ICICI Pru iProtect Smart Life Cover Plan (UIN: 105N151V13)
ICICI Pru iProtect Smart gives you the flexibility to design your safety net through a life insurance cover so that you can protect your family’s future to ensure that they lead their lives comfortably without any financial worries, even in your absence. This plan offers you the option to enhance your coverage against Accidental Death and Critical Illnesses and hence ensuring a 360-degree cover on your life. Click here for product disclaimer.
Enhanced protection: Coverage against death, terminal illness and disability
Comprehensive additional benefits: Option to choose Accidental Death Benefit and Accelerated Critical Illness Benefit
Special premium rates for non-tobacco users
Special discount on first year’s premium for salaried customers
Need-based benefit payout: Choose to receive the benefit amount as a lump sum or as monthly income for 10/ 20/ 30 years or a combination of both
Flexibility to pay premiums once, for a limited period, or throughout the policy term
Tax Benefits may be applicable on premiums paid and benefits received as per the prevailing tax laws
Who can buy a term plan?
Anyone with financial dependents should buy a Term Insurance Policy. This includes married couples, parents, business people and self-employed, SIP investors, young professionals with dependent parents, and in some cases, even retirees.
What is term life insurance?
Term Plan is a simple and pure risk cover form of life insurance. It provides financial protection to the family against a fixed premium paid for a specified term. With this insurance, you can get a large amount of life cover at an affordable premium. The nominee receives the death benefit in case the policyholder dies.
When to buy a term plan?
The earlier you buy a term plan, the better it is as the premiums are lower when you are young. Also with current lifestyles and increasing instances of illness, it may get difficult to get a term plan as you grow older.
What tax benefits can one avail of on purchasing term insurance plan?
Life insurance premiums paid are deductible from taxable income under Section 80C and hence carry a double benefit for taxpayers – protection and tax-saving. The amount (maturity value) received under a term insurance policy is also tax-exempt subject to conditions under Section 10(10D) of the Income Tax Act, 1961.
How much term insurance cover do you need?
The amount of cover depends upon your current annual income. Generally, it is advisable to have a cover that is 10- 15 times of annual income to cover your family.
What is a limited pay option?
Under the limited pay option, you can pay premiums for a specific pre-agreed period of time (5, 7 and 10 years) and enjoy the life cover for the whole policy duration irrespective of the premium payment period.
Which pay out option should I choose?
Before choosing the ideal pay out option, you need to thoroughly evaluate your current lifestyle and the reality of your dependent family members. This gives you a fair idea as to how the life cover amount needs to be paid out to your family which will not only take care of their financial needs but also ensure that they are able to manage huge sum of money (the life cover amount) without any hassle in your absence.
- Monthly Income: Your term life cover will be paid to your nominee as a monthly installment for a period of 10 years/20 years/30 years (chosen at inception).
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| Premium Payment Options | Premium Payment Term | Minimum/Maximum Policy Term | Minimum/Maximum age at entry |
|---|---|---|---|
| Single Play | Single | 5 years/20 Years | 18/65 |
| Regular Pay | Equal to policy terms | 5 years/85 years less age at entry | 18/65 |
| Whole life (99 years less age at entry) | |||
| Limited Pay | 5, 7, PT- 5 years | 10 years / 85 years less age at entry | 18/65 |
| 10 years | 15 years / 85 years less age at entry | ||
| Whole Life (99 years less age at entry) | |||
| 15 years | 21 years / 85 years less age at entry | 18/65 | |
| 60 years less age at entry | PPT+ 5 years / 85 years less age at entry | 18/55 | |
| Whole Life (99 years less age at entry) | |||
| Minimum Premium | Rs 2,400 excluding applicable taxes such as Goods and Services tax and/or cesses | ||
| Accidental Death Benefit | Minimum: Rs 1,00,000 Maximum: Equal to Sum Assured chosen by you, subject to a maximum limit as per the Board Approved Underwriting Policy. Accidental death Benefit term will be equal to the policy term or (80-Age at entry), whichever is lower |
||
| Accelerated Critical Illness (ACI) Benefit | Minimum: Rs 1,00,000 Maximum: As per the Board Approved Underwriting Policy ACI Benefit is not available for Single Pay policies ACI Benefit term would be equal to policy term or 30 years or (75-Age at entry), whichever is lower | ||
| Minimum Sum Assured | Subject to the minimum premium | ||
| Maximum Sum Assured | Unlimited | ||
| Mode of Premium Payment | Single, Yearly, Half-yearly and Monthly | ||
