Check Premium

Secure your loved ones with our term plan

Since its launch ICICI Pru iProtect Smart has become our top selling plan online (Source: Company BuyOnline data - Dec 2015 till Sep 2018). This term plan offers protection for your family and critical illness cover for you(optional). Critical illness cover is a very popular benefit among consumers with 1 out of 3 people selecting this benefit (Source: Company BuyOnline data – Sep 2018 till date).

Here are 7 things you must know about our term plan

It fits into your tight budget
After paying your monthly rent, light and phone bills, a term life insurance premium can be difficult. ICICI Pru iProtect Smart’s affordable premiums make sure it isn’t. Just what your wallet asked for. Moreover, you have the option to make the payments in yearly, half-yearly or monthly mode.
Sample premium sheet for a healthy non-smoking male is as under :
Age Life Cover (₹) Policy Term Annual Term(₹)
30 years 50 Lakh 45 years 9,840
30 years 1 Crore 45 years 16,941
35 years 50 Lakh 40 years 11,835
35 years 1 Crore 40 years 20,582
It gives you longer cover

The best time to buy life insurance is now. As buying now will ensure that you get life cover at low premiums and desired term. Our plan has the provision to cover you till age 99.

Maximum policy term for some ages is mentioned below:
Age At Which ICICI Pru IProtect Smart Is Bought Regular Pay
  Maximum Term Cover till age of
25 74 years 99
30 69 years 99
35 64 years 99
40 59 years 99

It is advisable that you take term life cover for your earning years because by then you would have paid off your liabilities and you may not have family dependent on your income.

It pays on diagnosis of any of the 34 Critical illnesses (optional)Term Life Insurance is for your wife’s or children’s (nominees) security. But what happens when a critical illness strikes and your life hangs in balance? ICICI Pru iProtect Smart gives claim payout on first diagnosis of any of the covered 34 Critical Illnesses^. No Hospital Bills required.
It gives you 4 payout options to choose from

Sometimes you may make lumpsum payments, such as for your child’s education and sometimes you just need monthly income, say for Home loan EMIs. Give your nominees the choice to receive insurance money, as per their needs with 4 payout options of ICICI Pru iProtect Smart.

Options Details
Lump Sum This is our most popular Payout option. Source: Company BuyOnline data - Dec 2015 till date. The Life Cover will be paid together as a fixed lump sum. For example, if you choose a Life Cover of ₹ 1 crore, your nominee will receive the same as lump sum amount.
Income Premium under this payout option is the lowest. You can choose this option if you want your wife or children (nominee) to receive a regular monthly income. With this option, 10% of the benefit amount is payable every year for 10 years. This will be paid in equal monthly instalments, in advance, at the rate of 0.83333% of the total benefit amount. This means, for a Life Cover of ₹ 1 crore, the monthly income paid will be ₹ 83,333. Your nominee can also choose to receive the first year’s income, equal to ₹ 10 lakh, as lump sum. After this, the monthly instalments will continue from subsequent month for 9 years at the rate of 0.80% of the total benefit amount, i.e., ₹ 80,000 per month.
Increasing Income This payout option gives 45% more life cover. If your Life Cover is ₹ 1 crore, then your nominee will receive ₹ 10 lakh in the first year, ₹ 11 lakh in the second year, ₹ 12 lakh in the third year and so on. At the end of the 10th years, total life cover received will be ₹ 1.45 crore.
You can choose this option if you want your wife or children (nominee) to receive an increasing regular income. Your nominee will receive monthly instalments for 10 years. The income amount will increase by 10% p.a. simple interest every year.
Lump Sum plus Income This is our new payout option. With this option, the Life Cover will be paid in two parts as selected by you at policy inception. For example, if your life cover is ₹ 1 crore, you can choose to give ₹ 50 lakh as lumpsum and remaining Rs 50 Lakh will be paid out in equal monthly instalments of ₹ 41,667 per month, at the rate of 0.83333% per month over 10 years.
It pays life cover on terminal illness (including AIDS)Terminal illnesses such as AIDS are not only life threatening but can also spell financial ruin. ICICI Pru iProtect Smart helps you give them that last fight, paying your insurance money before death. The terminal illnesses benefit is available with all plan options and it covers AIDS too.
It gives you option to add accidental benefit now, or laterRoad, Train accidents happen all the time. Insurance can’t stop them, but it can mitigate the financial effects. ICICI Pru iProtect Smart lets you add accidental cover of your choice during purchase or, even after purchase.
It gives you option to buy online with MWP Act4Last thing you want after buying a term plan is insurance money not given to your near ones, like to your wife or children. Your relatives /creditors may wrongfully claim the insurance amount. You have the option to protect it with us, by buying our online term plan ICICI Pru iProtect Smart under Married Women’s Property Act (MWP Act).
Lets Connect!
 If you have any queries regarding the online purchase of our Term Insurance Plan, please give us a call on


Product Snapshot

Premium starts from ₹ 2,400 (Under Life Option)
Critical Illness Benefit (optional) 34 critical illnesses covered (Life+ Health & All In One)
Get life cover upto 99 years
Claims Settlement Ratio` 97.9% in FY2020-21^

`Claim statistics are for FY2020-21 and is computed basis individual claims settled over total individual claims for the financial year. For details, refer to Public Disclosures in our Website.

^As per IRDAI Report.

Product Information

Does this plan have waiver of premium?

In case of permanent disability due to an accident, the company waives all future premiums and your policy continues uninterrupted.

Does this plan provide tax benefits?

Yes, it gives three types of tax benefits.

  1. Premiums paid are tax-free under section 80 (C).
  2. When you opt for Critical Illness benefit you can get additional tax benefit under section 80D.
  3. Claim amount received by you or your nominee is tax free under section 10(10D).

Tax benefits under the policy are subject to conditions under Sec. 80C, 80D and Sec 10(10D) of the Income Tax Act, 1961. Applicable taxes will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time.

Can I buy this plan online?

Yes, you can buy this plan online on your desktop or on your mobile phone. Buying online gives additional discount and takes just 10 minutes to complete the purchase (subject to realisation of payment and documents).

Can I buy this plan under Married Women's Property (MWP) Act?

Yes, you can buy this plan under MWP act. In fact, you can attach MWP act even when you are buying online. All you have to do is tick "yes" in the MWP act question which appears in the application form.

Is death due to suicide included in this plan?

Yes, death due to suicide is covered in this plan. If death of the policy holder happens due to suicide within a year, the nominee or beneficiary of the policyholder shall be entitled to 80% of the premiums paid till the death, provided the policy is in force.

At what age can I start this plan?

You can start this plan from the age of 18. But, the maximum age should not exceed 65 years.

How much premium do I have to pay?

The premium will depend on the Life Cover amount and other Benefit Options you choose. It starts from ₹ 2,400 per annum excluding taxes as applicable for Life Option.

How much money will my family receive in case of death due to an accident?

Your family will receive the combined lump sum amount of Life Cover + Accident Cover if chosen by you.

How much Critical Illness Benefit can I choose?

The minimum Critical Illness Benefit you can choose is ₹ 1 lakh. The maximum benefit will be up to the basic Life Cover subject to maximum of ₹ 1 crore, as per the company policy.

When do I receive Critical illness pay-out?

This benefit is payable when you are diagnosed for the first time with any of the 34 critical illnesses covered by ICICI Pru iProtect Smart. A copy of the diagnosis report is enough to initiate the critical illness claim.

Does my Life Cover or Premium change after I receive the critical illness benefit?

Yes, the Life Cover will reduce by the value of the Critical Illness Benefit paid to you. As a result, the future premiums you have to pay will reduce as well.

What are the protection benefits available in this plan?

  1. Death and Terminal Illness: Your nominee receives the Life Cover amount in case of your death. You get 100% cash payout of the total life cover amount if you are diagnosed with terminal illness. The policy will close on payment of either the death benefit or the terminal illness benefit. Terminal Illness refers to the high likeliness of death within the next six months as diagnosed by medical practitioners that specialise in the same. To know more about the details of Terminal Illness, refer to the information provided in the product brochure.
  2. Permanent Disability: The company pays all due premiums on your behalf in case of permanent disability caused due to an accident. Permanent Disability~ will be triggered if you are unable to perform 3 out of the 6 following activities permanently and consistently for 6 consecutive months:
    1. Mobility: The ability to walk a distance of 200 meters on flat ground.
    2. Bending: The ability to bend or kneel to touch the floor and straighten up again and the ability to get into a standard car, and out again.
    3. Climbing: The ability to climb up a flight of 12 stairs and down again, using a handrail if needed.
    4. Lifting: The ability to pick up an object weighing 2 kg at table height and hold it for 60 seconds before replacing the object on the table.
    5. Writing: The ability to write using a pen or pencil, or type using a computer's keyboard.
    6. Blindness (permanent and irreversible): Permanent and irreversible loss of sight to the extent that even when tested with the use of visual aids, vision is measured at 3/60 or worse, using a Snellen eye chart.
  3. Accidental Death (optional): In case of death due to an accident, your nominee receives a lump sum amount called the Accident Cover*.
  4. Critical Illness (optional): On the first occurrence of any of the covered 34 critical illnesses, you receive a lump sum pay-out*.

Which Benefit is covered under which benefit option?

You can choose your level of protection by selecting one of the four benefit options to suit your need. The plan options are Life, Life Plus, Life & Health and All-in-one.

Death, Terminal Illness and Permanent Disability are covered irrespective of the plan option chosen as shown below:

Coverage in case of an unfortunate event Regular Pay
Life Life Plus Life & Health All-in-one
Death Yes Yes Yes Yes
Terminal Illness (including AIDS) Yes Yes Yes Yes
Waiver of all future premiums on permanent disability due to accident Yes Yes Yes Yes
Accidental Death No Yes No Yes
34 Critical Illness No No Yes Yes

Does this plan have single premium option?

Yes, this plan has single premium option. Here are the details:

Benefit Options Premium payment Minimum policy term Maximum policy term
Life Once 5 years 20 years
Life Plus Once 5 years 20 years
Life & Health NA NA NA
All-in-one NA NA NA

Does this plan increase life longer during marriage or birth of a child?

Yes, ICICI Pru iProtect Smart gives you this facility, with life stage protection, under all its plans without any medicals.

Event Additional Life Cover (calculated as a percentage of the original Life Cover) Maximum Additional Life Cover allowed (₹)
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

Subject to a maximum limit as per company policy.

Additional premium will be calculated according to the increased Life Cover and the remaining policy period.


Illustration 1

Priya is a 32 year old, healthy female who works as a marketing consultant. She has taken a home loan. Realizing the need for protection in her fast-paced life, Priya wants to be well prepared for unforseen circumstances in life.ICICI Pru iProtect Smart - Life and Health option is the perfect solution for her needs.

Illustration 2

Anil is a 35 year old healthy male who works as a project manager in an IT company. Anil wants to ensure that his wife, three year old son and retired father live a comfortable life in case of his untimely death. He chooses ICICI iProtect Smart - Life option with Death Benefit of ₹ 1 crore with Income Payout option which will ensure an adequate monthly income for his family.

The premium mentioned above are exclusive of applicable taxes.


We settle claims in 3 quick and simple steps.

Step 1 – Claim Reporting

The first step involves reporting your claims. You can report your claims online, at our branches, at our central office, on our central ClaimsCare helpline, through SMS or e-mail*

Step 2 – Claim Processing

Our special ClaimCare team will assess your claim, and inform you within 8 calendar days in case any further documents need to be submitted.

Step 3 – Claim Settlement

Once your claim request is approved and we receive all the relevant documents, we will settle your claim within 12 calendar days.**

*Please note that your claim will be formally registered only after you provide us a written request of your claim at our branch or Claims Cell office.
**Provided no investigation is required.

People like you also read ...


*The above mentioned premium rate is for ICICI Pru iProtect Smart for ₹ 1 Crore of life cover for a 25 year old healthy male for a policy term of 21 years with regular income payout option. The annual premium will be ₹ 7744 & the monthly premium will be ₹ 661. The premium amounts are inclusive of taxes.

** The premium for a 22 year old healthy male for a life cover of ₹1 crore for the ICICI Pru iProtect Smart – Life Option under the regular income payout option for a policy term of 19 years is ₹ 5,824 p.a (inclusive of all taxes)

‘The above mentioned premium rate is for iProtect Smart for ₹ 50 Lakh of life cover for a 25 year old healthy male for a policy term of 15 years with regular income payout option. The annual premium will be ₹ 3,297 & the monthly premium will be ₹ 282. The premium amounts are inclusive of taxes.

‘‘The above mentioned premium rate is for ₹ 50 Lakhs of life cover and ₹ 10 lakhs of accelerated critical illness cover for a 25 year old healthy male for a policy term of 18 years with regular income payout option. The annual premium amount for this assumption will be ₹ 4,909 and monthly premium will be ₹ 420.

#The above mentioned premium rate is for ₹ 1 crore of life cover and ₹ 10 lakhs of accelerated critical illness cover for a 25 year old healthy male for a policy term of 14 years with regular income payout option. The annual premium amount for this assumption will be ₹ 6,907 and monthly premium will be ₹ 590. Premium amount will differ according to the benefit option chosen.

+Accidental Death benefit is up to ₹ 2 Crores. Accidental Death Benefit is available in Life Plus and All in One options.

^The critical illness benefit is an accelerated benefit and the death benefit will be reduced by the critical illness cover paid to the policyholder. The future premiums payable for the residual CI Benefit will reduce proportionately. In case the CI Benefit equal to the Death Benefit, the policy will terminate on payment of the CI Benefit. Only doctor’s certificate confirming diagnosis needs to be submitted. On payment of Angioplasty, if the CI Benefit is more than ₹ 5,00,000 the policy will continue for other CIs with CI Benefit reduced by Angioplasty payout. To know more about the illnesses covered, please refer to the Sales brochure. Available under Life and Health and All in One options.

Critical Illness Benefit is limited to age of 75 and Accidental Death Benefit is limited to age of 80.

~Based on number of policies sold online between January 2016 – June 2016.

1 For Terminal illness, policy will terminate on payment of this benefit.

2 Top Selling saving plan refers to ICICI Prudential Life Insurance plans which are bought by customers through the website with our Zero-Paper-Process.

3 ICICI Pru iProtect Smart was voted product of the year 2016 in the consumer survey of product innovation in Life Insurance category in a survey of over 7,000 people by Nielsen.

4 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.

*For further details, please refer to the information provided in the product brochure. ICICI Pru iProtect Smart UIN 105N151V06. W/II/2681/2018-19.