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ICICI Pru iProtect Smart

Objective

This is a pure term plan which can only be bought online. The convenience of buying this policy online, does away with the hassles of going through intermediaries and one can buy the plan at convenience.This olicy aims at roviding additional features as well apart from cover for death.


What does it do?

This policy offers four plans which are as follows:
Life: Death Benefit + Terminal Illness + Waiver of Premium on permanent disabilityThe policy will pay sum assured on first occurence of either death of life insured or diagnosis of terminal illness. On diagnosis of Permanent Disability (PD) due to an accident, the future premiums under the policy for all benefits are waived.

Life Plus: Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accidental Death BenefitIn addition to the benefits under the Life Option, this option also covers for Accidental Death (AD) Benefit. In case of death due to an accident, insurer will pay the nominee/legal heir AD Benefit as lump sum. The policy will terminate after payment of this benefit.

Life & Health: Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Critical Illness BenefitIn addition to the benefits under the Life Option, this option provides for the Critical Illness (CI) Benefit as well. It covers 34 critical illnesses. The benefit will be payable in lumpsum irrespective of the actual expenses incurred byu the policyholder. This benefit is payable, on first occurrence of any of the covered 34 illnesses. The CI Benefit, is accelerated and not an additional benefit which means, the policy will continue with the Death Benefit reduced by the extent of the CI Benefit paid. Premium payment on account of CI Benefit will cease after payout of CI Benefit and the future premiums payable under the policy for death benefitwill reduce proportionately. If CI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the CI Benefit. In case of incidences covered under accidental Permanent Disability as well as Critical Illness, benefits shall be paid out under both the options.

All in One: Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accidental Death Benefit + Critical Illness BenefitIn addition to the benefits under Life Option, you are covered for both Accidental Death Benefit and Critical Illness Benefit.

This policy allows to take death benefit either in lumpsum or in installmnets spread over 10 years. Policyholder will have an option to increase protection by way of increasing sum assured on event of marriage and child birth. This feature is only available for Life Option.


Pros

It allows policyholder to increase cover amount at key stages of your life – like marriage and birth of children.
It covers 34 critial illnesses.
Special premium rates for women.
Covers female organ cancers such as breast cancer and cervical cancer.


Cons

It s dfficult o understand exclusions under each critical illness.


Suited for

The policy can be taken by anyone who can access the internet and make online payments.


Our View

It is always recommended to buy a term insurance plan with adequate cover. This plan offers basic cover and many additional features. So, based on your requirements, affordability & medical profile you can opt for any of these additional features.

Eligibility
Entry Age (years) 
Minimum18
Maximum65
Maximum Maturity Age (years)75
Policy Term (years) 
Minimum5
Maximum40
Sum Assured (Rs) 
MinimumSubject to minimum premium
MaximumNo limit
Minimum Premium (Rs) 
YearlyRs. 2,400 for Life Option.
Premium Payment FrequencySingle, Yearly, Half-yearly, Monthly
Premium Payment TermSingle or lmited or regular
Policy CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn case, you are not satisfied, you may choose to cancel the policy within 15 (30 days if your policy is purchased through Distance marketing) days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace PeriodYou are allowed to pay premiums within 30 days from the due date. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.
Lapsed Policy ReinstatementIf premium are not paid before the expiry of the 30 day grace period from the premium due date, the policy will lapse. If the Policyholder fails to reinstate a policy within this two year period from the premium due date, the policy will terminate. On reinstatement, all outstanding premiums, without interest will be payable..
Tax BenefitsSection 80C, 10 (10D) of the Income Tax Act, 1961 would apply. Premiums paid for Critical Illness Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.
ExclusionsIn case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit
Surrender ValueSurrender value is applicable only for Single Pay policies. Surrender Value = (Single Premium * Surrender value factor/100)
Customer Service 
AddressICICI Prudential Life Insurance Co.Ltd.
#1089, ICICI Prulife Towers, Appasaheb Marathe Road, Prabhadevi, Mumbai - 400025
Mail To[email protected]
Call On18602667766
Available Rider(s)Accidental Death
Critical Illness
Rider Conditions 
Sum Assured (Rs) 
MinimumEqual to policy sum assured subject to maximum limit as per company's policy
Rs. 1,00,000 for Critical Illness

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