iProtect Smart is the new term insurance plan from ICICI Prudential Life. Back in 2010, ICICI launched their first online term plan in the name of iProtect. But later with the evolution of term plans in India, they have launched a feature packed iProtect Smart with many features. This plans is also called a super protector life plan due to various additional life cover benefits available.
iProtect Smart is a comprehensive online term plan where like many new term insurance policies you will find many features included to provide users many types of benefits. In this article, I will share everything about this policy like iProtect Smart review, icici iprotect term plan premium calculation, policy key highlights, benefits, maturity & death benefits in details etc.
Key features of iProtect Smart – ICICI Prudential new Term plan
This policy has various options to buy and the basic one if the Life option. With that one can also go for additional accidental rider, critical illness cover, terminal illness cover and also disability benefit. Let’s explore the key highlights one by one below.
- If you think the only death benefit is not enough from a term plan, then there are many things that has been taken care in this policy. Pay some extra premium and get life coverage against death, terminal illness and disability.
- In case of permanent disability, all the future premium payments will be waived off.
- Under this policy, during the policy term in case you have been diagnosed with terminal illness then you can get policy benefits even before death also.
- Enjoy comprehensive additional benefits by choosing any of the rider option from Accidental Death Benefit and Critical Illness Benefit.
- Special premium rates for female insurance buyers and non-tobacco users.
- For female buyer get additional benefit like coverage of female organ cancers such as breast cancer and cervical cancer which is growing gradually in huge numbers in our country.
- The death benefit amount can be received as lump-sum or in the form of installment for next 10 years. If you think your family can’t manage the lump-sum money after your death, then better to choose the 2nd option. But this is not recommended as the payout benefits will be completely different.
- ICICI iProtect Smart provide you the flexibility to pay premiums once, for a limited period or throughout the policy term
- You can also use their another feature to increase the level of protection at key life stages of marriage and child birth, without any medicals. This is another good feature which can be very handy to deal your future liabilities without buying another term plan online.
- There is no maturity, paid-up value or survival benefit available under this product as per the basic concept of term insurance plan. Remember there is no option get your paid premiums back.
- 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. Surrender Value = (Single Premium* Surrender value factor/100)
- Income tax benefits under section 80C & Section 80D (Premium towards Critical Illness Benefit) are available.
ICICI iProtect Smart Online Term Plan Benefits & Options
As I said earlier, the policy is offering many benefits and various options to choose as per your need. They have need it like below table with benefits clearly mentioned besides. That means if you choose an option, in case death or as policy benefit you will get the mentioned items in the right side column which is easily understandable.
|Life||Death Benefit + Terminal Illness + Waiver of Premium on permanent disability|
|Life Plus||Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accidental Death Benefit|
|Life & Health||Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Critical Illness Benefit (34 critical illness will be covered in this option)|
|All in One||Death Benefit + Terminal Illness + Waiver of Premium on permanent disability +Accidental Death Benefit + Critical Illness Benefit|
What are the Critical illness Diseases covered under iProtect Smart Plan?
Here is the 34 critical illness which will be covered under Life & health option of this policy. This seems like a great option to have in a term plan.
- Cancer of specified severity
- First Heart Attack – of Specified Severity
- Open Heart Replacement or Repair of Heart Valves
- Surgery to aorta
- Primary Pulmonary hypertension
- Open Chest CABG
- Chronic Lung Disease
- Chronic liver disease
- Kidney Failure Requiring Regular Dialysis
- Major Organ/ Bone Marrow Transplant
- Apallic Syndrome
- Benign Brain Tumour
- Brain Surgery
- Coma of specified Severity
- Major Head Trauma
- Permanent Paralysis of Limbs
- Stroke resulting in permanent symptoms
- Alzheimer’s Disease
- Motor Neurone Disease with Permanent Symptoms
- Multiple Sclerosis with Persisting Symptoms
- Muscular Dystrophy
- Parkinson’s Disease
- Loss of Independent Existence
- Loss of Limbs
- Loss of Speech
- Medullary Cystic Disease
- Systematic lupus Eryth with Renal Involvement
- Major Burns
- Aplastic Anaemia
What is Life Stage Protection Benefits Under ICICI Pru Online Term Plan
Life stage protection is another cool feature which you might have noticed in couple of new online term plans launched recently in India. The funda here is very simple, as life goes on your family liabilities and responsibilities keep changing and accordingly your life cover also need to be taken care.
ICICI Pru iProtect Smart policy will also provide you similar flexibility with an addition of premiums. Here is the details of the same. Additional premium will be calculated based on the increased Sum Assured and outstanding policy term. This feature is only available for Life Option.
|Event||Additional Death Benefit (percentage of original Death Benefit)||Maximum additional Death Benefit allowed|
|Birth / Legal adoption of 1st child||25%||25,00,000|
|Birth / Legal adoption of 2nd child||25%||25,00,000|
Eligibility Criteria of ICICI Pru iProtect Smart term Plan
How To Buy ICICI iProtect online term plan + Online Premium Calculator
You can easily find out how much insurance cover you are going to get by using the ICICI iProtect Smart premium calculator online. Follow the steps below to calculate premium and then buy the policy online
- Visit ICICI iProtect Smart Online Purchase website.
- Generally people talk about 1 crore term plan to make things simple. So choose the data according to that. E.g if you are 26 years male [non-tobaco] and looking for a policy for 30 years then your premium amount will be Rs 7,222 only. You can use the calculator and change the data to find out your suitable premium.
- After that click on continue button and proceed to the payment page to buy the policy
Should I Buy ICICI Pru iProtect Smart Online Term Plan?
I want to start this segment with my simple perception and understanding about term plan and the actual need of term insurance plan. I always prefer to go for a pure term insurance plan, rather than additional features. But in case you are looking for such protection benefit term insurance plans, then ICICI iProtect smart is one of the best term plan in India. Here are few key highlights which I found very attractive and beneficial to have in a term plan for securing your future.
- The terminal illness factor is very good. In that case you can get benefits of term plan or sum assured value even if the diagnosis of terminal illness before death.
- 34 critical illness cover is really amazing feature for those who has history of such diseases. But in case of pre-existing illness this plan many not work for you. Make sure you can get enough information for the same before buying this policy.
- In case of permanent disability, the future payment of premiums will be waived off keeping the benefits as it was. But you will not get anything extra as permanent disability benefit.
- If you think your family will not be able to invest the money after your death then the regular income or increasing income option is really handy to choose.
So, do you think ICICI Pru iProtect smart is the best term plan online? Share your thoughts and queries related to this policy here by writing a simple comment below. I will try to answer them as per my best knowledge. For more details visit icici pru iprotect smart brochure.