I have just bought a life cover of ₹1.3 crore with ICICI Pru iProtect Smart. The annual premium is ₹22,655 and the policy term is 25 years. I am 40 years old. I want to know your opinion about this plan.
- Pranav Kumar Tewari
The premium amount and claim settlement record of the insurance company are the most important factors while finalising the purchase of a term life insurance cover. The ICICI Prudential Life Insurance has a good claim settlement record, with 94.01 per cent in 2014-15. However, ICICI Pru iProtect Smart is a little expensive plan than other recommended term insurance plans. For example, a similar cover (₹1.3 core cover for 25 years for a 40-year-old male) costs around ₹18,070 in Max Life Online Term Plan and around ₹20,303 in Aegon Religare iTerm Plan.
This article was originally published on March 30, 2016.
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