There are a number of insurance plans that offer a plethora of monetary benefits and aid in meeting your financial goals. A term insurance is one of the most popular types of insurance policies that pays a cover amount in case the insured passes away during the term of the policy. A single premium term insurance plan is a special kind of term insurance where you pay the entire premium once, at the time of purchasing the policy. This is unlike other term insurance plans wherein the insured is required to pay a premium amount regularly every month or every year. With a well-calculated premium, a single premium term insurance plan provides full coverage for the policy tenure chosen by you without the hassle of making repeated payments.

It is advisable to go for a single premium term insurance plan when you have a surplus of money and you’re looking to put it into good use. On the other hand, if an individual is not confident about meeting recurring premium payment demands, then a single premium term insurance is just perfect for them.

Benefits of single premium term insurance include:

  • Hassle-free policy as you don’t have to make repeated payments every month or year
  • No worrying about lapses
  • Convenient and advantageous to those with no steady income flow

Our top-selling term plan, ICICI Pru iProtect Smart, is ideal for young professionals with dependent parents, newly-weds, parents, working women, self-employed individuals, tax-payers and SIP investors. The plan offers a 100% payout in case of terminal illness* and also provides the insured with an option to get covered against 34 critical illnesses`. You can also choose to get an additional payout in case of death due to an accident^. An allied advantage with ICICI Pru iProtect Smart is that the life insurance payout can either be a lump sum amount, income, or a combination of both as per your family’s requirements. The company has a high claim settlement ratio of 97.9%~.

A term insurance plan is an important part of everyone’s financial portfolio. Deciding which kind of term insurance plan to go for should be done after careful consideration of your and your family’s current financial status and requirements.

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Disclaimers

Disclaimers:

* A 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 practitioners’ specialising in the treatment of such illness, is highly likely to lead to death within 6 months. The terminal illness must be diagnosed and confirmed by medical practitioners’ registered with the Indian Medical Association and approved by the Company. The Company reserves the right for independent assessment.

` Critical Illness Benefit is optional and available under Life and Health and All in One options. This benefit is payable, on the first occurrence of any of the 34 illnesses covered. The CI Benefit is accelerated and not an additional benefit, which means the policy will continue with the Death Benefit reduced by the extent of the CI Benefit paid. The future premiums payable under the policy will reduce proportionately. If CI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the CI Benefit. To know more in detail about the CI Benefit and terms & conditions governing it, kindly refer to the sales brochure. Critical Illness benefit is available up to the age of 75.

^ Accidental Death benefit is up to ₹ 2 Crores. Accidental Death Benefit is optional and available in Life Plus and All in One option. Accidental Death Benefit cover is available up to the age of 80.

~ Claim statistics are for FY2020-21 and are computed basis individual claims settled over total individual claims for the financial year. For details, refer to Public Disclosures on our Website.~ Claim statistics are for Financial Year 2020-21 and is computed basis individual claims settled over total individual claims for the financial year. For details, refer to Public Disclosures on our Website.

ICICI Pru iProtect Smart UIN 105N151V06

W/II/1769/2020-21