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Premium changes according to the payout option selected

With Term Life Insurance ICICI Pru iProtect Smart, you get to choose from 4 payout options:
1. Lump sum
2. Regular income
3. Lump sum + Regular income
4. Increasing income

Your nominee also gets the flexibility to change the payout option at the time of the claim or even after the payouts have begun*. Check the table below for details:
Cover Options →
Plan Options1
Life Cover of `1 Crore 34 Critical Illness Benefit2 of `10 Lakh Accidental Death Benefit3 of `1 Crore Annual Premium4
Regular Income Lumpsum and Income Lump sum Increasing Income
All-In-One `16,061 `16,712 `17,364 `19,623
Life & Health `11,061 `11,701 `12,364 `14,623
Life Plus `12,384 `13,035 `13,687 `15,946
Life `7,384 `8,035 `8,687 `10,946
Please note:
Payout options
  • Lumpsum: The entire benefit amount is payable as a lump sum.
  • Increasing Income: 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 after that.
  • Regular Income: 10% of the benefit amount will be paid out for 10 years in equal monthly instalments. The nominee can choose to get the first years benefit as a lump sum and the monthly income will start from the next month for 9 years
*At any time, the nominee can convert the outstanding monthly income (regular/increasing income) into lump sum. The lump sum amount will be the present value of future payouts calculated at a discounted rate of 4% p.a. The payout option chosen by the policyholder at inception cannot be changed during the policy term. This option is available only to the nominee, where the payout option can be changed from regular/increasing income option to lump sum option and not vice versa.
1With ICICI Pru iProtect Smart, you can choose from various options like Life, Life Plus, Life and Health and All-in-One to suit your protection needs.
2The critical illness benefit is an accelerated benefit and the death benefit will be reduced by the critical illness cover paid to the policyholder. Available only with All-in-One and Life & Health options. To know more about the illnesses which are covered, please refer to the sales brochure.
3The accidental death benefit is available only under Life Plus and All-in-One options, and the maximum amount that can be availed is `2 crores and will be paid as a lump sum.
4The above example is for a 30-year-old healthy male for ICICI Pru iProtect Smart with life cover of `1 Crore for a 30-year term and the premium rates are exclusive of all taxes.

Women get special premium rates

With ICICI Pru iProtect Smart, we offer special premium rates for women and cover female organ cancers like breast cancer and cervical cancer if 34 critical illness benefit2 is chosen. Check the table below for premium rates:
Cover Options →
Plan Options1
Life Cover of `1 crore 34 Critical Illness Benefit2 of `10 lakhs Accidental Death Benefit3 of `1 crore Annual Premium4
Male Female
All-In-One `17,364 `14,547
Life `8,687 `7,751
Please note:
1You can choose from benefit options like Life, Life Plus, Life & Health and All-in-One options depending on your protection needs.
2The critical illness benefit is an accelerated benefit, and the death benefit will be reduced by the critical illness cover paid to the policyholder. Available only under Life & Health and All-in-One options. To know more about the illnesses which are covered, please refer to the sales brochure.
3The accidental death benefit is available only under Life Plus and All-in-One options, and the maximum amount that can be availed is `2 Crore and will be paid as a lump sum.
4The above example is for a 30-year-old healthy male and female for ICICI Pru iProtect Smart with life cover of `1 crore for a 30-year term with lump sum payout option, and the premium rates are exclusive of all taxes.

Premium increases with age

The older you get, the higher will be your premium. That's why it makes sense to get protected now, so that the premium is fixed for the complete term. Check the table below for more details:
Cover Options →
Plan Options1
Life Cover of `1 crore 34 Critical Illness Benefit2 of `10 lakhs Accidental Death Benefit3 of `1 crore Annual Premium4
Today After 2 Years
All-In-One `17,364 `19,241
Life & Health `12,364 `14,241
Life Plus `13,687 `14,847
Life `8,687 `9,847
Please note:
1You can choose from benefit options like Life, Life Plus, Life & Health and All-in-One options depending on your protection needs.
2The critical illness benefit is an accelerated benefit and the death benefit will be reduced by the critical illness cover paid to the policyholder. Available only under Life & Health and All-in-One options. To know more about the illnesses which are covered, please refer to the sales brochure.
3The accidental death benefit is available only under Life Plus and All-in-One options and the maximum amount that can be availed is `2 crores and will be paid as a lump sum.
4The above example is for a 30-year-old healthy male and female for ICICI Pru iProtect Smart with a life cover of `1 crore for a 30-year term with lump sum payout option and the premium rates are exclusive of all taxes.

Premium changes based on the life cover amount

If you increase the life cover amount, the premium will not increase much. So it makes smart sense to take an adequate amount of life cover now. Check the table for more details:
Cover Options →
Plan Options1
34 Critical Illness Benefit2 of `10 lakhs Accidental Death Benefit3 of `1 crore Annual Premium4
Life Cover of `1 crore Life Cover of `1.5 core Life Cover of `2 crore
All-In-One `17,364 `20,365 `23,365
Life & Health `12,364 `15,365 `18,365
Life Plus `13,687 `16,688 `19,688
Life `8,687 `11,688 `14,688
Please note:
1You can choose from benefit options like Life, Life Plus, Life & Health and All-in-One options depending on your protection needs.
2The critical illness benefit is an accelerated benefit and the death benefit will be reduced by the critical illness cover paid to the policyholder. Available only under Life & Health and All-in-One options. To know more about the illnesses which are covered, please refer to the sales brochure.
3The Accidental Death Benefit is available only under Life Plus and All-in-One options and the maximum amount that can be availed is `2 crores and will be paid as a lump sum.
4The above example is for a 30-year-old healthy male for ICICI Pru iProtect Smart with life cover of `1 crore, `1.5 crores and `2 crores for a policy term of 30-years with lump sum payout option and the premium rates are exclusive of all taxes.

Single premium is lesser than regular premiums

With ICICI Pru iProtect Smart, you can choose to pay premium regularly or single pay - i.e. pay premium once and get cover for the full policy term. Check the table below for details:
Cover Options →
Plan Options1
Life Cover Of `1 crore Single Premium For 20 Year Term2 Regular Premium For 20 Year Term2
Life `1,26,909 `7,030
Please note:
1You can choose from benefit options like Life, Life Plus, Life & Health and All-in-One options depending on your protection needs.
2For the example above, if you choose a single premium, your one-time payment will be `1,26,909. For the same policy, if you choose regular premium payment (every year), the total premium payable over the policy term will be `7,030 X 20 = `1,40,600. Please note that these values are shown without considering the time value of money. Premium rates are exclusive of all taxes. The above example is for a 30-year-old healthy male for ICICI Pru iProtect Smart with a life cover of `1 crore for a policy term of 20 years with lump sum payout option and the premium rates are exclusive of all taxes.

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Notes

Tax benefits under the policy are subject to conditions u/s 80C, 80D and 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. ICICI Prudential Life Insurance Co. Ltd. Registered Address: ICICI PruLife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. IRDAI Regn No. 105. CIN: L66010MH2000PLC127837. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license. UIN 105N151V04. Visit us at www.iciciprulife.com. W/II/2690/2018-19 .