ICICIprulife.com – ICICI Prudential iProtect Term Plan (Online Term Insurance Plan). If you are looking for Online Term Insurance Plan with cheap premium and good benefits, here is ICICI Prudential iProtect (ICICI Term Insurance Plan is known as iProtect).
ICICI Prudential iProtect Term Plan provides high coverage at minimum price, one of the best online term insurance plan. IF you are looking for good term insurance plan with low premium price, nominee benefit with high sum assured, and online benefits, than ICICI Prudential iProtect is for you.
In ICICI Prudential iProtect Term Plan, user can get accidental death benefit with maximum Rs.50 lakh of sum assured cover. Settlement Ratio of ICICI Prudential iProtect is 94.1% (Claim Settlement Ratio as per IRDAI).
Do check out below Key features, Benefits, Eligibility Conditions and premium price at Rs.1 lac of cover and extra benefits of ICICI Prudential iProtect.
Key features of ICICI Prudential iProtect Term Insurance Plan
- Most Affordable and cheap online term insurance plan with maximum benefits to policy holder and his/her family members.
- Provides cover protection from Accidental Death, Terminal illness and physical disability
- You can buy it online from ICICIpurelife.com within 10 minutes of process
- Covers 34 life threatening illnesses (including critical illness and accidental deaths)
- Gives extra low premium benefits to women policy holders and non-tobacco users.
- Provides option to surrender policy at single premium option.
- You can increase the life cover option for marriage, children, etc.
- Provides Tax benefits for premium paid users and Income tax act
- Provides Double Tax Benefits under 80C and 80D section of Income tax Act
Special Benefits to Women Policy Holder
- Women policy buyers will get Special Premium rates (discount)
- ICICI Prudential iProtect also covers Female organ cancers (breast cancer and cervical cancer)
Eligibility Conditions to buy ICICI Prudential iProtect
Below is mentioned all the eligibility Conditions you need to approve to buy ICICI Prudential iProtect term insurance plan;
- Sum Assured: – Policy Holder need to buy minimum Sum assured of Rs.25 lac and maximum of Rs.1 cr.
- Policy Term: – Policy Term is available in 10-15-20-25-30 years.
- Entry Age of policyholder: – Policyholder who wishes to buy must have minimum age of 20 years and 65 years of maximum age at the time of buying the ICICI Prudential iProtect Term plan.
- Maximum Age at maturity: – Maturity Age is 75 years.
- Minimum Regular Premium :- Rs.2000/-
- Payment Modes: – Policy buyer can choose Yearly, Half yearly, quarterly and monthly (ECS) mode of payment for premium.
ICICI Prudential iProtect Cover Benefit Options
ICICI Prudential iProtect provides 4 options to cover you and your family, below is mentioned all the options which provided by ICICI Prudential iProtect;
- Life :- In LIFE option, policy holder will get Death Benefit, Terminal illness benefit, waiver of premium on permanent disability
- Life Plus :- In LIFE PLUS option, policy holder will eligible for Death Benefit, Terminal illness benefit, waiver of premium on permanent disability and Accidental Death Benefit too.
- Life and Health :- In LIFE & HEALTH option, policy holder will be eligible for Death benefits, Terminal illness benefit, waiver of premium on permanent disability and critical illness benefit.
- All in one: – If any policy holder wants all the above mentioned benefits, than he/she should choose this option. In all in one option, Death benefit, Terminal illness benefit, waiver of premium on permanent disability, Accidental Death benefit and critical illness benefit are covered.
Death Benefit (Payment Option)
In case of unfortunate death of policyholder, here are 3 options which nominee (or policy holder) can choose to get death benefit;
- Lump Sum: – Lump sum amount of death benefit will be paid in single shot.
- Regular Income: – Policy holder can choose, that nominee will get regular income. In this option, nominee will get 10% of death benefit for next 10 years. (For example, if your sum assured is Rs.1 cr, and upon your unfortunate death, nominee will get Rs.83,333 per month for next 10 years).
- Increasing Income Option: – Same as Regular income plan, just 10% increase per annum every year in death benefit (you need to pay high premium for this).
Premium amount to be paid in ICICI Prudential iProtect Term plan
Here is short example of how much premium you need to pay per year if you buy sum assured of Rs.50 lac (assuming you are NON-tobacco user) and buy policy for Term 25 years.
- If you buy at age of 26 years, you need to pay Rs.4389 of premium per year.
- If you buy at age of 30 years, you need to pay Rs.5600 of premium per year.
- If you buy at age of 40 years, you need to pay Rs.11000 of premium per year.
- If you buy at age of 50 years, you need to pay Rs.26,150 of premium per year.
Enhanced option for Sum Assured
ICICI Prudential iProtect or ICICI term insurance plan provides facility to increase the level of protection in life’s some of the important stages like marriage, birth of child etc.
- Marriage :- You can increase 50% additional death benefit (maximum to 50 lakh)
- 1st Child :- 25 % increase in additional death benefit (maximum to 25 lakh)
- 2nd Child :- 25 % increase in additional death benefit (maximum to 25 lakh)
Note:- Increase level of protection will also increase your premium charges too, will be calculated on outstanding policy term and sum assured amount.
Maturity/ Paid Up or survival Benefit
Since it is Term Insurance Plan, there is NO maturity benefit/survival benefit or paid up on maturity.
Surrender of ICICI Prudential iProtect term plan
If you wish to surrender term plan in mid way, surrender value will be calculated like this;
Surrender value = single premium * surrender value factors/100.
List of Critical Illness covered in ICICI Prudential iProtect term plan
Below is list of critical illness covered in iProtect term plan, do check out before you buy ICICI Term insurance plan online.
Hope This much information is enough to clear all your doubts and review of ICICI Prudential iProtect Term plan, If you still have any more doubts left, you can ask us on comment section below. Thank you.
P.s :- Policy buyers are advised to read the official brochure of ICICI term insurance plan at here.