Why is term plan the best?
Term plans give financial protection to your family at the most affordable rates. You can get a large amount of life cover (i.e. sum assured) at a relatively low premium rate. The benefit amount is paid out to the nominee in case of death of the person insured.
Which is the best Term Plan?
We have been awarded 'Best Term Insurance Provider' at Money Today Financial Awards 2017-18 and "Best Insurance Firm of the Year 2018 - Life Insurance" at the Moneycontrol Wealth Creator Awards.
Is this the right age to buy term plan?
Yes, earlier you buy Term Insurance is better (and cheaper). You can buy term insurance till the age of 65 years.
How much life cover do I need?
Ideal life cover should be 10 to 15 times your annual income.
What is the difference between term plan and traditional life insurance plans?
Term plans provide financial security to the family in your absence, whereas, traditional plans are investment plans where you get returns (i.e. cash back). Term plan gives a large sum assured at affordable rates whereas traditional plans gives you limited cover.
Is it better to buy ICICI Pru iProtect Smart online or offline?
It is best to buy ICICI Pru iProtect Smart online because:
- You get to buy directly from the insurance company - there are no intermediaries
- Your personal and health information is private and secure
- You get an online discount on premium for the entire policy term. 5% discount on premium is applicable for regular and limited pay policies. In case of Single Pay, discount applicable is 2% of Single Premium.
How does the Limited Pay option work in Term Insurance?
Limited Pay option is a great option where the customer pays premium for a limited period (5, 7 or 10 years) and enjoys the benefits of the plan for a longer term (like age till 75, 85 or 99). The limited payment option can help customers save on premium.
Does ICICI Pru iProtect Smart cover Terminal Illness?
Yes, with ICICI Pru iProtect Smart, we provide 100% payout in case of Terminal illnesses. This means that if the person insured is diagnosed with a Terminal illness, the full benefit amount will be paid out as a lump sum.
What are the special benefits offered under ICICI Pru iProtect Smart?
We offer affordable Life cover, additional accidental death cover and 34 critical illness cover(optional), disability rider and terminal illness rider both to males and females.
Which riders are available under ICICI Pru iProtect Smart?
There are two rider options available in ICICI Pru iProtect Smart-
Critical Illness Cover: It is an optional benefit which a customer can buy. If one is detected from any of the 34 illness on the diagnosed the critical illness cover is paid to the customer. No bills or proof of expenditure required. To view the list of critical illnesses that are covered, please click here.
Accidental Death Cover: It is an additional cover which is payable in case of death due to accident. It is an optional benefit which a customer can buy. Maximum cover can be of ₹ 2 Crore.
What is Critical Illness Cover?
Critical illness cover is an additional benefit available with ICICI Pru iProtect Smart, which will provide you with lump sum money if you are diagnosed with any of the covered 34 critical illnesses. No expense or medical or hospitalization bills are required. The money can be used in any way you wish. There are no restrictions on hospital (like mediclaim) or against any expenses incurred. To see the list of illnesses covered, please click here.
How much Critical Illness Benefit can I choose under ICICI Pru iProtect Smart?
The minimum Critical Illness Benefit you can choose is ₹ 1 lakh and the maximum benefit will be up to ₹ 1 crore. The cost of medical treatment is continuously rising. So it is suggested to have a critical illness cover of at least 15% of the sum assured.
When do you receive Critical illness pay-out?
This Critical Illness benefit amount is payable if and 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 required to initiate the critical illness claim and it is payable basis fulfillment of definition of the diagnosed critical illness. To see the list of critical illnesses which are covered, please click here.
What happens to the policy and premium when the policy holder is diagnosed with Critical Illness?
The policy continues with the reduced sum assured equal to the amount paid for critical illness and premium is reduced. As a result, the future premiums you have to pay will also get reduce under ICICI Pru iProtect Smart.
For example: If the life cover amount is ₹ 1 Crore and critical Illness cover is of ₹ 25 Lakhs for the annual premium of ₹ 16,568 for a 32 year old female for a policy term of 30 years with lump sum payout option. When she is diagnosed with Critical Illness, cover of ₹ 25 lakhs is paid out as lump sum and the Life cover reduces to ₹ 75 lakhs and the annual premium reduces to ₹ 7304.
What is Accidental Death Cover?
Accidental Death Cover is an additional benefit available under ICICI Pru iProtect Smart which provides the nominee with a higher payout in case of death of the person insured due to an accident.
Accidental Death benefit is up to 2 Crores. Accidental Death Benefit is available in Life Plus and All in One options. Accidental Death Benefit is only applicable up to age of 80.
How much Accidental Death Benefit can I choose under ICICI Pru iProtect Smart?
The minimum Accidental Death Benefit you can choose is ₹ 1 lakh. The maximum benefit will be up to the basic Life Cover subject to maximum of ₹ 2 crore, as per the company policy.
Can the nominee be changed?
Yes, you can change the nominee at any time during the policy term. You can also have multiple nominees.
Does ICICI Pru iProtect Smart allows to insure family members in the same plan?
No, term plan cover is only for individuals and it is must have for every earning member of the family.
Can I save tax under Term Plan?
Yes, you can save tax up to ₹ 54,600 under Section 80C & 80D of Income Tax Act 1961.
Tax benefit of ₹ 54,600 (₹ 46,800 u/s 80C and ₹ 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, 80CCC, 10(10A), (10D) 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.
What are the payout options available under ICICI Pru iProtect Smart?
You can choose from four flexible payout options:
Lump Sum - It is the most preferred option online. The Life Cover will be paid as a fixed lump sum. For example, if you choose a Life Cover of ₹ 1 crore, your family will receive the same amount as lump sum in case of your death.
Monthly Income - It is the most economical option. You can choose this option if you want your family to receive a regular monthly income.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.
Increasing Income - 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. At the end of the 10th years, total life cover received will be ₹ 1.45 crore.
Lump Sum Plus Income - This is our new payout option, in which 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.
What is claim settlement ratio?
Claim settlement ratio refers to the number of claims that the insurance company has paid after death of policyholders. The ratio is the number of claims paid divided by (Number of claims received - Pending Claims). Our claim settlement ratio for FY 2017-18 is 97.88% and the average TAT to the process the claim is 72 hours.
What all the types of death that are covered under Term Plan?
All forms of death are covered under term plan i.e. suicide, accidents, natural death, cancer, heart attack or any other medical ailments, etc.
Is there a refund policy?
Yes. 100% guaranteed refund before and after policy is issued (within 30 days of issuance) with no questions asked.
What are the Mandatory Claim Documents for a Un-natural death required to process the claim?
We only need death certificate, postmortem report, FIR, Panchnama, Inquest report etc. in case of unnatural death to process the claim.
What is the time frame for the claims to be reported?
It is as per the convenience of the nominee to report the claim. There is no time frame or deadline to report a claim.
How can I get my medical reports?
Once your policy is issued, we can share the medical reports on request.
How to organize medical check-up?
You can fix an appointment on our website during the purchase journey or later on. We have two options for medicals:
Home/Office visit: If you have selected this option, you can choose the date and time of examination as per your convenience at your home or office.
Medical center visit: If home visit option is not available for your location or in case of tests which require medical center visit like X ray, TMT (Treadmill test) etc. You can choose the date, time & center of examination as per your convenience. Cost of medical exam would be borne by the company. You can also get your medical test report at a request.
What is Married Women's Property (MWP) Act?
Under this act, Section 6 highlights it's importance: "a policy of insurance effected by any married man on his own life and expressed on the face of it to be for the benefit of his wife, or of his wife and children, or any of them, shall ensure and be deemed to be a trust for the benefit of his wife, or of his wife and children, or any of them according to the interests so expressed, and shall not, so long as any object of the trust remains, be subject to the control of the husband, or to his creditors, or form part of his estate."
Does ICICI Pru iProtect Smart have an option to buy the plan under Married Women's Property (MWP) Act?
Yes, you can buy ICICI Pru iProtect Smart under MWP act and your wife and kids can be beneficiaries under this act.
Who all can be added as a beneficiaries under the MWP Act?
You can nominate your wife and kids as beneficiaries under MWP act.
What income should I put in the income field?
Please enter all types of your income under annual income (Income like salary, house property, interest from debenture or fixed deposits etc.).
Where can I view the application form that I have submitted?
Application tracker is available on our website. Please click here to view the application form.
What KYC documents are required for buying a policy online?
Following KYC documents are required:
- PAN/Form 60 (mandatory)
- Officially valid document (any one from the list mentioned below)
- One recent photograph
List of Officially Valid Documents:
- Driving License
- Voter's Identity Card issued by Election Commission of India
- Job Card issued by NREGA duly signed by an officer of the State Government
- Letter issued by the National Population Register containing details of name, address or any other document as notified by the Central Government in consultation with the Regulator
- Proof of possession of Aadhaar (to be taken in masked/redacted form/black out version to be taken from clients
How to quickly fill up the online application form?
We have one of the simplest application forms in the world. We have taken steps to make it easier by auto filling your application through ICICI bank account.
Can I download my online application form?
Yes, you can download the application form.
In what conditions, proposal will be accepted?
Proposal is accepted after KYC documents are submitted, medical tests are completed (if applicable) and premium payment is realized.
How can I cancel my application?
You can cancel the policy by submitting a request at our call center number 1860 266 7766.