Q: What is the education and income eligibility criteria for buying this life insurance plan?

Minimum education criteria to buy this plan is 12 th Pass or diploma holder. Minimum income criteria to buy this plan is ₹ 3 lakh per annum.

Q: What is the minimum and maximum life cover 1 allowed in this plan?

Minimum life cover 1 that can be bought in this plan is ₹ 50 lakh and the maximum life cover 1 that can be bought in this plan is ₹ 1 crore, Your eligibility of the cover amount depends on your financial eligibility calculated based on a multiplier.

Question 1

Why should one buy life insurance being self-employed?

Accepted Answer

In today's uncertain times, it is important to ensure your dependents are financially protected even if you are not around. Buying a life insurance plan is a simple and cost-effective way to do this. With this life insurance plan for self-employed, you can get a large amount of life cover at a relatively low premium rate. You can get a ₹1 crore term insurance cover starting at just ₹734^4a per month, which is less than half the cost you would typically pay for an outing with your family. The benefit amount will be paid to the nominee in case of death of the policyholder during the term of the policy.

Question 2

Is it safe to buy a life insurance plan for self-employed online?

Accepted Answer

Yes, you can purchase a life insurance plan for self-employed online with verified payment methods like UPI, debit or credit card, or net banking. If you select a reputable insurance company, you have nothing to worry about. In case of any issues, you can also reach out to the customer service team.

Question 3

How to select the best life insurance plan for self-employed/business owner?

Accepted Answer

There are various factors you need to consider when selecting the best life insurance plan. These are:

1. Brand: Choose a well-known brand that is financially strong and sure to be around for a long time. ICICI Prudential Life Insurance is an old and trusted private sector life insurance company in the country with an Assets Under Management value of ₹3.1 trillion¹⁸ (as on Mar 31, 2024).
2. Claim settlement: Select an insurance company with a consistently high claim settlement ratio and an easy and hassle-free claim settlement process. With ICICI Prudential's term plan, you can get your claim settled within 1 day^>. The company has a claim settlement ratio of 99.3%^!j (FY 2023-24) and has paid ₹1814 crore^ε in claims (since inception up to Mar 31, 2024).
3. Additional benefits: Look for additional benefits such as accidental disability coverage⁵ and accidental death coverage⁴. ICICI Prudential Life term plan provides the option to get accidental death cover⁴ and accidental disability coverage⁵ equal to your base Sum Assured.

Question 4

What kind of deaths are covered in this life insurance plan?

Accepted Answer

All kinds of deaths 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. Coverage of death due to suicide is not available only in the first year of policy.

Question 5

Can salaried and professionals buy ICICI Pru iProtect Super?

Accepted Answer

ICICI Pru iProtect Super is available for salaried and professional profiles. If you have income proof (3 month salary slip/ 3 year ITR) and an annual income greater than or equal to ₹10 lakh, we recommend ICICI Pru iProtect Smart as this plan has more affordable premiums and higher life cover options.

Question 6

Are there any age limits for buying this life insurance plan for self-employed?

Accepted Answer

Yes, the minimum and maximum age for buying a life insurance plan for self- employed are 18 and 55 years respectively.

Question 7

What are the benefits of buying a life insurance policy for self-employed online?

Accepted Answer

There are various benefits of buying a life insurance plan for self-employed online:

1. Ease and convenience You can complete your purchase in just a few minutes anytime, anywhere. You can explore our plans on your mobile too.
2. Better control Buying a term plan online lets you customize it according to your exact needs instead of relying on someone else to do so.
3. Complete transparency As there are no intermediaries involved and you buy directly from the insurance company, the entire process is transparent, and you are not set up for any unpleasant surprises later on.
4. Full security Your personal and health information is private and secure.
5. Discounts– This plan offers 12% discount for first-year when you purchase our life insurance plan. Additionally, if you are an existing customer, you will get 7% loyalty discount on the first-year premiums. You also get lifetime 15% discount if you are female
6. Dedicated Relationship Manager From the moment you purchase a policy till the time you receive the policy kit, a dedicated Relationship Manager will be assigned to you who will assist you at every step, right from uploading of documents to fixing up your medical appointments to any other doubts/issues you might have about our process.

Question 8

What is the education and income eligibility criteria for buying this life insurance plan?

Accepted Answer

Minimum education criteria to buy this plan is 12^th Pass or diploma holder. Minimum income criteria to buy this plan is ₹ 3 lakh per annum.

Question 9

What is the minimum and maximum life cover¹ allowed in this plan?

Accepted Answer

Minimum life cover¹ that can be bought in this plan is ₹ 50 lakh and the maximum life cover¹ that can be bought in this plan is ₹ 1 crore, Your eligibility of the cover amount depends on your financial eligibility calculated based on a multiplier.

Question 10

What is the minimum and maximum policy term allowed in this plan?

Accepted Answer

Minimum policy term that can be availed in this plan is 20 years and the maximum life policy term that can be availed in this plan is (85-age) years.

Question 11

Which are the different payment terms available for paying premium under this plan?

Accepted Answer

We have 2 payment terms available:

• Regular pay where you pay for the entire policy term.
• Limited pay where you pay for a limited duration but enjoy policy benefits for the whole policy term. Options available under limited pay are 5 years, 7 years, 10 years, 15 years, and till the age of 60 years.

Question 12

Which are the different payment frequencies available for paying premium?

Accepted Answer

You can choose to pay the premiums monthly, half-yearly or yearly. Paying yearly helps you save 2.5% on your premium payments and half-yearly helps you save 1.25% on your premium payments every year.

Question 13

What all methods are available to make premium payment?

Accepted Answer

The various payment methods available for online payment of premiums include credit card, debit card, net banking, UPI, Google Pay, Amazon Pay and other popular payment wallets.

Question 14

What are the advantages of limited pay premium option?

Accepted Answer

Limited Pay is a great option wherein the customer pays premium for a limited period while enjoying the benefits of the plan for the entire policy term. This lets you free from the burden of paying premiums early on while keeping your family secured for a long period of time. While the premiums to be paid are slightly higher than regular pay; with the limited pay option, you can end up saving up to 65%^S on total premiumspaid during the policy.

Question 15

What are the discounts available with this life insurance plan for self- employed?

Accepted Answer

There are 3 different types of discounts available with this policy-

1- 12%^! Online Discount (on first year premium)

2- 7%^L Loyalty Discount for our existing customers (on first year premium)

3- 15%^F Female discount (Lifetime Discount)

Question 16

What are the exclusions in this plan?

Accepted Answer

For death benefit: 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 Accidental Death Cover⁴ : Please refer to the exclusion list provided in the brochure.

For Accidental Total & Permanent Disability Cover⁵ : Please refer to the exclusion list provided in the brochure.

Question 17

What is 100% Premium Refund³ Option?

Accepted Answer

You can avail 100% premium refund³ through Smart Exit Benefit at no extra cost if your financial responsibilities are over. Under this optional benefit, the policyholder can early exit the policy once the required eligibility conditions are met and receive all the premiums paid³ ,along with Rider Surrender Value if applicable.

Question 18

What are the eligibility conditions for availing 100% Premium refund³ ?

Accepted Answer

A policy holder needs to fulfil the following conditions:

1. His minimum policy term chosen at inception should be 31 years.
2. The age of the policy holder at the time of exercising this benefit should be 60 or above.
3. At the time of availing the benefit, his policy should be in-force for at least 25 years.
4. He cannot avail this benefit in the last 5 years of his policy term chosen at inception.
5. The Policy is in-force with all due premiums paid at the time of exercising this option.
6. No claim for any of the underlying benefits has been registered and is under evaluation/ or accepted/ or paid/ being paid on the Policy.
7. The policy is not in the Premium Break Period.

Question 19

Can I get premium refund³ for additional riders that I have opted for?

Accepted Answer

The additional rider premiums will not be refunded in this plan.

Question 20

What happens on availing the 100% premium refund³ option?

Accepted Answer

The Policy shall terminate on payment of this benefit (if exercised) and all rights, benefits and interests under this Policy will stand extinguished. 100% paid premium³ (excluding GST) will be refunded to the policy holder.

Question 21

Can the nominee be changed after I have purchased the policy?

Accepted Answer

Yes, you can change the nominee at any time during the policy term by informing the company. You can also add multiple nominees. In case you want to change the nominee prior to the issuance of your policy you can write us at buyonline@iciciprulife.com or get in touch with your Relationship Manager on 1860 267 9997. In case you change your mind about your nominee post the issuance of your policy, you can write to us here https://www.iciciprulife.com/services/write-to-us-csr.html or on our Email ID lifeline@iciciprulife.com. If you want to speak to someone you can call on our service hotline toll free number 18002660.

Question 22

Can I add more than one nominee? How can I allocate percentage share to each nominee?

Accepted Answer

Yes, you can add multiple nominees. There is no specific number. You can add as many nominees as you want to. You can do so at the time of purchase or post issuance of your policy, anytime during the policy term. The Insurance Act provides that where there are more nominees than one, the policy money will be payable to them jointly or survivor(s) of them. In case you want to add nominee/s prior to the issuance of your policy you can write us at buyonline@iciciprulife.com or get in touch with your Relationship Manager on 1860 267 9997. In case you change your mind about your nominee/s post the issuance of your policy: you can write to us here https://www.iciciprulife.com/services/write-to-us-csr.html or on our Email ID lifeline@iciciprulife.com. If you want to speak to someone you can call on our service hotline toll free number 18002660.

Question 23

What details of the nominee are required to purchase this plan online?

Accepted Answer

The details needed of the nominee are their full name, gender, date of birth and relationship with life assured. Your nominee can be your spouse, children, parents, siblings or their spouses, uncles, aunts, nieces, nephews, or even your grandparents or grandchildren.

Question 24

What will happen if my nominee passes away before me?

Accepted Answer

If your nominee passes away before you, you will have to appoint some other person as your nominee. If the nominee and policy holder pass away together, then the claim payout will be made to the next legal heir.

Question 25

What documents are required for buying this policy?

Accepted Answer

You are required to upload a clear copy of the following KYC documents in jpeg or pdf form:

• One recent photograph
• PAN card (mandatory)
• Age Proof: Any one(passport/driving license/PAN card/Aadhar card)
• Address/ID proof: Any one(passport/driving license/voter's ID/Aadhar card)

Question 26

What all income can I club in the income field in the application form?

Accepted Answer

If you are salaried then please share your annual salary as income. If you are self-employed then please share the average annual income of last 3 years.

Question 27

Which pincode and city must be mentioned in the product calculator?

Accepted Answer

Your communication address where you currently live needs to be added in the calculator. This address is important for premium calculation, medical test scheduling and policy document receiving.

Question 28

Which address must be mentioned in the application form?

Accepted Answer

In case your communication address is different from your permanent address, there are separate fields to mention both. Make sure you are available at your communication address as this is where your medical test will be scheduled and policy documents will be sent after issuance.

Question 29

Does this plan provide the option to buy the plan under Married Women's Property (MWP) Act?

Accepted Answer

Yes, you can buy ICICI Pru iProtect Super under MWP act and your wife and children can be beneficiaries under this act. In your absence, your term insurance proceeds may be taken by people who you owe money, or even your relatives. Availing a term insurance plan under the MWP Act helps in protecting your family's financial interests in your absence. Once a policy is availed under the MWP Act, it may not be attached by courts for repayment of your debts.

Question 30

Will there be a medical checkup and what will be the process of medical check-up?

Accepted Answer

Yes, you will have to undergo medical check-up, list of test will be based on the health details submitted by you. You can fix an appointment for the check-up on our website or inform your relationship manager. The cost of the medical tests is borne by the company.

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. The tests are completed in about 15-20 minutes. These tests comprise of:

• Blood Test
• Electrocardiogram (ECG)
• Any additional tests in case required by our team of expert underwriters

Medical centre visit: For certain customer, a medical test in a medical center will be triggered. You can choose the date, time & center of examination as per your convenience. These tests are completed within an hour and comprise of:

• Blood Test
• Electrocardiogram (ECG)
• Tread mill test
• Chest X-ray
• Sonography
• Any additional tests in case required by our team of expert underwriters

Question 31

Can I purchase this plan if I consume tobacco?

Accepted Answer

Yes, you can purchase life insurance for self-employed if you are a smoker.

Question 32

I earlier used to smoke cigarettes but now I have quit smoking. Do I need to declare myself a smoker?

Accepted Answer

If you have consumed tobacco in any form in the last 36 months, you need to declare yourself as a smoker.

Question 33

I smoke occasionally, do I need to declare myself as a smoker?

Accepted Answer

If you have consumed tobacco in any form in the last 36 months, you need to declare yourself as a smoker.

Question 34

Is there any difference between premium rates of tobacco and non-tobacco buyers?

Accepted Answer

Yes, tobacco consumers have a higher risk of death than a non-tobacco consumer. Hence, premium rates for tobacco consumer is higher than that of non-tobacco consumer.

Question 35

What are the optional benefits/additional riders available under this life insurance plan for self-employed?

Accepted Answer

There are two additional benefit options available with this life insurance plan for self-employed:

1- Accidental Death Rider⁴ - This is another optional benefit wherein an additional cover is payable to nominee in case of death due to accident.

2- Accidental Total and Permanent Disability Rider⁵ - This is another optional benefit wherein an additional cover is payable in case of disability due to accident while you are still alive.

Question 36

What is the minimum and maximum cover for optional Accidental Death Rider⁴ ?

Accepted Answer

If you choose to opt for this rider, the minimum Accidental Death Rider⁴ cover that can be availed is ₹ 10 Lakh. The maximum Accidental Death Rider⁴ cover that can beavailed is equal to the base life cover opted, capped at ₹ 1 crore.

Question 37

What is the minimum and maximum cover for Accidental Total and Permanent Disability Rider⁵ ?

Accepted Answer

If you choose to opt for this rider, the minimum Accidental Total and Permanent Disability Rider⁵ cover that can be availed is ₹ 10 Lakh. The maximum cover that can be availed is equal to the base life cover opted, capped at ₹ 1 crore.

Question 38

Can I opt for both the riders simultaneously?

Accepted Answer

Yes, both the riders can be chosen to avail during buying the policy. Though, they have their individual premiums to be paid.

Question 39

Does my premium change post Accidental Total & Permanent Disability⁵ claim ?

Accepted Answer

If claim for Accidental Total & Permanent Disability⁵ has been paid out, the future premium will be proportionately reduced. The policy will continue with Accidental Death⁴ cover (if opted) and life cover¹ .

Question 40

Why Accidental Death Cover⁵ is important?

Accepted Answer

Life is anyways unpredictable, but accidents are a little more. Death due to a diseases or natural causes still gives you and your family a heads-up. In 2022, the number of deaths due to accidents was ₹4.3 lakh* , which means ₹4.3 lakh people had no idea that this would be their last conversation with their loved ones.

*Source:(https://www.ncrb.gov.in/uploads/files/

AccidentalDeathsSuicidesinIndia2022v2.pdf)

Question 41

Can a claim be rejected?

Accepted Answer

It is possible for a claim to be rejected if 'non-disclosure' or 'misstatement' of facts is discovered at claim stage or any act fitted to deceive or any omission as the law specially declares to be fraudulent. When a fact that affects the policy issuance decision is not disclosed in the proposal, it is termed as 'non-disclosure'. Similarly, withholding information or providing incorrect information while answering questions in the proposal form is termed as, 'misstatement'.
For example, when an applicant is suffering from kidney related ailment and does not inform the insurer about the same in the proposal form, it is termed as non-disclosure. Similarly, when an applicant overstates his or her income, then it is called a misstatement.

Question 42

Will this policy honour my claim if I die outside country?

Accepted Answer

Yes, the policy covers deaths all over the world.

Question 43

What is the process of death claim?

Accepted Answer

Step 1: Claim Reporting
Claim can be reported through any of our below mentioned touchpoints:

• Visit the claims section of our website for online claim intimation
• Call us at our 24 x 7 ClaimCare number – 1800 2660
• E-mail us at claimsupport@iciciprulife.com
• SMS 'ICLAIMPolicy No' to 56767
• Visit your nearest ICICI Prudential Life Insurance branch.

However, your claim will only be considered for registration upon submission of duly filled claim intimation form along with other requisite documents. Physical documents will be required to be sent to the nearest branch to start the process.

The documents needed are:

• Duly filled and signed Claimant Statement Form
• Recent photograph of the claimant
• Death Certificate issued by local government authority of the person insured in the policy (Life Assured)
• Signed copy of photo identity proof of the claimant
• Current Address proof of the claimant (Any one of the following: Aadhar Card, Valid Passport or Driver's License, Voters ID are considered as proofs)
• Signed copy of PAN card / Form 60 of the claimant
• Copy of cancelled cheque / bank statement / passbook of the bank account of the claimant where payment needs to be transferred

The company may call for additional documents if needed, depending on the type of death, for faster processing of your claim. Kindly click here to know more: https://www.iciciprulife.com/insurance-claim/documents-required-for-death-claim.html

Step 2: Claim Processing
Our dedicated ClaimCare team will assess your claim and inform you in case any more documents need to be submitted.

Step 3: Claim Settlement
Once your claim is intimated and we receive all the relevant documents, we will settle your claim. For more detailed information on Claims, visit https://www.iciciprulife.com/insurance-claim.html .

Question 44

How much can I save with this life insurance plan ?

Accepted Answer

You can save tax* up to ₹46,800 yearly on premiums paid under section 80C of the Income Tax Act, 1961. The death claim proceeds received are tax*-free under section 10(10D) of the Income Tax Act, 1961.

Question 45

How will I get instant tax certificate?

Accepted Answer

You can download the tax certificate/premium paid certificate from the website as soon as you make the payment.

Question 46

What are the inbuilt benefits available with this life insurance plan?

Accepted Answer

There are 3 inbuilt benefits available with this plan for which you don’t have to pay any extra amount-

1- 100% Premium Refund³ Option - Under the 100% Premium Refund 3 Option available with ICICI Pru iProtect Super life insurance plan, the policyholder can early exit the policy once the required eligibility conditions are met and get back 100% paid premiums 3 (excluding the GST amount and rider premium).

2- Premium Break^P Option - Under this feature, you have an option to take an up to 12 months premium break^P from paying the premiums when you face financial difficulties. All premiums for the said period will be deferred to next year but the life cover and rider(s) will continue as per the terms and conditions. This benefit can be availed multiple times in the policy period.

3- Terminal Illness Benefit⁵ - Under this benefit, if the policyholder is diagnosed with terminal illness⁵ , the claim amount shall be given to him/her before the actual death of the life assured. Any condition or illness which, in the opinion of two independent medical practitioners’ specializing in treatment of such illness, is highly likely to lead to death within 6 months will be considered as a Terminal Illness⁵ .

Question 47

What are the conditions for availing Premium Break^P?

Accepted Answer

This benefit option is available subject to the following conditions:

• The policy should have paid premiums for at least first five policy years from the date of commencement of risk and the policy is in force.
• A written request is received from the policyholder at least 30 days (15 days in case of monthly mode policy) in advance each time the policyholder intends to opt for the above benefit. If a premium (including the rider(s) premium, applicable taxes, etc. If any) remains unpaid with no prior request, the policy (including for rider(s), if any), will lapse at the end of the grace period, as per the terms and conditions of the policy.
• This benefit option can be availed multiple times during the premium payment term. However, there should be a gap of at least 5 policy years between two Premium Break^P periods within the premium payment term. For example, if you opt for this benefit in the 6th policy year for the first time, the second Premium Break^P will be available to be exercised after 5 years, i.e. In the 12th policy year, provided the premium payment term extends beyond 12 years.
• The Premium Break^P will not be available during the last 3 policy years of the premium payment term. The deferred amount is to be paid at the end of Premium Break^P period to ensure continuance of the risk cover under the policy.
• The deferred amount can be paid anytime during the said Premium Break^P period, without necessarily waiting for the end of Premium Break^P period.
• In case the above outstanding amounts are not paid within 30 days (15 days in case of monthly mode) of the commencement of the next policy year after expiry of the cover Premium Break^P period, the policy (including rider(s), if any) will lapse and the cover will cease. The company will be entitled to recover such dues from any amounts or benefits payable under the policy or rider(s).
• During the above cover continuance benefit^P period, the policyholder may surrender the policy anytime, however, the surrender value, if any, will be first adjusted towards the deferred amount.

Question 48

Are there any special advantages available for women?

Accepted Answer

Our life insurance plan is available at special rates for women, with 15%^F lower premiums. Our term insurance premium calculator will help you in customising your plan as per your needs.

Question 49

Can this policy be purchased by pregnant women?

Accepted Answer

While pregnant women can purchase a term plan, the final decision of whether to issue a policy or not will depend on the underwriting guidelines.

Question 50

Can I get other discounts along with women discount?

Accepted Answer

Yes, you can avail more than 1 discount if you fulfil the conditions for those discounts. For example, if our existing female customer buys this policy online, then she will get all 3 discounts simultaneously – 12%^! online discount, 7%^L loyalty discount and 15%^F female discount.

Question 51

What will happen if I start consuming alcohol or tobacco after policy issuance?

Accepted Answer

Your policy will not be affected if you start consuming alcohol or tobacco after policy issuance.

ICICI Pru iProtect Super

100% Premium Refund Option³

1 Day Claim Settlement^> for eligible cases

Premium Break^p Option

No Income Documents Required^I

12%^! Online Discount (1^st year premium)

Steps to buy Life Insurance

How the plan works?

Recommended For

Business Owners

Freelancers

Private Practitioners

Start-up Founders

Women Owned Home-Based Business

Salaried

Business Owners

Freelancers

Private Practitioners

Start-up Founders

Women Owned Home-Based Business

Salaried

Claim Settlement Process

Step 1

Report Claim

Step 2

Process

Step 3

Settle

Why choose ICICI Prudential Life?

ICICI Pru iProtect Super

100% Premium Refund Option3

1 Day Claim Settlement> for eligible cases

Premium Breakp Option

No Income Documents RequiredI

12%! Online Discount (1st year premium)

Steps to buy Life Insurance

How the plan works?

Recommended For

Business Owners

Freelancers

Private Practitioners

Start-up Founders

Women Owned Home-Based Business

Salaried

Business Owners

Freelancers

Private Practitioners

Start-up Founders

Women Owned Home-Based Business

Salaried

Claim Settlement Process

Step 1

Report Claim

Step 2

Process

Step 3

Settle

Why choose ICICI Prudential Life?

100% Premium Refund Option³

1 Day Claim Settlement^> for eligible cases

Premium Break^p Option

No Income Documents Required^I

12%^! Online Discount (1^st year premium)