ICICI Prudential Life Insurance

Icici Prudential Iprotect Smart Plan

ICICI Prudential Life Insurance

99.17%
Claim Settlement Ratio

Our Verdict

iProtect Smart offers life cover till 99, critical illness cover for 34 diseases, zero-cost exit, and a 97.52% claim settlement ratio.

About the Plan

Eligibility

Features of the Product

01

Zero Cost Option

  1.  This feature allows the policyholder to cancel the policy and receive the Smart Exit Benefit, which equals the total premiums paid. It can be exercised after 25 policy years (provided the insured is 60 or older) but not in the last five years of the policy​.

02

Total Permanent Disability Payout

  1. In case of total permanent disability due to an accident, all future premiums are waived while the policy remains active for the Death Benefit, Accidental Death Benefit, and Accelerated Critical Illness Benefit.

03

Inflation Protection Coverage

  1. The Life Stage Protection feature allows the policyholder to increase the sum assured at key milestones such as marriage or childbirth. The additional coverage requires paying an extra premium​.

04

Premium Payment Customizations

  1. The policy offers various payment options, including Regular Pay, Limited Pay, and Single Pay. The user can choose between annual, semi-annual, or monthly premium payments based on their financial convenience.

05

Death Benefit options

  1. Lump Sum – Full amount paid at once.

    Income – 10% of the sum assured paid yearly for 10 years in monthly  installments. First year’s income can be advanced.

    Increasing Income – Starts at 10% per year, increasing by 10% annually for 10  years.

06

Surrender Value

  1. Surrender value is applicable only for Single Pay policies. You can surrender your policy and get the surrender benefit as stated below from year 1. 

07

Maturity or Survival Benefit

  1. There is no maturity, paid-up value or survival benefit available under this product.

08

Tax Benefits

  1. Tax benefits under the policy are subject to conditions u/s 80C and 80D of the Income Tax Act, 1961. Service tax and cesses, as applicable will be charged extra, as per applicable rates. The tax laws are subject to amendments from time to time.

Exclusions

Add-ons

Variants

IProtect Smart Money Back

  1. money back feature

WOMEN

If you are a woman

  1. Women policyholders may receive lower premium rates compared to men due to lower mortality risk. 

  2. Life Stage Protection allows women to increase their Sum Assured at key life events such as marriage and childbirth

CIGARETTE

If you smoke

  1. Smokers generally pay higher premiums due to increased health risks.

  2. At the time of purchasing the policy, smokers need to declare their smoking status, as undisclosed smoking habits could impact future claims

Note :

  1. Suicide Clause: If death occurs due to suicide within 12 months, only 80% of premiums paid or surrender value is refunded.

  2. Free Look Period: Policyholders can cancel within 15-30 days of issuance for a full refund after deducting medical and stamp duty charges.

  3. Grace Period:  A 15-day grace period for monthly premiums and 30 days for other modes ensure policy continuity without lapse.

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