Here are 7 things you must know about our term plan
After paying your monthly rent, light and phone bills, a term life insurance premium can be difficult. ICICI Pru iProtect Smart’s affordable premiums make sure it isn’t. Just what your wallet asked for. Moreover, you have the option to make the payments in yearly, half-yearly or monthly mode.
Sample premium sheet for a healthy non-smoking male is as under :
|Age||Life Cover (₹)||Policy Term||Annual Premium (₹)|
|30 years||50 Lakh||45 years||6,713|
|30 years||1 Crore||45 years||12,284|
|35 years||50 Lakh||40 years||8,135|
|35 years||1 Crore||40 years||14,924|
The best time to buy life insurance is now. As buying now will ensure that you get life cover at low premiums and desired term. Our plan has the provision to cover you till age 75.
Maximum policy term for some ages is mentioned below:
|Age at which ICICI Pru iProtect Smart is bought||Regular pay||Limited Pay|
|Maximum Term||Cover till age of||Maximum Term||Cover till age of|
|25||50 years||75||40 years||65|
|30||45 years||75||40 years||70|
|35||40 years||75||40 years||75|
|40||35 years||75||35 years||75|
It is advisable that you take term life cover for your earning years because by then you would have paid off your liabilities and you may not have family dependent on your income.
Term Life Insurance is for your wife’s or children’s (nominees) security. But what happens when a critical illness strikes and your life hangs in balance? ICICI Pru iProtect Smart gives claim payout on first diagnosis of any of the covered 34 Critical Illnesses^ . No Hospital Bills required.
That’s correct no hospital bills required, we only need a copy of your diagnosis report. What's more? this health benefit covers you for 30 years without any change in premium. It is a popular option amongst buyers where 1 in 3 people go for this option. Source: Company BuyOnline data - Dec 2015 till date.
Sometimes you may make lumpsum payments, such as for your child’s education and sometimes you just need monthly income, say for Home loan EMIs. Give your nominees the choice to receive insurance money, as per their needs with 4 payout options of ICICI Pru iProtect Smart.
|Lump Sum||This is our most popular Payout option. Source: Company BuyOnline data - Dec 2015 till date. The Life Cover will be paid together as a fixed lump sum. For example, if you choose a Life Cover of ₹ 1 crore, your nominee will receive the same as lump sum amount.|
|Income||Premium under this payout option is the lowest. You can choose this option if you want your wife or children (nominee) to receive a regular monthly income. With this option, 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. This means, for a Life Cover of ₹ 1 crore, the monthly income paid will be ₹ 83,333.
Your nominee can also choose to receive the first year’s income, equal to ₹ 10 lakh, as lump sum. After this, the monthly instalments will continue from subsequent month for 9 years at the rate of 0.80% of the total benefit amount, i.e., ₹ 80,000 per month.
|Increasing Income||This payout option gives 45% more life cover. if your Life Cover is ₹ 1 crore, then your nominee 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.
You can choose this option if you want your wife or children (nominee) to receive an increasing regular income. Your nominee will receive monthly instalments for 10 years. The income amount will increase by 10% p.a. simple interest every year.
|Lump Sum plus Income||This is our new payout option. With this option, 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.|
Terminal illnesses such as AIDS are not only life threatening but can also spell financial ruin. ICICI Pru iProtect Smart helps you give them that last fight, paying your insurance money before death. The terminal illnesses benefit is available with all plan options and it covers AIDS too.
Terminal Illness refers to the high likeliness of death within the next six months as diagnosed by medical practitioners that specialise in the same.
Road, Train accidents happen all the time. Insurance can’t stop them, but it can mitigate the financial effects. ICICI Pru iProtect Smart lets you add accidental cover of your choice during purchase or, even after purchase.
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 accident. Maximum accident cover available with this benefit is ₹ 2 crore. 2 amongst 5 buyers prefer to go with this option. Source: Company BuyOnline data - Dec 2015 till date.
Last thing you want after buying a term plan is insurance money not given to your near ones, like to your wife or children. Your relatives /creditors may wrongfully claim the insurance amount. You have the option to protect it with us, by buying our online term plan ICICI Pru iProtect Smart under Married Women’s Property Act (MWP Act).
This will help in the payment of full life insurance claim amount to your wife and/or children. Removing that last line of worry from your head.