Term insurance is a type of insurance policy that only pays out on the death of the person whose life is insured. Within this category, ICICI Prudential Life Insurance offers ICICI Pru iProtect Smart & ICICI Pru iCare II, which cover diverse range of needs. Salient features mentioned below will help you compare term insurance plans and select most suitable plan for yourself.

Term Insurance Comparison Chart

Feature ICICI Pru iProtect Smart ICICI Pru iCare II
Category Term Insurance Term Insurance
Minimum Entry Age 18 years 18 years
Maximum Entry Age 65 years 65 years
Maximum Maturity Age 99 years 85 years
Minimum Sum Assured As per premium ₹ 87,423
Maximum Sum Assured Unlimited Unlimited
Minimum Annualised Premium ₹ 2,400 ₹ 2,400
Policy Terms 5 - 81 years 5 - 67 years
Whole Life Cover Yes No
Premium Paying Options Single, Regular, Limited or Whole Life Single or Regular
Premium Payment Frequency Single, Yearly, Half-yearly, Monthly Single, Yearly, Half-yearly, Monthly
Tax benefit under Section 80 C Yes Yes
Tax exemption on benefits under Section 10 (10) (D) Yes Yes
Lump sum Payout Yes Yes
Income Payout Yes No
Increasing Income Yes No
Lump sum + Income Yes No
Critical Illness Option Yes No
Accidental Death Benefit Yes Yes
Accidental Death Benefit cover can be added now or later* Yes No
Terminal Illness Benefit Yes No
Married Women’s Property Act Protection Yes Yes
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Salient features of Term Insurance Plans

Term Insurance Plans are designed to address the core needs of your family in the event of an untimely death. Apart from that, here are some other features of term insurance plans that you need to know about.

Accident Death Benefit (Optional) Accident Death Benefit (Optional)

ICICI Pru iCare II offers you an additional payout in case of accidental death. This is equal to the sum assured or 2 crore whichever is lower. ICICI Pru iProtect Smart also offers you an accident death benefit+ and you can add it both at the time of taking the policy or later.

Critical Illness Protection Critical Illness Protection^

This is popular option of our Term plans, 1 in 3 customers choose this~ benefit. ICICI Pru iProtect Smart offers an optional feature which pays out on the diagnosis of any one of 34 critical illnesses including heart attacks and cancer. You do not have to submit any hospital bills either, just a copy of the diagnosis report.

Terminal Illness Protection Terminal Illness Protection3

ICICI Pru iProtect Smart pays out on the diagnosis of a terminal illness, including AIDS. The money is paid to you before death giving you the means to fight these grave ailments.

Life Stage Protection Life Stage Protection

You can enhance the life insurance cover at your life stage changes under ICICI Pru iProtect Smart. The policy allows you to increase the cover by 50% on marriage, 25% on the birth or legal adoption of your first child and another 25% on the birth or legal adoption of your second child.

Legal Protection Legal Protection

You can take your policy ICICI Pru iProtect Smart or ICICI Pru iCare II under the Married Women’s Property Act, 1874++. This will protect it from attachment by creditors because such policies are legally the property of your wife and/or children.

Flexibility Flexibility

Handling a large sum of money is difficult, especially for a family is dealing with the grief of a family member’s death. ICICI Pru iProtect Smart allows your family to take the insurance payout as a lump sum, as income or a combination of a lump sum and income. Not just that, the policy also gives you the option of increasing income.

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^The critical illness benefit is an accelerated benefit and the death benefit will be reduced by the critical illness cover paid to the policyholder. The future premiums payable for the residual CI Benefit will reduce proportionately. In case the CI Benefit equal to the Death Benefit, the policy will terminate on payment of the CI Benefit. Only doctor’s certificate confirming diagnosis needs to be submitted. On payment of Angioplasty, if the CI Benefit is more than ₹ 5,00,000 the policy will continue for other CIs with CI Benefit reduced by Angioplasty payout. To know more about the illnesses covered, please refer to the Sales brochure. Available under Life and Health and All in One options. Critical Illness benefit is available till age of 75.

~Based on number of policies sold online between January 2016 - February 2017.

3Please refer the product brochure for definitions, exclusions and other terms and conditions applicable for terminal illness.

++Nothing herein contained shall operate to destroy or impede the right of any creditor to be paid out of the proceeds of any policy of assurance, which may have been effected with intent to defraud creditors. In case of any third party claim in the Courts of India with regards the insurance proceeds, the amount shall be subject to the judiciary directions. Please seek professional legal advice for the applicability of this provision.

+Accidental Death benefit is up to ₹ 2 Crores. Accidental Death Benefit is optional and available in Life Plus and All in One options. Accidental Death Benefit cover is available upto age 80.

*Accidental Death cover can be added later till age 50 and at least till 5 years less than policy term.

ICICI Pru iProtect Smart UIN 105N151V05

ICICI Pru iCare II UIN 105N140V02


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