iProtect Smart ICICI Pru New Term Insurance Plan Really Smart? – Review

iProtect Smart

ICICI Pru has recently launched iProtect Smart comprehensive term insurance plan.iProtect Smart is all in one term insurance policy, which allows you to select different coverage levels. This plan offers 360-degree coverage to your life. Let’s take a closer look at iProtect Smart New Term Insurance policy.

iProtect Smart Key Features

  • Coverage against death, critical illness and disability
  • Accident Death Benefits
  • Special Premium rates for non-tobacco customer
  • Benefits payout selection. Lump sum or as a monthly income for next 10 years
  • Flexibility to pay premium (Regular, Limited Pay, Single Pay)
  • Tax Benefits
  • Special premium rates for women

Who can Purchase iProtect Smart?

Eligibility Conditions –

Minimum / Maximum age at entry – 18 / 65 years

Minimum / Maximum age at maturity – 23 / 75 years

Premium Payment Terms – Single Pay, Regular Pay, Limited Pay – 5 years

Accidental Death Benefit – Equal to Sum Assured chosen by you

Premium Payment mode – Single, Half yearly, Yearly, Monthly

Benefits and Options of iProtect smart

Benefit Options

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

All in One – Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accidental Death Benefit + Critical Illness Benefit

Death Benefit –

ICICI Pru iProtect Smart offers flexibility in selecting death benefits and payouts.

Lump sum – The entire benefit amount is payable as a lump sum to the nominee or legal heir.

Income – 10% of the benefit amount is payable every year for 10 years to the nominee. The beneficiary can also advance the first year’s income as a lump sum.

Increasing Income – The benefit amount is payable in monthly installments for 10 years starting with 10% of the benefit amount per annum in the first year. The income amount will increase by 10% per annum simple interest every year thereafter.

Survival Benefit –

There is no maturity or survival benefit available under this product.

Example 1

Mr. Anil is 35 years old. He wants to ensure that his wife and family live a comfortable life in his absence and get regular income. He decided to take term insurance plan iProtect Smart policy with a death benefit of 1.5 Cr. He pays an annual premium of 17,434 Rs for this policy. On the unfortunate death of Mr. Ramesh during policy term, his family will get either lump sum amount or monthly income up to 10 years.

iProtect Example

Example 2

Ms. Priya is 32 years old. Priya wants to get ready for any eventualities of life. She takes the iProtect Smart policy with coverage of 1 Cr. Along with critical illness benefit of 25 lakhs, after paying a premium for few years, she is diagnosed with critical illness.  25 lakh will be paid to her immediately. Her coverage amount will reduce to 75 Lakh, along with that premium amount will reduce in similar proportion. A policy shall continue and offers coverage up to 75 lakh up to policy term.

iProtect Example

Should you invest in ICICI iProtect Smart?

ICICI iProtect Smart is a smart plan as it offers flexibility in terms of benefits options. You can plan to purchase this policy if you are not protected adequately. Remember iProtect Smart is pure term plan and you should compare this plan with other similar products available in the market. Consider following Unique selling points of the policy before taking purchase decision –

Also Read – Comparison of 27 Term Plans

  • ICICI iProtect Smart offers flexibility in terms of benefits selection. You can opt for various benefits options such as lump sum, income, increasing income as per your requirement.
  • This plan covers 34 different critical illnesses. Please go through detail about critical diseases covered under this policy. This insurance plan also covers female organ cancers such as breast cancer and cervical cancer.
  • ICICI Pru iProtect Smart offers the flexibility to increase the level of protection at key life stages of marriage and child birth, without any medicals.
  • Special Premium rates are applicable for non-tobacco and women.

Do you think ICICI iProtect Smart is good term insurance plan?

Do share your views in comment section given below.

(Source – iciciprulife.com and iProtect Smart Brochure)

Article by Raviraj

Hi, I am Raviraj. I am passionate about money matters and finance. I have 10 years of rich experience in the field of financial planning, Investments & Insurance. I have written 700+ article on this blog. If you like my efforts kindly subscribe to this blog and also let your friends know about this website by sharing.

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