Term Insurance plan or Term life insurance plan is a a simple and pure risk cover form of life insurance. It provides financial protection to your family at affordable and cost effective 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.

Assume, you earn an annual income of ₹ 7 Lakh. For your family’s financial well-being, this income should continue even when you are not around. There are a few ways that you can make this happen.

• A bank a/c saving of ₹ 1 Crore as FD, which will at 5% generate a yearly income of ₹ 5 Lakh for your family.
• A sizeable investment which might grow to a corpus of ₹ 1 Crore, before your death.
• If you can't manage to create a large saving/ investment, then a viable option is a term plan of ₹ 1 Crore. It will pay this amount to your family on your demise. Premiums for a ₹ 1 Crore life cover start at ₹ 490 per month ² only, which is less than half the cost you would pay for dinner with family at a restaurant.

The earlier you buy a term plan, the better (and cheaper) it is. With time, the premiums become more expensive. For example, for ₹ 1 Crore cover amount, premiums for a 30-year-old, non-smoker male would amount to ₹ 885 p.m. for a 30-year policy duration of ICICI Pru iProtect Smart - Life option with regular pay and regular income payout option. The premium increases to ₹ 1,784 p.m. if the policy is bought at age 40.

Also, with current lifestyles and increasing instances of diseases and illnesses, it may become difficult to get a term plan later, as you grow older.

No, the premium is fixed for the entire policy duration once you purchase a term plan. The tax component (GST) may change as per Government of India regulations ^{^}.

The life cover you need depends on your current annual income. We recommend that a life cover equivalent to 10-15 times your annual income is sufficient to provide for a safe future for your family.

If budget is a problem, you could go for monthly premium payment option over a yearly commitment. However, it is important to have a sufficient life cover so that your family’s financial security is not compromised.

All kinds of death are covered under the plan including natural, accidental, murder, illnesses and natural calamities. You are covered under this plan as soon as your policy is issued and there is no waiting period. Death due to suicide, only in the first year of policy is not covered. Also, once you buy the policy, you stay covered whether you are in India or abroad..

Road, Train accidents happen all the time. Insurance can’t stop them, but it can mitigate the financial effects. With this benefit, your family will get an additional payout in case of death due to an accident. For example, if you buy life cover of ₹ 1cr with accident benefit of ₹ 50 Lakh, your nominee will get ₹ 1.5 crore in case of death due to an accident. Maximum accident cover available with this benefit is ₹ 2 crore.

If you are ever diagnosed with a critical illness, it can affect you physically, emotionally and financially. ICICI Pru iProtect Smart offers the optional benefit of covering 34 Critical Illnesses such as cancer, heart attack and kidney failure for a maximum of 30 years without any change in premium. But here’s the best part - It gives full claim payout on the first diagnosis of any of the covered 34 Critical Illnesses. No Hospital Bills required^**. This amount can also safeguard your family against the loss of income arising out of the illness.

This benefit is accelerated and not additional, which means the policy will continue with the Death Benefit reduced by the extent of the critical illness benefit paid.

Treating a critical illness like cancer is not only expensive, but the recovery time is also long. However, an aspect most ignored is that critical illness could mean that your income temporarily stops while you recover. A regular health or a mediclaim policy only takes care of treatment cost. Our critical illness cover pays out the entire amount on first detection of any of the 34 critical illnesses. This amount can be used to take care of both – your treatment expenses, as well as loss of income.

Ideally, you should opt for a critical illness benefit that is equal to 2 years of your annual income, so that income for your family is taken care of, while you recover.

The limited payment option helps you save on premium. With this option, you pay premiums for a limited period like 1,5, 7 or 10 year(s) and stay covered for the entire policy duration. Although the premiums you pay now would be higher, you end up saving up to 65% over the entire policy period.

Terminal illnesses are not only life-threatening but can also spell financial ruin. ICICI Pru iProtect Smart helps you fight those illnesses by paying 100% of your life cover amount before death (covers AIDS as well).

This benefit comes in-built in your policy without any extra cost to you.

In case of permanent disability due to accident, all future premiums are waived off, and the life cover continues for the remaining policy duration.

This benefit comes in-built in your policy without any extra cost to you.

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 all premiums for the entire policy term. 5% discount on premium is applicable for regular and limited pay policies. In the case of Single Pay, discount applicable is 2% of Single Premium.