ICICI Pru i Protect Plan

What is a Term Life Insurance policy plan?

Term life insurance policy is a plan provide high cover at affordable price and do not have any maturity value. These plans cover you for a specific term and protect your wife/husband, children or other nominees financially when you are not around.

What is ICICI Pru iProtect plan?

ICICI Pru iProtect Smart is more than a term plan that protects you and your loved ones. It also has an option to provide health cover against 34 critical illnesses. The claim for this protection is paid on first diagnosis itself without any hospital bills^. This plan also has an option to provide accidental death cover up to `2Cr+. This product guide helps you in selecting the right policy for you. It also provides comprehensive information about ICICI Pru iProtect Smart, Buying ICICI Pru iProtect Smart online and easy claim process of ICICI Prudential Life.

You should know these 7 things about ICICI Pru iProtect plan Term Plan?

Since its launch ICICI Pru iProtect Smart has become our top1 selling plan online. It is one of the first term plans in the industry that offered claim payment on diagnosis of any of 34 Critical Illnesses. Immediately this benefit became popular among consumers with~ 1 in 3 customers opting for this benefit. Not just this, in 2019, in a survey of over 2800 people by Nielsen, our term plan was awarded ‘Product of the Year’ in the Life Insurance category.

These 7 benefits not just give you and your family more protection but more value. Let’s see how:

1: It fits in your budget perfectly

 After paying your monthly rent, light and phone bills, a term life insurance premium can be difficult. ICICI Pru iProtect Smart’s affordable premiums` make sure it isn’t. Just what your wallet asked for.

2: It gives you longer cover

The best time to buy life insurance is now. As buying now will ensure that you get life cover at low premiums and desired term. Our plan has the provision to get you covered till age of 85 and you also have option to get whole life cover till age 99. But it is advisable that you take term life cover for your earning years because by then you would have paid off your liabilities and you may not have family dependent on your income.

3: It pays on diagnosis of any of the 34 critical illnesses^ (optional)

Term Life Insurance is for your family’s security. But what happens when critical illness strikes and your life hangs in balance? ICICI Pru iProtect Smart offers optional health insurance cover for 34 Critical Illnesses^. But here’s the best part – It gives claim payout on first diagnosis of any of the covered 34 Critical Illnesses^. No Hospital Bills required. Only medical documents confirming diagnosis of critical illness needs to be submitted.

4: It gives four pay out options

 Sometimes you may make lumpsum payments, such as for your child’s education and sometimes you just need monthly income, say for Home loan EMIs. You can select pay out option as per your requirements when buying the policy.

 5: It pays life cover on terminal illness (including AIDS)

Terminal illnesses3 such as AIDS are not only life threatening but can also spell financial ruin. ICICI Pru iProtect Smart helps you give them that last fight by paying your insurance money before death. The terminal illnesses3 cover in ICICI Pru iprotect Smart now covers AIDS too .

6: It gives you option to add accidental benefit now, or later

Road, Train accidents happen all the time. Insurance can’t stop them, but it can mitigate the financial effects. ICICI Pru iProtect Smart lets you add accidental cover of your choice during purchase or, even after purchase. For example if you buy life cover of `1crore with accident benefit of `50 Lakh, your nominee will get `1.5 crore in case of death due to accident. Maximum accident cover available with this benefit is `2 crore.

7: It gives you option to buy this policy online under MWP Act

Last thing you want after buying a term plan is insurance money not given to your near ones, like to your wife or children. Your relatives /creditors may wrongfully claim the insurance amount. You have the option to protect it with us, by buying our online term plan ICICI Pru iProtect Smart under Married Women’s Protection Act (MWP Act)**. This will help in the payment of full life insurance claim amount to your wife and/or children. Removing that last line of worry from your head4 .

How to choose a term plan?

Ashish Trehan, 30 years old, has been searching for a good term plan ever since his child is born. He researches online but gets confused to see so many term plan options. To help many others like Ashish, we are mentioning some important points to consider when selecting a term plan: It means how strong the brand is and how likely it is to make a payment in case a claim is made. It can be decided by knowing the Claim settlement ratio, Asset under management, year of establishment and solvency ratio of a brand. How to choose a term plan?

 1: Brand Strength

It means how strong the brand is and how likely it is to make a payment in case a claim is made. It can be decided by knowing the Claim settlement ratio, Asset under management, year of establishment and solvency ratio of a brand.

2: Added Benefits

One must also look at added benefits that come with a term plan for eg: terminal illness cover or waiver of premium due to disability.

3: Critical Illness Cover

 It is advisable to buy a critical illness cover with the term plan. But one must also look a little deeper in to this benefit before buying. For eg:

 a. Does the critical illness cover pays on diagnosis?

 b. Is the payment only against a bill or payment is in full?

c. Number of illnesses covered?

4: Budget

If budget is a problem, one could go for a plan that provides monthly premium payment option over a yearly commitment. But it is most important to consider above points to buy the right term plan.

How to decide the right life cover?

One of the most important things is to decide the right life cover for an individual. The life cover depends on Your Current Annual Income.

A thumb rule generally recommended by financial experts is to get a life cover equivalent to 10-15 times of your annual income. For eg:

Also we strongly recommend that you take the life cover of the exact value suited to your annual income instead of rounding it off to the nearest even number.

 For eg:

 If your salary is `5 Lakh 20 thousand then we recommend that you take a Life Cover of `52 Lakhs and not round it off to `50 Lakh. The difference of `2 lakh will be very critical for your family in your absence.

Tips

1. iProtect Smart comes with an additional feature to increase your life cover at key milestones like wedding and birth/legal adoption of 1st and 2nd child, without any medicals. This is applicable for regular pay option. To know more, please see detailed benefits section of this guide.

 2. Ideal Life Cover is the total recommended life cover for an individual against the annual income.

How to decide the right policy term

We recommend one should ideally have a term life cover till retirement because mostly people do not have dependents after retirement. Also, longer life cover increases premium. In case you have some loans or liabilities which will continue even after your retirement. You may choose your life cover accordingly.

Eg: If your current age is 30 and you expect to retire at the age of 60, you should opt for a term life cover of 30 years.

Therefore,

 Ideal Policy Term = Your Expected Retirement Age – Your Current Age

                                    OR

 Your Expected Age to attain Zero Liability – Your Current Age

Tips

ICICI Pru iProtect Smart offers life cover till age 85 and you also have option to get whole life cover till age 99. even if you are just 30 years old.

Key Benefits of iProtect Smart

iProtect Smart benefits are designed to provide complete protection to you and your family.

1: Decide your own policy term at affordable premiums

ICICI Pru iProtect Smart provides maximum policy term up to the age 85 and you also have option to get whole life cover till age 99. Please refer sample maximum policy term and annual premium for a healthy non-smoking male below:

These premiums have been calculated for a non-smoker male for a regular pay and a lumpsum payout for iProtect Smart – Life Option and is inclusive of all taxes

 *These premiums are as of March 2022 and are subject to change

2: Four protection options as per your need

Tips

The critical illness benefit pays claim amount on first diagnosis of any of the 34 critical illnesses. It means that just a photo copy of diagnosis report is needed and no hospital bills are required to initiate the claim.

 It is a popular benefit amongst our term plan buyers 1 in 3 people buy ICICI Pru iProtect Smart with Critical illness benefit.

3: Four flexible payout options

a. Lumpsum

 It is the~ most preferred option online

b. Monthly Income

It is the most economical option

 c. Increasing Income

Monthly income that increases every year

 d. Lumpsum plus income

It is our new payout option

Tips

4: Special benefits for women

A. 18% lower premium rates for women

 B. Option to cover critical illnesses like breast cancer and cervical cancer

5: Tax benefits (As per Income Tax Act 1961)5

A. Tax benefits on premiums paid under Section 80C in all plan options and 80D in Life & Health or All-in-one plan options

B. No Tax to be paid on claim amount under Section 10(10D)