ICICI Pru iProtect Return of Premium
Life cover1
+
105% Return of premium3
0.7% for Regular & Limited Pay on each years’ premium
0.5% on Single Pay on each years’ premium
0.7% for Regular & Limited Pay on each years’ premium
0.5% on Single Pay on each years’ premium
YOUR
PLAN GRAPH
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Additional
2.5%7 off on premiums
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How Term Plan with Return of Premium works?
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ROP3
Life cover reduces to the extent of income payouts subject to minimum cover of 10 times annual premium
Life cover reduces to the extent of
income
payouts subject to
minimum cover of 10 times annual premium
On survival, get monthly income in the range of ₹10,000 to ₹30,000 (₹1.2L to ₹3.6L p.a.) from the policy anniversary after the age of 60 till the end of policy term.
cover
Up till 55 years
(Subjected to
maximum
twice the basic sum assured)
Starting from second policy year, 5% of Basic Sum Assured gets added every policy anniversary, till the policy anniversary after the Life Assured attains age 55.
60-end of policy term
Sum assured becomes 50% of base sum assured as you have met most of your financial responsibilities
ROP3
Up till 55 years
(Subjected to
maximum
twice the basic sum assured)
Starting from second policy year, 5% of Basic Sum Assured gets added every policy anniversary, till the policy anniversary after the Life Assured attains age 55.
60-end of policy term
Sum assured becomes 50% of base sum assured as you have met most of your financial responsibilities
ROP3
Quick Guide to your Term Insurance with Return of Premium plan
Return of Premium
Return of Premium Calculator
Quick Guide to your Term Insurance with Return of Premium plan
Quick Guide to your Term Insurance with Return of Premium plan
Return of Premium
Return of Premium Calculator
Quick Guide to your Term Insurance with Return of Premium plan
Quick Guide to your Term Insurance with Return of Premium plan
Return of Premium
Return of Premium Calculator
Quick Guide to your Term Insurance with Return of Premium plan
Why choose ICICI Prudential Life?
Why choose ICICI Prudential Life?
on March 31, 2022
March 31, 2022
Settlement>
Policy
(free look) the policy and
get your money back
Term Plan with Return of Premium - Frequently Asked Questions
- Lump sum Option – the entire benefit amount is payable as a lump sum
- Income Option – 20% of the benefit amount is payable every year for 5 years. This will be paid in equal monthly instalments in advance at the rate of 1.66667% of Death Benefit Amount. The beneficiary can also advance the first year’s income as lump sum. The monthly income will start from the subsequent month for 4 years at the rate of 1.34% of the Death Benefit Amount.
- Lump sum and Income Option – The percentage of the Sum Assured to be paid out as lump sum is chosen at inception. The balance Sum Assured will be paid out in equal monthly instalments in advance at the rate of 1.66667% per month over 5 years.
For ‘Income’ Option and ‘Lump sum and Income’ Option, the Claimant as the case may be, will have the option to convert the outstanding monthly income into lump sum pay out and the policy will terminate after the lump sum payout and all rights, benefits and interest shall be extinguished. The lump sum amount will be the present value calculated at a discount rate of 2% p.a.
Waiting Period for Critical Illness Benefit
- For Angioplasty, Carcinoma-in-situ, Brain Aneurysm Surgery and Small Bowel Transplant an initial waiting period of 180 days applies from the date of commencement of risk or policy revival date where the due premium has not been paid for more than 180 days.
- For conditions other than Angioplasty, Carcinoma-in-situ, Brain Aneurysm Surgery and Small Bowel Transplant, there is a waiting period of 90 days from the date of commencement of risk, or policy revival date where the due premium has not been paid for more than 90 days.
- In case the insured event happens during this period, no benefit shall be payable. However, 100% of the Critical Illness premiums will be refunded and the CI benefit will terminate.
- No waiting period applies for Critical Illness claims arising solely due to an accident.
- For death benefit, for other than POS policies:
suicide is the only exclusion. In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the Claimant shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force. The Policy will terminate on making such a payment and all rights, benefits and interests under the Policy will stand extinguished. - For POS policies, there’s an additional exclusion of waiting
period:
Death benefit shall not apply or be payable in respect of any death during the first 90 days from the Date of Commencement of Risk- In case of a death claim during the waiting period, the Company will refund all premiums paid (including modal loading but excluding Goods and Services Tax and Cesses, if any) and the policy will terminate with immediate effect.
- No waiting period applies where death is due to accident.
- For Accidental Death Cover & Critical Illness Benefit:
please refer to the exclusion list provided in the brochure.
- For Limited and Single pay - Yes, the CI premium is fixed as CI benefit term can be for maximum 15 years.
- For regular pay - No, the CI premium may be subject to revision post 15 years, after which they can be revised for every block of three years, with prior approval of IRDAI.
1 Life cover is the death benefit payable on death of the
Life
Assured
during the policy term.
For ‘Return of Premium’ plan option, Death Benefit will be the highest
of
a)
Sum Assured on Death b) Basic Sum Assured to be paid on death c) (Applicable
only
for limited pay and regular pay) 105% of the Total Premiums Paid till the
date
of
death. Where Sum Assured on Death is 7 X Annualised Premium for
regular
pay
and limited pay and 1.25 X Single Premium for single pay;
For ‘Income Benefit’ plan option, Death Benefit will be the highest of
a)
Sum
Assured on Death b) 105% of the Total premiums Paid till the date of death
c)
Basic
Sum Assured to be paid on death, less total Survival Benefit paid till date
of
death.
Where, Sum Assured on Death is 10 X Annualised Premium.
For ‘Return of Premium with Life-stage cover’ & ‘Early Return of
Premium
with
Life-stage cover’ plan options, Death Benefit will be the highest of a) Sum
Assured
on Death b) 105% of the Total premiums paid till the date of death c)
Absolute
amount
assured to be paid on death Where
Sum Assured on Death is 7 X Annualised Premium.
2 Life-stage cover: In case of Life-stage cover,
Absolute amount assured to be paid on death will be based on age of
the
Life
Assured as provided below.
- In the first policy year, Absolute amount assured to be paid on death will be the same as Basic Sum Assured as chosen by You at inception.
- From the second policy year till the policy anniversary after the Life Assured attains age 55, 5% of Basic Sum Assured gets added on every policy anniversary to the Basic Sum Assured. This amount cumulatively shall be the Absolute amount assured to be paid on death. The Absolute amount assured to be paid on death remains constant till the next policy anniversary. In case the Absolute amount assured to be paid on death becomes twice the Basic Sum Assured during this period of increment, it stays constant at that level, till the policy anniversary after the Life Assured attains age of 56 years.
- On the policy anniversary after the Life Assured attains 56 years of age, the Absolute amount assured to be paid on death shall revert back to Basic SA. This will continue till the policy anniversary after the Life Assured attains 60 years of age.
- On the policy anniversary after the Life Assured attains 60 years of age, the absolute amount assured to be paid on death shall be 50% of Basic Sum Assured and continues at the same level till end of the policy term.
3 Return of Premium: Return of premiums is available on survival under three of the Plan Options: ‘Return of Premium’, ‘Return of Premium with Life-stage cover’ and ‘Early Return of Premium with Life-stage cover’ and refers to total of all premiums received, excluding premiums for optional benefits i.e. Accidental Death Cover, Critical Illness Benefit, any extra premium, any rider premium and taxes, if any. The plan options ‘Return of Premium’ and ‘Return of Premium with Life-stage cover’ provide maturity benefit on survival of the Life Assured till the end of the policy term. The plan option ‘Early Return of Premium with Life-stage cover’ provides survival benefit on survival of the Life Assured till the policy anniversary immediately after the Life Assured turns age 60 or 70, depending on the return of premium age chosen by the customer at inception. The fourth plan option ‘Income Benefit’ provides regular monthly income from the policy anniversary after the Life Assured attains age 60 as a survival benefit till the end of the policy term. Please note that the sum of monthly incomes paid under this plan option can be higher or lower than the total premiums paid by the customer, and may not be return of premium.
4 Critical Illness Benefit: Critical Illness Benefit is up to ₹1 Crore (Subjected to underwriting guidelines).CI Benefit is an additional optional benefit chosen at inception and is available with ‘Life and health’ and ‘All in One’ benefit options. The CI Sum Assured is paid as a lump sum upon the Life Assured being diagnosed on first occurrence of any of the covered 60 major Critical Illnesses within CI Benefit term. 25% of the CI Sum Assured or ₹500,000.00 whichever is lower is paid as a lump sum upon the Life Assured being diagnosed on occurrence of any of the covered 4 minor Critical Illnesses within CI Benefit term. CI Benefit is available for Single Pay and Limited Pay and is lower of (15 years, policy term). For regular pay, the CI benefit term will be lower of (policy term, 40 years) subject to maximum cover ceasing age of 85 years. CI Benefit can be less than or equal to the Basic Sum Assured chosen by You at inception for Return of Premium Plan and Income Benefit Plan. CI Benefit can be less than or equal to the 50% of the Basic Sum Assured chosen at inception for Return of Premium with Life-stage Cover Plan and Early Return of Premium with Life-stage Cover Plan. CI Benefit is a pure risk benefit and does not have Survival or Maturity Benefit. Premiums paid corresponding to CI Benefit shall be excluded from Survival or Maturity Benefit.
5 Accidental Death Cover: Accidental Death Cover is up to ₹2 crore (Subjected to underwriting guidelines). ADB Benefit is an additional optional benefit and is available with ‘Life Plus’ and ‘All in One’ benefit options. In the event of the Life Assured’s death due to an Accident, ADB will be payable as a lump sum. ADB is available for the policy term or till the age of 80 years, whichever is lower. For Return of Premium Plan and Income Benefit Plan, ADB can be less than or equal to the Basic Sum Assured as per plan option. For Return of Premium with Life-stage Cover Plan and Early Return of Premium with Life-stage Cover Plan, ADB5 can be less than or equal to the 50% of the Basic Sum Assured chosen at inception. ADB is a pure risk benefit and does not have Survival or Maturity Benefit. Premiums paid corresponding to ADB shall be excluded from Survival or Maturity Benefit.
6Tax benefits are subject to conditions under Sections 80C, 80D, 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 more details.
7 Savings in yearly mode of premium payment are in the form of Modal Loadings. For monthly and Half-yearly mode of premium payment, modal loadings are 2.5% and 1.25% respectively.
8 Our life insurance policies cover death due to COVID-19, subject to applicable terms and conditions of policy contract and extant regulatory framework.
18 Data regarding AUM is as per Annual Report of the Company for FY2022.
% 58.1 mn lives covered across our individual and group customers as per ICICI Prudential Life Council Report.
` As per Financial Statements (Schedule 4- Benefits paid (Gross))of the company, benefits paid since inception up to March 31, 2022.
^'How much life cover do you need? Source: Economic Times, https://economictimes.indiatimes.com/wealth/insure/how-much-life-cover-do-you-need/articleshow/53037661.cms
‘The discount is applicable only on ICICI Pru iProtect Return of Premium policies purchased online.
?- The premium of ₹2630 p.m. has been approximately calculated for a 30 year old healthy male life with monthly mode of payment, death benefit payout option as Lump sum and premiums paid regularly for the policy term of 40 years with 'Return of Premium' plan option and Life Cover of ₹1 Crore. The above mentioned premium is online premium and is inclusive of taxes.
-/ Premium back refers to the total of all premiums received, excluding premiums for optional benefits i.e. Accidental Death Cover, Critical Illness Benefit, any extra premium, any rider premium and taxes, if any.
* For Early return of premium with life stage cover option, on survival, return of premium is 105% of total premiums paid on the policy anniversary after the life assured turns 60 or 70 years old, as chosen by you at inception
&& ICICI Pru iProtect Return of Premium 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 Return of Premium having all benefits offered under other ICICI Pru iProtect Return of Premium 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
>1 Day is a working day, counted from date of receipt of all relevant documents from the claimant, additional information sought by the Company and any clarification received from the claimant. The Company will be calling the claimants for verification of information submitted by the claimant which will also be considered as part of relevant documents. Working day will be counted as Monday to Friday and excluding National holidays /Bank holidays/Public holidays.
1a The premium of ₹62120 p.a. has been approximately calculated for a 30 year old healthy, non-smoker male who has bought ‘Income Benefit’ plan option with ‘0.3% monthly income’, paying premiums for 10 years, death benefit payout option as Lump sum, with a policy term of 40 years and life cover of ₹50 Lakhs. The above mentioned premium is online premium and is exclusive of taxes.
2a Monthly income is available under “Income Benefit” plan option and starts from the policy anniversary after the Life Assured turns 60 years of age till the end of the policy term. Please note that the monthly income is 0.1%,0.2% or 0.3% of base Sum Assured depending on the monthly income percentage chosen by the customer at inception and the sum of monthly incomes paid under this plan option can be higher or lower than the total premiums paid by the customer, and may not be return of premium.
2b Tax benefit of ₹54,600/- (₹46,800/- u/s 80C & ₹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 Sections 80C, 80D, 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 more details.
3a The amount will be given out in the form of monthly income of ₹15,000.
3b The above monthly premium of ₹60 is for a life assured who has chosen an Accidental death benefit cover of ₹10 Lakh and is paying premiums regularly for the entire policy term. It is applicable only if ‘Return of Premium’ plan option is chosen under iProtect Return of Premium. The above rate is online and inclusive of taxes.
3c For ‘Return of Premium with Life-stage cover’ & ‘Early Return
of
Premium
with Life-stage cover’ plan options, Death Benefit will be the highest of a)
Sum
Assured on Death b) 105% of the Total premiums paid till the date of death
c)
Absolute
amount assured to be paid on death Where Sum Assured on Death is 7 X
Annualised
Premium.
In case of Life-stage cover, Absolute amount assured to be paid on
death
will be based on age of the Life Assured as provided below.
- In the first policy year, Absolute amount assured to be paid on death will be the same as Basic Sum Assured as chosen by You at inception.
- From the second policy year till the policy anniversary after the Life Assured attains age 55, 5% of Basic Sum Assured gets added on every policy anniversary to the Basic Sum Assured. This amount cumulatively shall be the Absolute amount assured to be paid on death. The Absolute amount assured to be paid on death remains constant till the next policy anniversary. In case the Absolute amount assured to be paid on death becomes twice the Basic Sum Assured during this period of increment, it stays constant at that level, till the policy anniversary after the Life Assured attains age of 56 years.
- On the policy anniversary after the Life Assured attains 56 years of age, the Absolute amount assured to be paid on death shall revert back to Basic SA. This will continue till the policy anniversary after the Life Assured attains 60 years of age.
- On the policy anniversary after the Life Assured attains 60 years of age, the absolute amount assured to be paid on death shall be 50% of Basic Sum Assured and continues at the same level till end of the policy term.
4a The premium of ₹5544 p.m. has been approximately calculated for a 30 year old healthy, non-smoker male who has bought ‘Income Benefit’ plan option with ‘0.3% monthly income’, paying premiums for 10 years, death benefit payout option as Lump sum, with a policy term of 40 years and life cover of ₹50 Lakhs. The above mentioned premium is online premium and is inclusive of taxes.
4b The base premiums exclusive of taxes are fixed for the chosen plan option at the policy inception and don’t change during the policy term.
4c The premium of ₹1,581 p.m. has been approximately calculated for a 30 year old healthy, non-smoker male who has bought ‘Life Stage’ plan option with ‘Return of Premium’, premium payment term as ‘pay till 60’ years, death benefit payout option as Lump sum, with a policy term of 35 years and life cover of ₹50 lakh. The above mentioned premium is online premium and is inclusive of taxes. The life assured will receive 105% return of premium of ₹5,71,536 on survival till the end of the policy term.
5a The premium of ₹3208 p.m. has been approximately calculated for a 30 year old healthy, non-smoker female who has bought ‘Income Benefit’ plan option with ‘0.3% monthly income’, premium payment term as ‘pay till 60’ years, death benefit payout option as Lump sum, with a policy term of 35 years and life cover of ₹1 Crore. The above mentioned premium is online premium and is inclusive of taxes.
5b The premium of ₹1905 p.m. has been approximately calculated for a 25 year old healthy male life with monthly mode of payment, death benefit payout option as Lump sum and premiums paid regularly for the policy term of 40 years with 'Return of Premium' plan option and Life Cover of ₹1 Crore. The above mentioned premium is online premium and is inclusive of taxes.
5c The above monthly premium of ₹2,338 is for a 30 year old, healthy smoker male life who has purchased ‘Return of Premium’ plan option under ICICI Pru iProtect Return of Premium and is paying premiums regularly for a policy term of 35 years for a life cover of ₹50 lakh and death benefit payout option as lump sum. The premium is for an online policy and is inclusive of taxes. The life assured will receive 105% return of premium of ₹9,86,076 on survival till the end of the policy term.
6a The premium rates for a female life assured are lower than that for a male life assured, keeping all other conditions constant.
6b The premium of ₹3455 p.m. has been approximately calculated for a 35 year old healthy male life with monthly mode of payment, death benefit payout option as Lump sum and premiums paid regularly for the policy term of 30 years with 'Return of Premium' plan option and Life Cover of ₹1 Crore. He gets his premiums back of ₹1,249,290 at the age of 65 years at policy maturity. The above mentioned premium is online premium and is inclusive of taxes.
6c Sum assured of 50L for ICICI Pru iProtect Return of Premium is now available with simpler underwriting guidelines in the form of bureau based income waiver and tele underwriting for a select set of customers. Please note that underwriting guidelines are subjected to change and will be in line with board approved underwriting guidelines. Issuance of the policy is subject to underwriting.
7a The above monthly premium of ₹1,377 is for a 30 year old, healthy non-smoker male life who has purchased ‘Return of Premium’ plan option under ICICI Pru iProtect Return of Premium and is paying premiums regularly for a policy term of 35 years for a life cover of ₹50 lakh and death benefit payout option as lump sum. The premium is for an online policy and is inclusive of taxes. The life assured will receive 105% return of premium of ₹5,80,797 on survival till the end of the policy term.
7b The premium of ₹8054 p.m. has been approximately calculated for a 45 year old healthy male life with monthly mode of payment, death benefit payout option as Lump sum and premiums paid regularly for the policy term of 20 years with 'Return of Premium' plan option and Life Cover of ₹1 Crore. The above mentioned premium is online premium and is inclusive of taxes.
7c The above monthly premium of ₹1,753 is for a 25 year old, healthy male life who has purchased ‘Return of Premium’ plan option under ICICI Pru iProtect Return of Premium and is paying premiums regularly for a policy term of 30 years for a life cover of ₹1 crore and death benefit payout option as lump sum. The premium is for an online policy and is inclusive of taxes. The life assured will receive 105% return of premium of ₹6,33,906 on survival till the end of the policy term.
8a The above monthly premium of ₹2,500 is for a 30 year old, healthy male life who has purchased ‘Return of Premium’ plan option under ICICI Pru iProtect Return of Premium and is paying premiums regularly for a policy term of 35 years for a life cover of ₹1 Crore and death benefit payout option as lump sum. The premium is for an online policy and is inclusive of taxes. The life assured will receive 105% return of premium of ₹10,54,431 on survival till the end of the policy term.
9a The above monthly premium of ₹2,097 is for a 30 year old, healthy Female life who has purchased ‘Return of Premium’ plan option under ICICI Pru iProtect Return of Premium and is paying premiums regularly for a policy term of 35 years for a life cover of ₹1 Crore and death benefit payout option as lump sum. The premium is for an online policy and is inclusive of taxes. The life assured will receive 105% return of premium of ₹8,84,646 on survival till the end of the policy term.
`a The above monthly premium of ₹5159 is for a 30 year old, health non-smoker male, who has selected ‘Income Benefit’ plan option for a life cover of 1 Crore, premium payment term as (60 –age) and policy term of 40 years with death benefit payout option as lump sum. The premium is for online policy and is inclusive of taxes.
~ This refers to the scenario of a life assured purchasing ICICI Pru iProtect Return of Premium, paying premiums and at the end of policy term, since he/she receives 105% return of premiums(means the total of all premiums received, excluding any extra premium, any rider premium and taxes) subject to survival of the life assured till the end of the policy term. Therefore, in absolute terms, net of 105% return of premiums and sum total of premiums exclusive of taxes is zero. Please note that Return of premiums is available on survival under three of the Plan Options: ‘Return of Premium’, ‘Return of Premium with Life-stage cover’ and ‘Early Return of Premium with Life-stage cover’ and refers to total of all premiums received, excluding premiums for optional benefits i.e. Accidental Death Benefit, Critical Illness Benefit, any extra premium, any rider premium and taxes, if any. The plan options ‘Return of Premium’ and ‘Return of Premium with Life-stage cover’ provide maturity benefit on survival of the Life Assured till the end of the policy term. The plan option ‘Early Return of Premium with Life-stage cover’ provides survival benefit on survival of the Life Assured till the policy anniversary immediately after the Life Assured turns age 60 or 70, depending on the return of premium age chosen by the customer at inception. The fourth plan option ‘Income Benefit’ provides regular monthly income from the policy anniversary after the Life Assured attains age 60 as a survival benefit till the end of the policy term. Please note that the sum of monthly incomes paid under this plan option can be higher or lower than the total premiums paid by the customer, and may not be return of premium.
// Claim statistics are for Financial Year FY2021-22 and is computed on individual basis claims settled over total individual claims for the financial year. For details, refer to Source: /content/dam/icicipru/about-us/FinancialInformation/AnnualReports/FY2022-AnnualReport.pdf
ICICI Pru iProtect Return of Premium UIN: 105N186V01.W/II/1996/2022-23. The Unique Reference Number is COMP/DOC/Feb/2023/212/2305.
© ICICI Prudential Life Insurance Co. Ltd. All rights reserved.
Registered
with
Insurance Regulatory & Development Authority of India (IRDAI) as Life
Insurance
Company. Regn. No. 105. CIN: L66010MH2000PLC127837.
Reg. Off.: ICICI PruLife Towers, 1089 Appasaheb Marathe
Marg,
Prabhadevi,
Mumbai 400025. Tel.: 40391600. Customer helpline number – 1860 266 7766.
Timings
– 10:00 A.M. to 7:00 P.M., Monday to Saturday (except national
holidays).
Member
of the Life Insurance Council. For more details on the risk factors,
term
and
conditions please read the product brochure carefully before concluding
the
sale.
Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP
services
Ltd and used by ICICI Prudential Life Insurance Company Ltd under
license.
BEWARE OF SUSPICIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
IRDAI is not involved in activities like selling
insurance
policies, announcing bonus or investment of premiums. Public
receiving
such
phone calls are requested to lodge apolice complaint.
Additional
2.5%7 off on premiums
