ICICI Pru iProtect Smart
1aLife Cover is the benefit payable on death of the life assured during the policy term.
##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.
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.
^Tax benefits of ₹54,600(₹46,800 u/s 80C & ₹7,800 u/s 80D) is calculated at highest tax slab rate of 31.20%(including cess excluding surcharge as per old tax regime)on life insurance premium u/s 80C of ₹1,50,000 and health premium u/s 80D of ₹25,000. Tax benefits subject to conditions under Section 80C, 80D,10(10D), 115BAC and other provisions of the Income Tax Act,1961. Good and Service 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 details, before acting on above.
!The premium of ₹ 460 p.m. has been approximately calculated for a 18-year-old healthy male life 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
&&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.
ō 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
ICICI Pru iProtect Smart UIN: . COMP/DOC/Jun/2023/96/3246
ICICI Pru Protect N Gain
~ Maturity benefit is policy fund value, including top up fund value, if any. On payment of maturity benefit, the policy terminates.
* Tax benefits under the policy are subject to conditions under Sections 80C, 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 details
1L The premium ₹40,278 p.m. is calculated for a 30-year-old healthy male with the monthly mode of payment, premiums paid for 12 years for the policy term of 40 years, life cover of ₹5 crore, accidental death cover of ₹3 crore and accidental disability cover of ₹ 3 crore. Total cover is of ₹ 11 crore. The premium shown is online and inclusive of taxes. Maturity benefit at 8% ARR is ₹5 Cr and at 4% ARR it is ₹1.7 Cr. The mentioned benefit is payable only if all premiums are paid as per the premium paying term and the policy is in force till the completion of entire policy term opted
4For the Life variant, starting from the 11th policy year, you will receive 2X/4X of return of mortality and 2X of premium allocation charges (excluding taxes), at the beginning of each month, till the end of the policy term. For Growth variant, you will receive premium allocation charges paid back from 11th policy year, mortality charges back- from 11th to 25th policy year and 2.5 X mortality charges from 26th policy year. These will be added in the form of units to the Fund Value.
3 Systematic Withdrawal Plan is allowed only after the first five policy years.
6 Switches are only applicable for fixed portfolio strategy and not applicable for other portfolio strategies.
Risk factors and warning statements
i. Linked insurance products/ annuity products with variable pay-out options are different from traditional insurance products and are subject to the risk factors.
ii. The premium paid in linked insurance policies or the annuity offered under the annuity policies with variable annuity pay-out option are subject to investment risks associated with capital markets and publicly available index. The annuity amount/ NAVs of the unis may go up or down based on the performance of fund and factors influencing the capital market/ publicly available index and the insured is responsible for his/her decisions.
iii. ICICI Prudential Life Insurance in only the name of the Life Insurance Company and ICICI Pru Protect N Gain is only the name of the linked insurance contract and does not in anyway indicate the quality of the contract, its future prospects or returns.
iv. Please know the associated risks and the applicable charges, from your insurance agent or intermediary or policy document issued by the insurance company.
v. The various funds offered under this contract are the names of the funds and do not in any way, indicate the quality of these plans, their future prospects and returns.
ADVT: W/II/1011/2024-25
W/II/0626/2022-23
