3A Life Assured shall be regarded as Terminally Ill only if
that
Life Assured is diagnosed as suffering from a condition which, in the opinion of two
independent medical practitioner’s specializing in treatment of such illness, is
highly likely to lead to death within 6 months. The terminal illness must be
diagnosed and confirmed by medical practitioner’s registered with the Indian Medical
Association and approved by the Company. The Company reserves the right for
independent assessment.
2A discount as follows will be offered on first year’s premium
of Death Benefit, Terminal Illness and Waiver of Premium on permanent disability
(excluding rider premiums, underwriting extra premiums and taxes) to salaried
customers opting for sum assured greater than or equal to ₹15,000,000:
Premium Payment Option |
Discount |
Limited Pay |
15% |
Regular Pay |
10% |
+-
Inflation Rate (All India): 5.02% as on
September 2023
`=The online discount percentages vary according to age, policy
term , premium payment term and sum assured chosen by the customer and can range
between 2%-5%. The exact 5% discount appears at the following scenario: ICICI Pru
iProtect Smart for ₹1 Crore of life cover for a 35 year old healthy non-smoker male
(occupation: non-salaried) for a policy term of 40 years with regular pay and
lumpsum payout option. The offline annual premium exclusive of taxes will be ₹20,520
& online annual premium exclusive of taxes will be ₹19,440.
EStaff discount is offered on each year’s offline premium to
employees of ICICI Prudential Life Insurance Company Limited and the employees of
the associate companies of ICICI Bank Limited.This discount will be as
follows:
Premium Payment Option |
Premium Payment Term |
Discount |
Single Pay |
NA |
2% |
Limited Pay, Regular Pay |
- Up to 10 years
- 10 years and above
|
|
5In case of permanent disability due to an accident, all future
premiums are waived off and the life cover continues for the remaining policy
duration. This benefit comes in-built in your term insurance policy without any
extra cost to you. To know more about definitions, terms & conditions applicable for
permanent disability due to accident, kindly refer sales brochure of ICICI Pru
iProtect Smart.
6Policy issuance is also subject to individual case eligibility
criteria.
7Savings in yearly mode of premium payment are in the form of
Modal Loadings. For monthly and Half-yearly mode of premium payment, modal loadings
are 2.5% and 1.25% respectively.
8Our Life insurance policies cover COVID-19 claims under life
insurance claims, subject to applicable terms and conditions of policy contract and
extant regulatory framework. COVID-19 is not included in Critical Illness benefit
covered under IProtect Smart.
9Accidental Death benefit (ADB) is up to ₹2 crores(Subjected to
underwriting guidelines). ADB is available in Life Plus and All in One options. In
case of death due to an accident Accidental Death Benefit will be paid out in
addition to Death Benefit. Accidental Death Benefit will be equal to the policy term
or (80-Age at entry), whichever is lower.
11The premium for a 21-year-old non-smoker healthy male
(occupation: non-salaried) with a life cover of ₹2 crore under the Life Option with
lump-sum payout option for a policy term of 19 years under Regular Pay is ₹889pm
(exclusive of all taxes. Goods and Services tax and/or applicable cesses (if any) as
per applicable rates will be charged extra.
12Additional premium will be calculated based on the increased
Sum Assured and outstanding policy term as per your age at the time of each such
increase.
!aLife cover is the benefit payable on the death of the Life
Assured during the policy term.
14The premium savings of Rs 7,57,980 has been calculated by taking a
difference in the total premiums to be paid by a 35-year-old healthy male life
(occupation: non-salaried) if he chooses 5 years Limited Pay option versus if he
chooses regular pay option, for a policy term of 50 years with income payout option
with Life Cover of Rs 1 crore in both the scenarios. The monthly premium for 5 years
for limited Pay option will be ₹10,907. The monthly premium for regular Pay option
will be ₹2,354. The premium amounts are inclusive of taxes.
15Documents may be required based on assessment of case.
18Data regarding AUM is as per Annual Report 2021-2022. Please refer to the
same for further details.
20To read the full article, click Source: https://www.thehindubusinessline.com/money-and-banking/term-insurance-premium-set-to-rise-as-reinsurers-tighten-norms-due-to-pandemic/article36790831.ece
2aThe premium of ₹460 p.m. has been approximately calculated
for a 18-year-old healthy male life (occupation: non-salaried) with monthly mode of
payment and premiums paid regularly for the policy term of 31 years with income
payout option (income for 20 years) with Life Cover of ₹1 crore. Goods and Services
tax and/or applicable cesses (if any) as per applicable rates will be charged
extra.
4aThe premium of ₹579 p.m. has been approximately calculated
for a 18 year old healthy male (occupation: non-salaried) for a life cover of ₹1
crore and an accelerated critical illness cover of ₹10 lakh under the Life & Health
Option for a regular income payout option (income for 20 years) for a policy term of
32 years (exclusive of all taxes). Goods and Services tax and/or applicable cesses
(if any) as per applicable rates will be charged extra.
8aThe monthly premium of ₹309 is for a 18-year-old healthy
non-smoker male (occupation: non-salaried), paying premiums regularly for 20 years
for a life cover of ₹50 Lakh and death benefit payout option as income (income for
10 years). The premiums are exclusive of taxes.
9aThe above monthly premium is for a 18 year old healthy
non-smoker male (occupation: non-salaried), paying premiums regularly for 19 years
for a life cover of ₹1 crore and death benefit payout option as income. The premiums
are exclusive of taxes.
εData regarding volume of claims is as per IRDAI Annual Report 2021-2022. To
read the full article, click Source: Status of Individual Death Claims of Life Insurers
https://irdai.gov.in/document-detail?documentId=1632108
††The 18% percentage has been calculated by comparing the premium for a
34-year-old healthy male (occupation: non-salaried) and 34 year old healthy female
(occupation: non-salaried), for a life cover of ₹1 crore & an accelerated critical
illness benefit of ₹10 lakh for a policy term of 26 years for a lumpsum payout
option for a regular premium pay mode. The premium (inclusive of taxes) for this
case for the male is ₹20,121 per annum and for a female is ₹16,384 per annum.
°aThe first year premium of ₹677 p.m. (less than ₹23 per day) has been
approximately calculated for a 18-year-old healthy male(Occupation: Salaried) life with
monthly mode of payment and premiums paid regularly for the policy term of 48 years with
income payout option (income for 30 years) with Life Cover of ₹1 crore. The premium
amount is inclusive of taxes. For the above selected premium, customer will be able to
avail 5% lifetime online discount and 30% lifetime discount on premiums due to monthly
income payout.
K1You can choose to increase the Death Benefit at the key milestones of
marriage and child birth/ adoption of child, provided no claim has been admitted for
any benefits under the policy and the policy is in force.
On exercising the option, You will have to pay an additional premium for
the additional Sum Assured for the outstanding term of the policy based on your then
age. This feature is available only with Regular premium payment option. Such
increase in sum assured is only applicable to base death benefit. The ACI Benefit
and AD Benefit will remain unchanged.
Event |
Additional Death Benefit (percentage of original Sum Assured)
|
Subject to maximum additional Death Benefit |
Marriage |
50% |
₹ 50,00,000 |
Birth / Legal adoption of 1st child |
25% |
₹ 25,00,000 |
Birth / Legal adoption of 2nd child |
25% |
₹ 25,00,000 |
==For IPS POS there is waiting period of 60 days for death
benefit.
#Subject to realization of payment and documents. Policy can be
purchased in 3 steps: 1. Generating premium quote 2. Filling basic details and
answering health related questions 3. Premium payment.
!zThe first year premium of ₹1,144 p.m. has been approximately
calculated for a 25-year-old healthy male(Occupation: Salaried) life with monthly
mode of payment and premiums paid regularly for the policy term of 25 years with
income payout option (income for 30 years) with Life Cover of ₹3 crore. The premium
amount is inclusive of taxes. For the above selected premium, customer will be able
to avail 5% lifetime online discount, 10% salaried discount for regular pay on 1st
year premium and 30% lifetime discount on premiums due to monthly income
payout.
!fThe first year premium of ₹680 p.m. (less than ₹23 per day)
has been approximately calculated for a 20-year-old healthy male(Occupation:
Salaried) life with monthly mode of payment and premiums paid regularly for the
policy term of 20 years with income payout option (income for 30 years) with Life
Cover of ₹2 crore. The premium amount is inclusive of taxes. For the above selected
premium, customer will be able to avail 5% lifetime online discount, 10% salaried
discount for regular pay on 1st year premium and 30% lifetime discount on premiums
due to monthly income payout.
!yThe above monthly premium of ₹645 p.m. is for a 18-year-old
healthy non-smoker male (occupation: salaried) paying premiums regularly for a
policy term of 19 years and life cover of ₹1.5 Crore with death benefit payout
option as regular income (income for 10 years). The above premium is online and
inclusive of taxes.
!vThe first year premium of ₹570 p.m. (₹19 per day) has been
approximately calculated for a 20-year-old healthy male(Occupation: Salaried) life
with monthly mode of payment and premiums paid regularly for the policy term of 20
years with income payout option (income for 30 years) with Life Cover of ₹1.5 crore.
The premium amount is inclusive of taxes.
^Tax benefit of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D)
is calculated at highest tax slab rate of 31.2% (including Cess excluding surcharge)
on life insurance premium u/s 80C of ₹ 1,50,000 and health premium u/s 80D of ₹
25,000. Tax benefits under the policy are subject to conditions under Section 80C,
80D, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and
Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax
laws are subject to amendments made thereto from time to time. Please consult your
tax advisor for more details.
~Claim statistics are for Financial Year FY2021-22 and is
computed on individual basis claims settled over total individual claims for the
financial year. For details, refer to Source:
https://www.iciciprulife.com/content/dam/icicipru/about-us/FinancialInformation/AnnualReports/FY2022-AnnualReport.pdf
ICICI Pru iProtect Smart UIN 105N151V07.W/II/0174/2019-20
>1 Day is a working day, counted from the date of receipt of
all relevant documents from the claimant, additional information sought by the
Company and any clarification received from the claimant. The Company will be
calling the claimants for verification of information submitted by the Claimant
which will also be considered as part of relevant documents. Working day will be
counted as Monday to Friday and excluding National holidays /Bank holidays/Public
holidays.
- a) All due premiums in the policy have been paid and the policy has
been active for 3 consecutive years preceding life assured’s death.
- b) Mandatory documents to be submitted at Branch Office- Claimant
statement form, Original policy certificate, Copy of death certificate
issued by local authority, AML KYC documents- Nominee’s recent photograph
,Copy of Nominee’s pan card, Nominee’s current address proof, photo identity
proof, Cancelled cheque/ Copy of bank passbook, Copy of medico legal cause
of death, Medical records (Admission notes, Discharge / Death summary, Test
reports, etc.), For accidental death - Copy of FIR, Panchnama, Inquest
report, Postmortem report, Driving license.
- c) Total claim amount of all the life policies held by the Life
Assured <=₹1.5 Crore.
- d) Claim does not require any on-ground investigation.
1 Day is a working day, counted from date of receipt of all relevant documents from
the claimant, additional information sought by the Company and any clarification
received from the claimant. The Company will be calling the claimants for
verification of information submitted by the Claimant which will also be considered
as part of relevant documents. Working day will be counted as Monday to Friday and
excluding National holidays/Bank holidays/Public holidays. Interest shall be at the
bank rate that is prevalent at the beginning of the financial year in which death
claim has been received. In case of breach in regulatory turnaround time, interest
will be paid as per IRDAI regulations. Under ULIP policies, if claim is submitted
prior to 3 pm then the claim will be considered under Claim For Sure on the same
day. If claim is submitted post 3pm or if the policy is inactive at the time of
claim notification then the claim will be considered under Claim For Sure the next
day as per availability of NAV.
`As per ICICI Prudential Annual Report 2022-23: Financial
Statements (Schedule 4- Benefits paid (Gross))of the company, benefits paid since
inception up to March 31, 2023.
¶Calculation of 85 years is based on the existing life years ,
that is, 85 years of age minus your current age. There are also other option for
payment that is 7 pay, 10 pay, RP, 60 year-Age and PT – 5 year . For more details
please refer product brochure.
°The policyholder will have an option to cancel the Policy and
receive Smart Exit Benefit, equal to Total Premiums Paid under the Policy. The
following conditions are applicable for availing Smart Exit benefit:
- ● This option can be exercised in any policy year greater than 25 but
not during the last 5 policy years, provided the age of the life assured is
60 years or more at the time of exercise.
- ● The Policy is in-force with all due premiums paid at the time of
exercising this option.
- ● No claim for any of the underlying benefits has been registered and
is under evaluation/ or accepted/ or paid/ being paid on the Policy.
Where, Total Premiums Paid means the total of all premiums received, excluding any
extra premium, any rider premium and taxes. In case the benefit term for additional
benefit(s), for which additional premium has been paid, has expired at the time of
exercise of Smart Exit Benefit, then Total Premiums Paid shall exclude the premium
paid towards such additional benefit(s). Please refer to sales brochure for more
details.
S1Total Premiums Paid means the total of all premiums received,
excluding any extra premium, any rider premium and taxes. In case the benefit term
for additional benefit(s), for which additional premium has been paid, has expired
at the time of exercise of Smart Exit Benefit, then Total Premiums Paid shall
exclude the premium paid towards such additional benefit(s).
\Nothing here in contained shall operate to destroy or impede
the right of any creditor to be paid out of the proceeds of any policy of assurance,
which may have been effected with intent to defraud creditors. In case of any third
party claim in the Courts of India with regards the insurance proceeds, the amount
shall be subject to the judiciary directions. Please seek professional legal advice
for the applicability of this provision.
&&ICICI Pru iProtect Smart offers four variants namely ‘Life’,
‘Life plus’, ‘Life and health’ and ‘All in One’ with difference benefits. “All in
One” is one of the four variants offered under iProtect Smart having all benefits
offered under other ICICI Pru iProtect Smart variants namely Life, Life plus and
Life & health. The customer can choose any one variant from the four available
variants. Please refer to the product brochure for more details.
%77.1 Mn lives covered across our individuals and group customers as per ICICI
Prudential Annual Report 2022-23. Please refer to Public Disclosure section on ICICI
Prudential website for more details.
$$As per Internal Data of policies sold for Product: ICICI Pru
iProtect Smart from Apr’21-Mar’22 in the BOL Channel.
==For IPS POS there is waiting period of 60 days for death
benefit.
++The premium for a 19-year-old non-smoker healthy male
(occupation: non-salaried) with a life cover of ₹1.5 crore under the Life Option
with regular income payout option (Income for 20 years) for a policy term of 34
years under Regular Pay is ₹640 pm (exclusive of all taxes. Goods and Services tax
and/or applicable cesses (if any) as per applicable rates will be charged
extra.
+++Based on number of policies sold online between April 2021-
March 2022, 35% of our online customers purchase the optional critical illness
benefit rider with their policy.
##Accelerated Critical Illness benefit(ACI benefit) is upto 1
crore (Subjected to underwriting guidelines). Accelerated Critical Illness Benefit
(ACI Benefit) is optional and available under Life & Health and All in One options.
This benefit is payable, on first occurrence of any of the 34 illnesses covered.
Medical documents confirming diagnosis of critical illness needs to be submitted.
The benefit is payable only on the fulfillment of the definition of the diagnosed
critical illness. The ACI Benefit, is accelerated and not an additional benefit
which means the policy will continue with the Death Benefit reduced by the extent of
the ACI Benefit paid. The future premiums payable under the policy will reduce
proportionately. If ACI Benefit paid is equal to the Death Benefit, the policy will
terminate on payment of the ACI Benefit. To know more in about ACI Benefit, terms &
conditions governing it, kindly refer to sales brochure. ACI Benefit term would be
equal to policy term or 30 years or (75-Age at entry), whichever is lower.
**The percentage saving computed is purely in terms of premium
paid over the term (Difference between 5 years Limited and Regular pay) of the
policy and does not account for time & other factors that may happen during this
period. It is one of the many features that the product offers and you can opt for
it based on your individual needs. The percentage saving is for ₹1 crore life cover
for a 24-year-old healthy Male (occupation: non-salaried) for a policy term of 61
years with lump sum payout option. The monthly premium for 5 years for limited Pay
option will be ₹7,464. The monthly premium for regular Pay option will be ₹1,769.
The premium amounts are inclusive of taxes.
/Tax benefit of ₹54,600 (₹46,800 u/s 80C & ₹7,800 u/s 80D) is
calculated at highest tax slab rate of 31.2% (including Cess excluding surcharge) on
life insurance premium u/s 80C of ₹1,50,000 and health premium u/s 80D of ₹25,000.
Tax benefits under the policy are subject to conditions under Section 80C, 80D,
10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services
Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are
subject to amendments made thereto from time to time. Please consult your tax
advisor for more details.
[?The premium of ₹1,127 p.m. has been approximately calculated
for a 35 year old healthy male life (occupation: non-salaried) with monthly mode of
payment and premiums paid regularly for the policy term of 25 years with income
payout option (Income for 10 years) with Life Cover of ₹1 crore. Goods and Services
tax and/or applicable cesses (if any) as per applicable rates is included.
?/The premiums of ₹1,061 for a 35-year-old & ₹1,853 for a
45-year-old healthy non-smoker male (occupation: non-salaried) has been calculated
for Regular Pay premium payment option with a policy term till 60 years of age under
Life option with a life cover of ₹1 crore with Income payout option(income for 20
years). The above premiums are calculated for a month & are inclusive of
taxes.
!aLife Cover is the benefit payable on death of the life
assured during the policy term.
1bThe monthly premium of ₹460 is for a 18 year old healthy
non-smoker male (occupation: non-salaried), paying premiums regularly for 19 years
for a life cover of ₹1 crore and death benefit payout option as income. The premiums
is exclusive of taxes.
~`‘Increasing income’ is one of the four death benefit payout
options available under ICICI Pru iProtect Smart. Under this option, the benefit
amount is payable in monthly instalments 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. At any time, your beneficiary will
have the option to convert all or some of his monthly income into a lump sum. The
lump sum amount will be the present value calculated at a discount rate of 4% p.a.
The premium for your policy will vary based on the Death Benefit payout option
chosen.
[~The premium of ₹644 is for a 25-year-old non-smoker healthy
male (occupation: non-salaried) who has taken a life cover of ₹1 Cr and Accidental
Death Benefit of ₹10 L and is paying premiums regularly for a policy term of 20
years with death benefit payout option as income (income for 20 years). The premium
is for an online policy and inclusive of taxes.
^%The above premium is for a 35-year-old, healthy non-smoker
male (occupation: non-salaried) who has taken a life cover of Rs. 1 Cr and is paying
premium of Rs. 929/month regularly for a policy term of 19 years with death benefit
payout option as income. The premium is for an online policy and inclusive of
taxes.
!The premium of ₹899 p.m. has been calculated for a 18-year-old
healthy male life (occupation: non-salaried) with monthly mode of payment and
premiums paid regularly for the policy term of 19 years with income payout
option(income for 30 years) with Life Cover of ₹1 crore, critical illness cover of
₹20 lakh and accidental death benefit cover of ₹50 lakh. The premium amounts are
inclusive of taxes.
//As per Internal Data of policies sold for
Product: ICICI Pru iProtect Smart from Apr’21-Dec’21 in the BOL Channel
///As per Internal Data of policies sold for
Product: ICICI Pru iProtect Smart from July’21-Dec’21 in the BOL Channel
^^As per internal
data of users who have visited iciciprulife.com in the month of November, 2019 and
checked their premium for term insurance product, iProtect Smart.
^*The premium for a 30-year-old non-smoker healthy male
(occupation: non-salaried) with a life cover of ₹3 crore under the ICICI Pru
iProtect Smart – Life Option with income payout option (Income for 30 years) for a
policy term of 30 years under Regular Pay is ₹1,794 pm (inclusive of all
taxes).
)(The above premium for Accidental Death Benefit is for a 20 year old
non-smoker healthy male (occupation: non-salaried) who has taken a life cover of ₹2
crore and an Accidental Death Benefit cover of ₹50 lakh under the Life Plus benefit
option of iProtect Smart, paying premiums regularly for a policy term of 19 years with
death benefit payout option as income for 10 years. The total policy premium (Life cover
+ Accidental Death Benefit cover) for the same scenario will be ₹1,166 pm (online
premium and inclusive of all taxes).
>>The premium for a term plan is dependent on factors like age, gender, Sum
Assured. Policy Term etc. Keeping all other factors constant, the premium for younger
ages is lower than that of higher ages.
*^Source: Company BuyOnline Data-Apr 2021 till date
☩☩Under the increasing monthly income plan, the benefit amount is payable in
monthly instalments 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. This payout option gives 45% more life cover. For example, if your life
cover is ₹1 Crore, then your family will receive ₹10 lakh in the first year, ₹11 lakh in
the second year, ₹12 lakh in the third year and so on for 10 years. This way, at the end
of the 10th year, the total life cover received will be ₹1.45 crore. This option is
useful if you would like to account for inflation and the rising cost of living.
((The premium for a 20-year-old non-smoker healthy male (occupation:
non-salaried) with a life cover of ₹2 crore under the Life Option with income payout
option (income for 30 years) for a policy term of 20 years under Regular Pay is ₹755 pm
(inclusive of all taxes).
[~he above premium is for a 25-year-old non-smoker healthy male
(occupation: non-salaried) who has taken a life cover of ₹1 Cr and Accidental Death
Benefit of ₹10 L and is paying premiums regularly for a policy term of 15 years with
death benefit payout option as income. The premium is for an online policy and
inclusive of taxes.
``The above monthly premium of ₹480 is for a 18-year-old
healthy non-smoker female (occupation: non-salaried)paying premiums regularly for a
policy term of 33 years and life cover of ₹1.2 Crore with death benefit payout
option as regular income (income for 30 years). The above premium is online and
exclusive of taxes.
|||The premium of ₹304 per month has been calculated for a
25-year-old female (occupation: non-salaried) for a life cover of ₹50 lakhs and for
a policy term of 19 years for ICICI Pru iProtect Smart - Life Option for a regular
income payout option (income for 30 years). The above premium is online and
inclusive of taxes.
@The premium of ₹730 p.m. has been approximately calculated for
a 20-year-old healthy female (occupation: non-salaried) for a policy term of 18
years for regular income payout option (income for 30 years) for a life cover of
₹1.5 crore and a critical illness cover of ₹20 lakh under ICICI Pru iProtect Smart –
Life & Health option. The above premium is online and inclusive of taxes.
^’How much life cover do you need? Source: Economic Times.
Click here : https://economictimes.indiatimes.com/wealth/insure/how-much-life-cover-do-you-need/articleshow/53037661.cms
`" The premium of ₹432 per month has been calculated for a 18-year-old female
(occupation: non-salaried) for a life cover of ₹1 Cr and for a policy term
of 19 years for ICICI Pru iProtect Smart - Life Option for a regular income
payout option (income for 20 years) and is exclusive of all taxes.
|The premium of ₹669 p.m. has been approximately calculated for
a 20-year-old healthy female (occupation: non-salaried) for a policy term of 21
years for regular income payout option (income for 30 years) for a life cover of
₹1.2 crore and a critical illness cover of ₹15 lakh under ICICI Pru iProtect Smart –
Life & Health option. The above premium is online and inclusive of taxes.
†The percentage saving computed is purely in terms of premium
paid over the term (Difference between 10 years Limited and Regular pay) of the
policy and does not account for time & other factors that may happen during this
period. It is one of the many features that the product offers and you can opt for
it based on your individual needs. The percentage saving is for ₹1 crore life cover
for a 20-year-old healthy Male (occupation: non-salaried) for a policy term of 65
years with lump sum payout option. The monthly premium for 10 years for limited Pay
option will be ₹4,354. The monthly premium for regular Pay option will be ₹1,667.
The premium amounts are inclusive of taxes.
!cMWPA: Nothing herein contained shall operate to destroy or
impede the right of any creditor to be paid out of the proceeds of any policy of
assurance, which may have been effected with intent to defraud creditors. In case of
any third-party claim in the Courts of India with regards to the insurance proceeds,
the amount shall be subject to the judiciary directions. Please seek professional
legal advice for the applicability of this provision.
`2Monthly income: This is one of the four available
death benefit payout options and customer can choose any one of the death benefit
payout options. Under ‘Income’ option, a percentage of the benefit amount is payable
every year throughout the income term of 10, 20 or 30 years, as chosen at policy
inception. This will be paid in equal monthly instalments in advance at a defined
rate of death benefit amount. For income term of 10 years, 10% of the death benefit
will be payable every year i.e. 0.83333% of death benefit will be payable as monthly
in advance. For income term of 20 years, 5% of the death benefit will be payable
every year i.e. 0.41667% of death benefit will be payable as monthly in advance. For
income term of 30 years, 3.33% of the death benefit will be payable every year i.e.
0.27778% of death benefit will be payable as monthly in advance.
*230% is the discount factor available if the policyholder opts
for ICICI Pru iProtect Smart with death benefit payout option of ‘income’ with
income duration of 30 years, as compared to the premium in death benefit payout
option of lump sum. There are 3 income durations available within ‘income’ as death
benefit payout option. With income duration of 10 years, the discount factor is 15%,
with income duration of 20 years, the discount factor is 20%.
!iThe first year premium of ₹575 p.m. (less than ₹20 per day)
has been approximately calculated for a 19-year-old healthy male(Occupation:
Salaried) life with monthly mode of payment and premiums paid regularly for the
policy term of 26 years with income payout option (income for 10 years) with Life
Cover of ₹1 crore. The premium amount is inclusive of taxes. For the above selected
premium, customer will be able to avail 5% lifetime online discount and 10% lifetime
discount on premiums due to monthly income payout.
°bThe first year premium of ₹935 p.m. (less than ₹32 per day)
has been approximately calculated for a 18-year-old healthy male(Occupation:
Salaried) life with monthly mode of payment and premiums paid regularly for the
policy term of 48 years with income payout option (income for 30 years) with Life
Cover of ₹2 crore. The premium amount is inclusive of taxes. For the above selected
premium, customer will be able to avail 5% lifetime online discount, 10% salaried
discount for regular pay on 1st year premium and 30% lifetime discount on premiums
due to monthly income payout.
2eThe premium of ₹449 p.m. has been approximately calculated
for a 18-year-old healthy female life with monthly mode of payment and premiums paid
regularly for the policy term of 23 years with income payout option for 20 years
with Life Cover of ₹1 crore. Goods and Services tax and/or applicable cesses (if
any) as per applicable rates will be charged extra.
†aThe first year premium of ₹555 p.m. (less than ₹19 per day)
has been approximately calculated for a 18-year-old healthy female(Occupation:
Salaried) life with monthly mode of payment and premiums paid regularly for the
policy term of 20 years with income payout option (income for 30 years) with Life
Cover of ₹1.5 crore. The premium amount is inclusive of taxes. For the above
selected premium, customer will be able to avail 2% lifetime online discount, 10%
salaried discount for regular pay on 1st year premium and 30% lifetime discount on
premiums due to monthly income payout.
†bThe first year premium of ₹555 p.m. (less than ₹19 per day)
has been approximately calculated for a 18-year-old healthy female(Occupation:
Salaried) life with monthly mode of payment and premiums paid regularly for the
policy term of 20 years with income payout option (income for 30 years) with Life
Cover of ₹1.5 crore and an accelerated critical illness cover of ₹10 lakh under the
Life & Health Option. The premium amount is inclusive of taxes. For the above
selected premium, customer will be able to avail 2% lifetime online discount, 10%
salaried discount for regular pay on 1st year premium and 30% lifetime discount on
premiums due to monthly income payout.
`4Subject to further evaluation by underwriting team based on
true and fair disclosures during the application process.
*~Tax benefits/Tax-free returns are subject to conditions under
Sections 80C, 80D, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961.
Goods and Services tax and Cesses, if any will be charged extra as per prevailing
rates. Tax laws are subject to amendments made thereto from time to time. Please
consult your tax advisor for more details.
ICICI Pru iProtect Smart. UIN: 105N151V10
ADVT: W/II/1050/2023-24
ADVT: W/II/0106/2024-25
Comp code - COMP/DOC/Apr/2022/84/0030
Comp code (negative pincode) - COMP/DOC/Dec/2021/112/7011
Comp code (Did you know?) - COMP/DOC/Feb/2022/42/7340
Comp code (Did you know?) - COMP/DOC/Feb/2022/102/7387
Comp code (Medical Checkup) - COMP/DOC/Jun/2022/286/0671
Comp code - COMP/DOC/Sep/2022/59/1069
Comp code - COMP/DOC/Sep/2022/219/1161
Comp code - COMP/DOC/Aug/2023/18/3663
Comp code - COMP/DOC/Oct/2023/1310/4341
Comp code - COMP/DOC/Nov/2023/1511/4702
Comp code - COMP/DOC/Jan/2024/31/5112
Comp code (Employee discount) -
COMP/DOC/Feb/2022/282/7498
© ICICI Prudential Life Insurance Co. Ltd. All rights reserved. Registered with
Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance
Company. Regn. No. 105. CIN: L66010MH2000PLC127837.
Reg. Off.: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai
400025. Tel.: 40391600. Customer helpline number – 1860 266 7766. Timings – 10:00
A.M. to 7:00 P.M., Monday to Saturday (except national holidays). Member of the Life
Insurance Council. For more details on the risk factors, term and conditions please
read the product brochure carefully before concluding the sale. Trade Logo displayed
above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI
Prudential Life Insurance Company Ltd under license.
BEWARE OF SUSPICIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
IRDAI is not involved in activities like selling insurance policies,
announcing bonus or investment of premiums. Public receiving such phone calls
are requested to lodge a police complaint.