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||9,840|
|30 years||1 Crore||45 years||16,941|
|35 years||50 Lakh||40 years||12,084|
|35 years||1 Crore||40 years||20,582|
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 99.
Maximum policy term for some ages is mentioned below:
|Age at which ICICI Pru iProtect Smart is bought||Regular pay|
|Maximum Term||Cover till age of|
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 family’s 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 - Sept 2021 to till date.
The needs of every family are different, so why should be the payout option be same for all. With ICICI Pru iProtect Smart, you get to decide how your nominee will receive the life cover amount. The four flexible payout options help you ensure the same lifestyle for your family even in your absence. You can choose a suitable payout option on the basis of your family’s unique needs. The payout option will allow your loved ones to get the financial freedom to achieve all their future milestones.
|Income||In your absence, your nominee will receive a regular monthly income for 10, 20 or 30 years, as chosen by you at policy inception. This ensures that your loved ones have a steady source of income for a long period of time.|
|Lump Sum plus income||In your absence, your nominee will receive a lump sum payout along with a regular monthly income payable for 10, 20 or 30 years, as chosen by you at policy inception. This ensures that your loved ones have the lump sum to take care of any major liabilities along with a steady source of income for a long period of time.|
|Lump Sum||In your absence, your nominee will receive the life cover as a lump sum payout. This ensures that your loves ones have an adequate amount to take care of all major liabilities.|
|Increasing Income||This payout option gives you extra life cover than originally selected. In your absence, your nominee will receive a regular increasing monthly income payable for 10 years. Each year, the income will increase by 10% p.a. simple interest every year.
This ensures that your loves ones have a steady source of income, which is increasing year on year.
Your premiums will vary as per the life cover (death benefit) payout option chosen by you.
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 benefit1 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(Optional)+ 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 - Sept 2021 to 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.