With ICICI Pru iProtect Smart, you get to choose from 4 payout options:
1. Lump sum
2. Regular Income
3. Lumpsum + Regular Income
4. Increasing Income.

Your nominee also gets the flexibility to change the payout option at the time of claim or even after the payouts have begun*. Check the table below for details:

Cover Options →
Plan Options 1
Life Cover of ` 1 Crore 34 Critical Illness Benefit2 of ` 10 Lakh Accidental Death Benefit3 of ` 1 Crore Regular Income Lumpsum + Income Lumpsum Increasing Income
All-In-One `15,258 `15,877 `16,496 `18,642
Life & Health `10,508 `11,127 `11,746 `13,892
Life Plus `11,765 `12,384 `13,003 `15,149
Life `7,015 `7,634 `8,253 `10,399

Please note:

Payout Options:

  • Lumpsum: The entire benefit amount is payable as lump sum.
  • Increasing Income: The benefit amount is payable in monthly instalments for 10 years starting with 10% of the benefit amount per annum in the first year. The income amount will increase by 10% per annum simple interest every year thereafter.
  • Regular Income: 10% of the benefit amount will be paid out for 10 years in equal monthly instalments. The nominee can choose to get the first years benefit as a lump sum and the monthly income will start from the next month for 9 years

*At any time, the nominee can convert the outstanding monthly income (Regular/Increasing Income) into lump sum. The lump sum amount will be the present value of future payouts calculated at a discount rate of 4% p.a. The payout option chosen by policyholder at inception cannot be changed during the policy term. This option is available only to the nominee, where the payout option can be changed from Regular/Increasing Income option to lumpsum option and not viceversa.

1With ICICI Pru iProtect Smart, you can choose from various options like Life, Life Plus, Life & Health and All-in-One to suit your protection needs.
2The critical illness benefit is an accelerated benefit and the death benefit will be reduced by the critical illness cover paid to the policyholder. Available only with All-in-One and Life & Health option. To know more about the illnesses which are covered, please refer to the sales brochure.
3The Accidental Death Benefit is available only under Life Plus and All in One option and the maximum amount that can be availed is `2 Crore and will be paid as a lump sum.
4The above example is for a 30 year old healthy male for ICICI Pru iProtect Smart with life cover of `1 Crore for a 30 year term and the premium rates are exclusive of all taxes.

 

With ICICI Pru iProtect Smart, we offer special premium rates for women and cover female organ cancers like breast cancer and cervical cancer if 34 critical illness benefit2 is chosen. Check the table below for premium rates:

Cover Options →
Plan Options 1
Life Cover of ₹ 1 Crore 34 Critical Illness Benefit 2 of `10 Lakh Accidental Death Benefit 3 of  `1 Crore Male Female
All-In-One `16,496 `14,547
Life & Health `8,253 `7,363

Please note:

1You can choose from benefit options like Life, Life Plus, Life & Health and All in One options depending on your protection needs.
2The critical illness benefit is an accelerated benefit and the death benefit will be reduced by the critical illness cover paid to the policyholder. Available only under Life & Health and All in One option. To know more about the illnesses which are covered, please refer to the sales brochure.
3The Accidental Death Benefit is available only under Life Plus and All in One option and the maximum amount that can be availed is `2 Crore and will be paid as a lump sum.
4The above example is for a 30 year old healthy male and female for ICICI Pru iProtect Smart with life cover of `1 Crore for a 30 year term with Lumpsum payout option and the premium rates are exclusive of all taxes.

 

The older you get, the higher will be your premium. That's why it makes sense to get protected now, so that the premium is fixed for the complete term. Check the table below for more details:

Cover Options →
Plan Options 1
Life Cover of`1 Crore 34 Critical Illness Benefit 2 of`10 Lakh Accidental Death Benefit 3 of `1 Crore Today After 2 Years
All-In-One `16,496 `18,279
Life & Health `11,746 `13,529
Life Plus `13,003 `14,105
Life `8,253 `9,355

Please note:

1You can choose from benefit options like Life, Life Plus, Life & Health and All in One options depending on your protection needs.
2The critical illness benefit is an accelerated benefit and the death benefit will be reduced by the critical illness cover paid to the policyholder. Available only under Life & Health and All in One option. To know more about the illnesses which are covered, please refer to the sales brochure.
3The Accidental Death Benefit is available only under Life Plus and All in One option and the maximum amount that can be availed is `2 Crore and will be paid as a lump sum.
4The above example is for a 30 year old and 32 year old healthy male for ICICI Pru iProtect Smart with life cover of `1 Crore for a 30 year term with Lumpsum payout option and the premium rates are exclusive of all taxes.

 

If you increase the life cover amount, the premium will not increase much. So it makes smart sense to take an adequate amount of life cover now. Check the table for more details:

Cover Options →
Plan Options 1
34 Critical Illness Benefit 2 of ` 10 Lakh Accidental Death Benefit 3 of  ` 1 Crore Life Cover of `1 Crore Life Cover of `1.5 Crore Life Cover of `2 Crore
All-In-One `16,496 `19,347 `22,197
Life & Health `11,746 `14,597 `17,447
Life Plus `13,003 `15,854 `18,704
Life `8,253 `11,104 `13,954

Please note:

1You can choose from benefit options like Life, Life Plus, Life & Health and All in One options depending on your protection needs.
2The critical illness benefit is an accelerated benefit and the death benefit will be reduced by the critical illness cover paid to the policyholder. Available only under Life & Health and All in One option. To know more about the illnesses which are covered, please refer to the sales brochure.
3The Accidental Death Benefit is available only under Life Plus and All in One option and the maximum amount that can be availed is `2 Crore and will be paid as a lump sum.
4The above example is for a 30 year old healthy male for ICICI Pru iProtect Smart with life cover of `1 Crore, `1.5 Crore and `2 Crore for a policy term of 30 years with Lumpsum Payout Option and the premium rates are exclusive of all taxes.

With ICICI Pru iProtect Smart, you can choose to pay premium regularly or single pay - i.e. pay premium once and get cover for the full policy term. Check the table below for details:

Cover Options →
Plan Options 1
Life Cover of `1 Crore Single Premium for 20 year term2 Regular Premium for 20 year term2
Life `1,24,371 `6,679

Please note:

1You can choose from benefit options like Life, Life Plus, Life & Health and All in One options depending on your protection needs.

For the example above, if you choose single premium, your one-time payment will be `1,24,371. For the same policy, if you choose regular premium payment (every year), the total premium payable over the policy term will be `6,679 X 20 = `1,33,580. Please note that these values are shown without considering the time value of money. Premium rates are exclusive of all taxes. The above example is for a 30 year old healthy male for ICICI Pru iProtect Smart with life cover of `1 Crore for a policy term of 20 years with Lumpsum Payout Option and the premium rates are exclusive of all taxes.

 

 

Term life insurance for EVERYONE

Tax benefits under the policy are subject to conditions u/s 80C, 80D and 10(10D) of the Income Tax Act, 1961. Applicable taxes will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time. ICICI Prudential Life Insurance Co. Ltd. Registered Address: ICICI PruLife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. IRDAI Regn No. 105. CIN: L66010MH2000PLC127837. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license. UIN 105N151V03. Visit us at www.iciciprulife.com. W/II/1825/2017-18 .
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