke, heart attack, brain tumor, etc.
• Rider for Death Accidental: Accidental mortality is covered in all term insurance plans. If you purchase an accidental death rider, though, the insurer owes up to twice the money promised to the nominee in case you die in an accident.
• Permanent & Partial Disability Rider: It is your lifesaver in the case of temporary or permanent disability because of an injury. In certain cases, for the next five to ten years, the insurer might need to spend a certain amount promised.
• Income Benefit Rider: In the event of the death or injury of the policyholder, it provides a daily source of income to the household. You can enjoy robust coverage by adding a rider to the primary insurance policy. A rider can pay a lump amount that may be used to cope with household costs, debt EMIs and all financial obligations other than medical expenses.

ICICI Pru iProtect Smart Term Insurance Plan Review

ICICI Pru iProtect Smart Term Insurance Plan is a comprehensive term plan which is available at affordable premiums. It has plenty of benefits and features that make it a truly worthy and smart term insurance policy. This insurance policy offers you death coverage till the age of 75 years. The coverage of the plan can be enhanced with the available riders and optional coverages.