ICICI iProtect Smart – Online Term Plan Review

ICICI iProtect Smart is an online term insurance plan with optional accidental death benefit rider. It is a pure protection plan with a wide range of optional benefits along with some other good features. Online line term insurance plan market is growing in India with the introduction of many such pure term plans with low premium amount. You should check out the claim settlement ratio of every company before choosing a term plan in India. In this article we will share everything about icici iprotect term plan premium calculator, icici pru iprotect smart review, key highlights, iprotect smart brochure, benefits, maturity return and many other factors.

ICICI iProtect Smart Term Plan Key Features

Few important features of this term plan are as follows.

  • This is a pure online term insurance plan.
  • It gives coverage against death, disability, terminal illness.
  • It covers female organ cancers like breast cancer and cervical cancer.
  • This plan comes with special premium rates for women.
  • It provides accidental and critical riders.
  • This plan offers flexibility to increase the level of protection at the key life stages of life

iProtect Smart Plan/ Benefit Options

You will get below plan/ benefit options with this term plan:

  1. Life Option: Death Benefit or Terminal Illness Benefit + Waiver of Premium on Permanent Disability are provided with this option.
  2. Life Plus Option: Death Benefit or Terminal Illness Benefit + Waiver of Premium on permanent disability + Accidental Death Benefit are provided with this option.
  3. Life & Health Option: Death Benefit or Terminal Illness Benefit + Waiver of Premium on permanent disability + Critical Illness Benefits are provided with this option.
  4. All in one: All benefits are offered are provided with this option. You will get Death Benefit or Terminal Illness Benefit + Waiver of Premium on permanent disability + Accidental Death Benefit + Critical Illness Benefit.

You can pay the premiums as single payment, limited period payment or throughout the policy (monthly, quarterly, semi-annual or annually) under iProtect Smart Term plan where Limited pay = Policy term – 5 years.

Advantages/ Benefits of iProtect Smart Plan

  1. Death Benefit

ICICI iProtect Smart term plan offers death benefit or terminal illness benefit and waiver of future premiums on permanent disability. On the first occurrence of either life assured’s death or diagnosis of Terminal illness, the nominee will get the Death benefit. The future premiums are waived in case of Permanent Disability due to an accident is diagnosed.

There are three payout options of Death Benefit under this Plan for all the plan options:

  • Lump Sum – Entire death benefit amount is payable as a lump sum under this option.
  • Regular Income – 10% of the death benefit amount is payable every year for 10 years. Alternatively your nominee can take the entire first year’s income as lump sum under this option.
  • Increasing Income option – 10% of the death benefit amount is payable to the nominee every year for 10 years. As well as the income amount will increase by 10% every year under this option.
  1. Optional Benefits

You can also get Optional benefits such as Accidental Death Benefit & Critical Illness Benefit under this plan.

  • Accidental Death Benefit – Your nominee will get basic sum assured + sum assured opted under accidental death benefit, in case of death due to accident.
  • Critical Illness Benefit – You will get coverage against 34 critical illnesses under critical illness benefit. This rider is payable as lump sum on first occurrence of any of the covered 34 illnesses. Also the basic cover (death benefit) will get reduced by the amount benefit paid under such critical illness.
  1. Life Stage Protection

ICICI Pru iProtect Smart also offers Life Stage Protection feature available only on the Life Option. You can enhance the assured sum as per your financial responsibilities at your life’s important milestones. For example:

  • Marriage – You can increase another 50% of additional death benefit on the existing death benefit up to a maximum limit of Rs.50, 00,000.
  • Birth/Legal adoption of 1st Child – You can increase another 25% of additional death benefit on the existing death benefit up to a maximum limit of Rs.25, 00,000.
  • Birth/Legal adoption of 2nd Child – You can increase another 25% of additional death benefit on the existing death benefit up to a maximum limit of Rs.25, 00,000.

The enhanced death benefit premium are calculated based on the increasing sum assured and the remaining policy term. You can use the ICICI Pru iProtect Smart calculator to calculate the regular premiums.

This policy also offers you the surrender benefit which is applicable only to Single premium policies. You can surrender your policy and get the surrender value. The benefit will be calculated as:

Surrender Value = (Single Premium*Surrender value factor/100)

We have tried to provide all the details regarding ICICI Pru iProtect Smart Plan. For more details regarding this policy you can visit their official site and take your decision. Also please share your views about this term plan in the comments below.

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