Icici Prudential Iprotect Smart Money Back Plan
ICICI Prudential Life Insurance
Our Verdict
ICICI Pru iProtect Smart Money Back Plan is ideal for individuals seeking life cover with periodic returns. It ensures financial security, liquidity, and critical illness protection but may have high premiums.
About the Plan
The ICICI Pru iProtect Smart Money Back Plan offers life insurance with money-back benefits, ensuring financial security and liquidity. It provides a lump sum payout in case of death, along with coverage for terminal illness, accidental death, and critical illnesses. In case of total permanent disability due to an accident, future premiums are waived while the policy remains active. The plan includes a guaranteed lump sum at maturity if all premiums are paid. With flexible payment options (Regular Pay and Limited Pay of 5, 7, or 10 years), it combines long-term financial protection with periodic returns for policyholders.
About the Plan
Eligibility
• Minimum Entry Age :
18 years
• Maximum Entry Age :
65 years
• Policy Term :
10 to 30 years (varies based on premium payment option)
• Premium Payment Options :
Regular Pay – Pay premiums throughout the policy term
Limited Pay – 5, 7, or 10 years
• Maximum Maturity Age :
75 years
• Minimum Sum Assured :
25 Lakhs
• Premium Payment Frequency :
Yearly, Half-yearly, or Monthly
Eligibility
Features of the Product
Terminal Illness
The entire cover amount is paid upon diagnosis of a terminal illness, ensuring financial support even before death.
Zero Cost Option
If the policy is discontinued before maturity (during a specific period), all premiums paid are refunded.
Total Permanent Disability Payout
If the policyholder suffers total and permanent disability due to an accident, all future premiums are waived, but the policy benefits continue.
Inflation Protection Coverage
The sum assured increases periodically to account for inflation.
Premium Payment Customizations
Flexible premium payment options available: annually or in installments.
Money-Back Benefit
On survival till policy maturity, a lump sum payout is provided.
Tax Benefits
Premiums paid and benefits received may be eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act.
Exclusions
Death due to suicide within the first 12 months of policy commencement or revival, only a refund of premiums paid will be provided.
Claims arising from participation in hazardous activities, adventure sports, or criminal acts are not covered.
Pre-existing diseases and conditions diagnosed before policy issuance are excluded from critical illness benefits.
Terminal illness or critical illness claims due to self-inflicted injuries, drug abuse, or alcohol consumption are not covered.
Death, disability, or illness resulting from war, terrorism, or radioactive contamination is excluded.
Accidental death or disability due to involvement in illegal activities or reckless behavior is not covered.
Exclusions
Accidental Death - Additional payout is provided in case of death due to an accident. This benefit is available under the "Life Plus" and "All in One" options.
Critical Illness - A lump sum is paid upon diagnosis of any of the 34 covered critical illnesses. This benefit is available under the "Life and Health" and "All in One" options.
Add-ons
Note :
Suicide Clause : If the policyholder dies by suicide within 12 months from the date of policy commencement or revival, the nominee will receive at least 80% of the total premiums paid till the date of death or the surrender value, whichever is higher.
No death benefit will be paid in such cases.
Free look up period: Policyholders can review the policy terms and conditions within 15 days (30 days for policies purchased through distance marketing).
If unsatisfied, they can cancel the policy and receive a refund of premiums paid after deducting proportionate risk premium, stamp duty, and medical examination costs
Grace Period: A 30-day grace period is available for annual, semi-annual, and quarterly premium payments.
For monthly premiums, the grace period is 15 days.
If the premium is not paid within this period, the policy may lapse, and benefits will cease.
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About the Company
ICICI Prudential Life Insurance is one of India’s leading life insurance companies, established in 2001 as a joint venture between ICICI Bank, a trusted name in banking and financial services, and Prudential Corporation Holdings Limited, a global financial services leader. One of their most popular offerings is the iProtect Smart Term Plan, which provides comprehensive life coverage with additional benefits like critical illness protection, accidental death cover, and premium waiver options.
With a strong claim settlement ratio, digital tools for easy policy management, and a focus on reliability, ICICI Prudential Life Insurance continues to empower customers to secure their future and achieve their financial goals confidently. With a strong claim settlement ratio, digital tools for easy policy management, and a focus on reliability, ICICI Prudential Life Insurance continues to empower customers to secure their future and achieve their financial goals confidently.
The managing director and CEO of this esteemed organization is Mr Anup Bagchi.