With our Term Life Insurance ICICI Pru iProtect Smart, you get to choose from 4 payout options:
1. Lump sum
2. Income
3. Lump sum and Income
4. Increasing income.

At any time, your beneficiary will have the option to convert all or some of his monthly income into a lump sum. The lump sum amount will be the present value calculated at a discount rate of 4% p.a.*.
Shown below are annual premiums for different versions of a sample term plan with a life cover of ₹ 1 crore, 34 Critical Illnesses benefit of ₹ 10 lakh and Accidental Death benefit of ₹ 1 crore. This example is for a 30-year-old healthy male for a 30-year policy term. The premiums are on annual basis, inclusive of taxes, in case of Regular Pay.

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 Lump Sum + Income Lump Sum Increasing Income
All-In-One ₹ 22,230 ₹ 29,277 ₹ 24,239 ₹ 27,720
Life & Health ₹ 15,504 ₹ 22,551 ₹ 17,513 ₹ 20,994
Life Plus ₹ 18,108 ₹ 25,155 ₹ 20,117 ₹ 23,598
Life ₹ 11,382 ₹ 18,429 ₹ 13,391 ₹ 16,872

Please note:

Payout options:

  • Lump sum: The entire benefit amount is payable as a 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.
  • 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 subsequent month for 9 years
  • Lump sum and Income: The percentage of the Sum Assured to be paid out as a lump sum is chosen at inception. The balance Sum Assured will be paid out in equal monthly instalments per month over 10 years

* At any time, the nominee can convert the outstanding monthly income (Income/Increasing income) into a lump sum. The lump sum amount will be the present value of future payouts calculated at a discounted rate of 4% p.a. The payout option chosen by the 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 lump sum option and not vice versa.

1 With 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.

2 Accelerated Critical Illness Benefit (ACI Benefit) is optional and available under Life & Health and All-in-One option. This benefit is payable, on the first occurrence of any of the 34 critical illnesses covered. Medical documents confirming the diagnosis of critical illness need to be submitted. The benefit is payable only on the fulfilment of the definition of the diagnosed critical illness. The ACI Benefit is accelerated and not an additional benefit, which means the policy will continue with the Death Benefit reduced by the extent of the ACI Benefit paid. The future premiums payable under the policy will reduce proportionately. If ACI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the ACI Benefit. To know more in detail about the ACI Benefit and terms & conditions governing it, kindly refer to the sales brochure. ACI Benefit term would be equal to policy term or 30 years or (75-Age at entry), whichever is lower.

3 Accidental Death benefit (ADB) is up to ₹ 2 Crores (Subjected to Underwriting guidelines). ADB is available in Life Plus and All-in-One option. In case of death due to an accident, Accidental Death Benefit will be paid out in addition to Death Benefit. Accidental Death Benefit will be equal to the policy term or (80-Age at entry), whichever is lower.

4 The 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. The premiums are annual and for Regular Pay

6Permanent Disability: On diagnosis of Permanent Disability (PD) due to an accident, the future premiums under your policy for all benefits are waived. To know more about definitions, terms & conditions applicable for permanent disability due to accident, kindly refer sales brochure of ICICI Pru iProtect Smart.

7Terminal Illness: A Life Assured shall be regarded as Terminally Ill only if that Life Assured is diagnosed as suffering from a condition 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. The terminal illness must be diagnosed and confirmed by medical practitioners’ registered with the Indian Medical Association and approved by the Company. The Company reserves the right for independent assessment.

! Life Cover is the benefit payable on death of the life assured during the policy term

 

ICICI Pru iProtect Smart offers special premium rates for women and cover female organ cancers like breast cancer and cervical cancer if 34 critical illness option## is chosen. Shown below are premium rates for the All-In-One and Life versions of a sample term plan with a life cover of ₹ 1 crore, 34 Critical Illnesses benefit of ₹ 10 lakh and Accidental Death Benefit of ₹ 1 crore. This example is for a 30-year-old healthy male and female for a 30-year policy term. The premiums are on annual basis, inclusive of taxes, in case of Regular Pay:

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 ₹ 24,239 ₹ 21,354
Life & Health ₹ 13,391 ₹ 11,756

Please note:

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

2 Accelerated Critical Illness Benefit (ACI Benefit) is optional and available under Life & Health and All-in-One option. This benefit is payable, on the first occurrence of any of the 34 critical illnesses covered. Medical documents confirming the diagnosis of critical illness need to be submitted. The benefit is payable only on the fulfilment of the definition of the diagnosed critical illness. The ACI Benefit is accelerated and not an additional benefit, which means the policy will continue with the Death Benefit reduced by the extent of the ACI Benefit paid. The future premiums payable under the policy will reduce proportionately. If ACI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the ACI Benefit. To know more in detail about the ACI Benefit and terms & conditions governing it, kindly refer to the sales brochure. ACI Benefit term would be equal to policy term or 30 years or (75-Age at entry), whichever is lower.

3 Accidental Death benefit (ADB) is up to ₹ 2 Crores (Subjected to Underwriting guidelines). ADB is available in Life Plus and All-in-One option. In case of death due to an accident, Accidental Death Benefit will be paid out in addition to Death Benefit. Accidental Death Benefit will be equal to the policy term or (80-Age at entry), whichever is lower.

4 The above example is for a 30-year-old healthy female for ICICI Pru iProtect Smart with a life cover of `1 crore for a 30-year term with a Lumpsum payout option and the premium rates are exclusive of all taxes. The premiums are annual and for Regular Pay.

! Life Cover is the benefit payable on the death of the life assured during the policy term.

 

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. Shown below are annual premiums for different versions of a sample term plan with a life cover of ₹ 1 crore, 34 Critical Illnesses benefit of ₹ 10 lakh and Accidental Death benefit of ₹ 1 crore. This example is for a 30-year-old and 32-year-old healthy male for a 30-year term with a Regular Pay and lump sum payout option and the premium rates are exclusive of all taxes:

Cover Options →
Plan Options 1
Life Cover of `1 Crore 34 Critical Illness Benefit2 Accidental Death Benefit3
Life ₹ 20,541 ₹ 22,737

Please note:

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

2 Accelerated Critical Illness Benefit (ACI Benefit) is optional and available under Life & Health and All-in-One option. This benefit is payable, on the first occurrence of any of the 34 critical illnesses covered. Medical documents confirming the diagnosis of critical illness need to be submitted. The benefit is payable only on the fulfilment of the definition of the diagnosed critical illness. The ACI Benefit is accelerated and not an additional benefit, which means the policy will continue with the Death Benefit reduced by the extent of the ACI Benefit paid. The future premiums payable under the policy will reduce proportionately. If ACI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the ACI Benefit. To know more in detail about the ACI Benefit and terms & conditions governing it, kindly refer to the sales brochure. ACI Benefit term would be equal to policy term or 30 years or (75-Age at entry), whichever is lower.

3 Accidental Death benefit (ADB) is up to ₹ 2 Crores (Subjected to Underwriting guidelines). ADB is available in Life Plus and All-in-One option. In case of death due to an accident, Accidental Death Benefit will be paid out in addition to Death Benefit. Accidental Death Benefit will be equal to the policy term or (80-Age at entry), whichever is lower.

4 The above example is for a 30-year-old, and 32-year-old healthy male for ICICI Pru iProtect Smart with a life cover of crore for a 30-year term with a lump sum payout option and the premium rates are exclusive of all taxes. The premiums are annual and for Regular Pay.

! Life Cover is the benefit payable on death of the life assured during the policy term.

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. Shown below are annual premiums for different versions of a sample term plan with 34 Critical Illnesses benefit of ₹ 10 lakh and Accidental Death benefit of ₹ 1 crore. This example is for a 30-year-old healthy male with a life cover of ₹ 1 crore, ₹ 1.5 crore and ₹ 2 crore for a policy term of 30 years with a Regular Pay and lump sum payout option and the premium rates are exclusive of all taxes

Cover Options →
Plan Options 1
Life Cover 34 Critical Illness Benefit2 Accidental Death Benefit3 Annual Premium4
Life Cover (₹ 1 Crore) Life Cover (₹ 1.5 Crore) Life Cover (₹ 2 Crore)
All-In-One ₹ 20,541 ₹ 22,629 ₹ 26,077
Life & Health ₹ 14,841 ₹ 16,929 ₹ 20,377
Life Plus ₹ 17,048 ₹ 19,136 ₹ 22,584
Life ₹ 11,348 ₹ 13,436 ₹ 16,884

Please note:

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

2Accelerated Critical Illness Benefit (ACI Benefit) is optional and available under Life & Health and All-in-One option. This benefit is payable, on the first occurrence of any of the 34 critical illnesses covered. Medical documents confirming the diagnosis of critical illness need to be submitted. The benefit is payable only on the fulfilment of the definition of the diagnosed critical illness. The ACI Benefit is accelerated and not an additional benefit, which means the policy will continue with the Death Benefit reduced by the extent of the ACI Benefit paid. The future premiums payable under the policy will reduce proportionately. If ACI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the ACI Benefit. To know more in detail about the ACI Benefit and terms & conditions governing it, kindly refer to the sales brochure. ACI Benefit term would be equal to policy term or 30 years or (75-Age at entry), whichever is lower.

3Accidental Death benefit (ADB) is up to ₹ 2 Crores (Subjected to Underwriting guidelines). ADB is available in Life Plus and All-in-One option. In case of death due to an accident, Accidental Death Benefit will be paid out in addition to Death Benefit. Accidental Death Benefit will be equal to the policy term or (80-Age at entry), whichever is lower.

4 The above example is for a 30-year-old healthy male for ICICI Pru iProtect Smart with a life cover of ₹ 1 crore, ₹ 1.5 crore and ₹ 2 crore for a policy term of 30 years with a lump sum payout option and the premium rates are exclusive of all taxes.

! Life Cover is the benefit payable on death of the life assured during the policy term.

 

With ICICI Pru iProtect Smart, you can choose to pay premiums regularly, for a limited time or once - i.e. pay the premium once and get cover for the full policy term. Shown below is a comparison of premiums in the case of Single Pay and Regular Pay for a sample plan with a life cover of ₹ 1 crore. This example is for a 30-year-old healthy male for a life cover of ₹ 1 crore for a policy term of 20 years with a lump sum payout option, and the premium rates are exclusive of all taxes:

Cover Options →
Plan Options 1
Life Cover of `1 Crore Single Premium for 20 year term2 Regular Premium for 20 year term2
Life ₹ 1,68,274 ₹ 9,036

Please note:

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

2 For the example above, if you choose a single premium, your one-time payment will be ₹ 1,68,274/-. For the same policy, if you choose regular premium payment (every year), the total premium payable over the policy term will be ₹ 9,036/- X 20 = ₹ 1,80,720/-. 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 a life cover of ₹ 1 crore for a policy term of 20 years with a lump sum payout option and the premium rates are exclusive of all taxes.

! Life Cover is the benefit payable on death of the life assured during the policy term

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Tax benefits under the policy are subject to conditions under Sections 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 is used by ICICI Prudential Life Insurance Company Ltd under license.

ICICI Pru iProtect Smart UIN 105N151V06

Visit us at www.iciciprulife.com

W/II/2261/2020-21

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