You plan to give a future full of happiness and comfort to your loved ones. However, life isn’t always predictable. These uncertainties of life may pose a hurdle to your plan of a perfect future for yourself and your loved ones.

Our ICICI Pru iProtect Return of Premium provides security to you and your loved ones against all such eventualities, safeguards your future planning while simultaneously also ensuring that you get a survival/maturity benefit.

Here’s a plan which understands that change is the only constant and changes with your changing needs.

4 BENEFITS OF ICICI PRU iPROTECT RETURN OF PREMIUM

  • Return of Premium: Get life cover1 throughout the policy term. Also, get 105% of your premiums back3 on maturity
  • Income Benefit: Get life cover1 throughout the policy term and start getting monthly income from the age of 60 till the end of policy term
  • Return of Premium with Life-stage2 cover: Get life cover1, which changes as per your life-stage2 throughout the policy term. Also, get 105% of your premiums back3 on maturity
  • Early return of premium with Life-stage cover: Get life cover1, which changes as per your life-stage2 throughout the policy term. Also, get 105% of your premiums back3 during the policy term itself when you turn 60 or 70 years of age

Your premiums will vary depending on the plan option chosen

  • Smart protection with ‘Life-stage cover2’: A smart life cover which adapts to your changing life-stage and responsibilities.
  • Safeguard against 64 Critical Illnesses4 (optional): Get an additional and instant payout on diagnosis of 60 major and 4 minor Critical Illnesses.
  • Enhanced protection against accidental death5 (optional): Get up to twice the life cover in case of death due to an accident

  • Regular Income: Start getting a guaranteed monthly income from the age of 60 till the end of the policy term with ‘Income Benefit’ plan option.
  • Return of premiums: Get 105% of your premiums back3 at the end of the policy term with ‘Return of premium’ and ‘Return of Premium with Life-stage cover’ plan options.
  • Early Return of premiums: Get 105% of your premiums back3 at an early age of 60 or 70 with continued coverage till the end of the policy term with ‘Early Return of Premium with Life-stage cover’ plan option

Tax benefits6 may be applicable on premiums paid and benefits received as per the prevailing tax laws

1. Return of Premium

Benefits/Plan Option Return of Premium Plan
Life cover1 The Nominee/legal heir will get the Life Insurance Cover as per the chosen Death Benefit Payout Option.
Survival Benefit No Survival Benefit is payable during policy term.
Maturity Benefit On survival of the Life Assured till the end of the policy term, for a fully paid policy, 105% of Total premiums paid3 is payable as Maturity Benefit to you.

2. Income Benefit

Benefits/Plan Option Income Benefit Plan
Life cover1 The Nominee/legal heir will get the Life Insurance cover as per the chosen Death Benefit Payout Option.

Life Insurance cover will keep on reducing to the extent of income paid out.

Please note that the Life Insurance Cover shall not be less than 10 times the annualised premium.
Survival Benefit Survival benefit is payable as regular monthly income equal to 0.1%, 0.2% or 0.3% of Basic Sum Assured (Life Insurance Cover) chosen at inception.

This benefit is payable at the end of each month starting from the policy anniversary after the Life Assured turns 60 years of age till the end of policy term.
Maturity Benefit No benefits are payable on maturity.

3. Return of Premium with Life-stage2 cover

Benefits/Plan Option Return of Premium with Life-stage cover Plan
Life cover1 The Nominee/legal heir will get the Life Insurance Cover as per the chosen Death Benefit Payout Option.

Life Insurance Cover will be as follows:

First policy year:
Life Insurance Cover remains same as the Basic Sum Assured chosen at inception.

From second policy year till the policy anniversary after age 55:
Life Insurance Cover increases by 5% p.a. (simple interest) of the Basic Sum Assured chosen at policy inception from second policy year on every policy anniversary till the policy anniversary after the Life Assured turn 55 years of age. Life Insurance Cover remains constant till the next policy anniversary. In case the benefit 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 turns 56 years of age.

From policy anniversary after age 56 till the policy anniversary after age 60:
Life Insurance Cover remains same as Basic Sum Assured chosen at policy inception from the policy anniversary after the Life Assured turns 56 years of age, till the policy anniversary after the Life Assured turns 60 years of age.

From policy anniversary after age 60 till the end of the policy term:
Life Insurance Cover is reduced to 50% of Basic Sum Assured chosen at policy inception, from policy anniversary after the Life Assured turns 60 years of age till the end of policy term.
Survival Benefit No Survival Benefit is payable during policy term.
Maturity Benefit On survival of the Life Assured till the end of the policy term, for a fully paid policy, 105% of Total premiums paid3 is payable as Maturity Benefit to You.

4. Early return of premium with Life-stage cover

Benefits/Plan Option Early Return of Premium with Life-stage cover Plan
Life cover1 The Nominee/legal heir will get the Life Insurance Cover as per the chosen Death Benefit Payout Option.

Life Insurance Cover will be as follows:

First policy year:
Life Insurance Cover remains same as the Basic Sum Assured chosen at inception.

From second policy year till the policy anniversary after age 55:
Life Insurance Cover increases by 5% p.a. (simple interest) of the Basic Sum Assured chosen at policy inception from second policy year on every policy anniversary till the policy anniversary after the Life Assured turn 55 years of age. Life Insurance Cover remains constant till the next policy anniversary. In case the benefit 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 turns 56 years of age.

From policy anniversary after age 56 till the policy anniversary after age 60:
Life Insurance Cover remains same as Basic Sum Assured chosen at policy inception from the policy anniversary after the Life Assured turns 56 years of age, till the policy anniversary after the Life Assured turns 60 years of age.

From policy anniversary after age 60 till the end of the policy term:
Life Insurance Cover is reduced to 50% of Basic Sum Assured chosen at policy inception, from policy anniversary after the Life Assured turns 60 years of age till the end of policy term.
Survival Benefit Survival Benefit payable is 105% of Total premiums3 paid on the policy anniversary after the Life Assured turns 60 or 70 years old, as chosen by You at inception.
Maturity Benefit No benefits are payable on maturity.

1. Return of Premium

Benefits/Plan Option Return of Premium Plan
Life cover1 The Nominee/legal heir will get the Life Insurance Cover as per the chosen Death Benefit Payout Option.
Survival Benefit No Survival Benefit is payable during policy term.
Maturity Benefit On survival of the Life Assured till the end of the policy term, for a fully paid policy, 105% of Total premiums paid3 is payable as Maturity Benefit to you.

2. Income Benefit

Benefits/Plan Option Income Benefit Plan
Life cover1 The Nominee/legal heir will get the Life Insurance cover as per the chosen Death Benefit Payout Option.

Life Insurance cover will keep on reducing to the extent of income paid out.

Please note that the Life Insurance Cover shall not be less than 10 times the annualised premium.
Survival Benefit Survival benefit is payable as regular monthly income equal to 0.1%, 0.2% or 0.3% of Basic Sum Assured (Life Insurance Cover) chosen at inception.

This benefit is payable at the end of each month starting from the policy anniversary after the Life Assured turns 60 years of age till the end of policy term.
Maturity Benefit No benefits are payable on maturity.

3. Return of Premium with Life-stage2 cover

Benefits/Plan Option Return of Premium with Life-stage cover Plan
Life cover1 The Nominee/legal heir will get the Life Insurance Cover as per the chosen Death Benefit Payout Option.

Life Insurance Cover will be as follows:

First policy year:
Life Insurance Cover remains same as the Basic Sum Assured chosen at inception.

From second policy year till the policy anniversary after age 55:
Life Insurance Cover increases by 5% p.a. (simple interest) of the Basic Sum Assured chosen at policy inception from second policy year on every policy anniversary till the policy anniversary after the Life Assured turn 55 years of age. Life Insurance Cover remains constant till the next policy anniversary. In case the benefit 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 turns 56 years of age.

From policy anniversary after age 56 till the policy anniversary after age 60:
Life Insurance Cover remains same as Basic Sum Assured chosen at policy inception from the policy anniversary after the Life Assured turns 56 years of age, till the policy anniversary after the Life Assured turns 60 years of age.

From policy anniversary after age 60 till the end of the policy term:
Life Insurance Cover is reduced to 50% of Basic Sum Assured chosen at policy inception, from policy anniversary after the Life Assured turns 60 years of age till the end of policy term.
Survival Benefit No Survival Benefit is payable during policy term.
Maturity Benefit On survival of the Life Assured till the end of the policy term, for a fully paid policy, 105% of Total premiums paid3 is payable as Maturity Benefit to You.

4. Early return of premium with Life-stage cover

Benefits/Plan Option Early Return of Premium with Life-stage cover Plan
Life cover1 The Nominee/legal heir will get the Life Insurance Cover as per the chosen Death Benefit Payout Option.

Life Insurance Cover will be as follows:

First policy year:
Life Insurance Cover remains same as the Basic Sum Assured chosen at inception.

From second policy year till the policy anniversary after age 55:
Life Insurance Cover increases by 5% p.a. (simple interest) of the Basic Sum Assured chosen at policy inception from second policy year on every policy anniversary till the policy anniversary after the Life Assured turn 55 years of age. Life Insurance Cover remains constant till the next policy anniversary. In case the benefit 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 turns 56 years of age.

From policy anniversary after age 56 till the policy anniversary after age 60:
Life Insurance Cover remains same as Basic Sum Assured chosen at policy inception from the policy anniversary after the Life Assured turns 56 years of age, till the policy anniversary after the Life Assured turns 60 years of age.

From policy anniversary after age 60 till the end of the policy term:
Life Insurance Cover is reduced to 50% of Basic Sum Assured chosen at policy inception, from policy anniversary after the Life Assured turns 60 years of age till the end of policy term.
Survival Benefit Survival Benefit payable is 105% of Total premiums3 paid on the policy anniversary after the Life Assured turns 60 or 70 years old, as chosen by You at inception.
Maturity Benefit No benefits are payable on maturity.

Sunil is a 30 years old IT consultant with big dreams for himself and his family. Realising the need for protection in his fast-paced life, Sunil wants to be secured against unforseen circumstances in life, especially during his primary years of responsibility. He chooses iProtect Return of Premium with Life-stage cover plan option with Sum Assured of ₹ 50 Lakhs with cover till the age of 70, premium payment till the age of 60.

This plan ensures Sunil has sufficient life coverage which adjusts to his changing responsibilities at every life-stage and he also gets back 105% of his premiums at the end of policy term, on survival
Note: In the above illustration, the increment in Sum Assured begins from second policy year. For first policy year, Life cover is same as Basic Sum Assured chosen at inception i.e. ₹ 50 lakh
Shivam is a 35 years old manager in an insurance company. Shivam wants to ensure that his wife, three year old daughter and retired father live a comfortable life even in his absence. He chooses ICICI Pru iProtect Return of Premium with Income Benefit as plan option. He chooses Sum Assured of Rs. 75 Lakhs till the age of 75 with premium payment term of 10 years and income Benefit of 0.1% of Sum Assured as monthly income.

This plan ensures that he continues to enjoy the security of life cover while simultaneusly he starts getting regular monthly income from the age of 60.
The premium rates mentioned above are exclusive of taxes.

What are the different boundary conditions available under this plan?

Boundary Conditions for Level cover:

Plan Option Premium Payment Term Minimum/Maximum Policy Term Minimum/Maximum Age at Entry Minimum/Maximum Age at Maturity
Return of Premium One Time(Single Pay) 5/40 18/65 23/85
5 Pay 10/40 28/85
7 pay 12/40 30/85
10 Pay 15/40 33/85
12 Pay 17/40 35/85
15 Pay 20/40 38/85
Regular Pay 10/40 28/85
60 years – Age at Entry 10/40 25/55 65/85
Income (0.1%,0.2%,0.3% of Sum Assured as monthly income) 5 Pay 10/40 25/55 Maturity ages for:
• 0.1% monthly income: 75, 80, 85
• 0.2% monthly income: 70, 75, 80, 85
• 0.3% monthly income: 65, 70, 75, 80, 85
7 pay 12/40 25/53
10 Pay 15/40 25/50
12 Pay 17/40 25/48
15 Pay 20/40 25/45
60 years – Age at Entry 10/40 25/55

Note: Income Benefit is only available for a ‘Non-smoker’ Life Assured.

 

Boundary Conditions for Life-stage cover:

Plan Option Premium Payment Term Minimum/Maximum Policy Term Minimum/Maximum Age at Entry Minimum/Maximum Age at Maturity
Return of Premium with Life-stage cover 5 Pay 15/40 25/50 65/85
7 pay
10 Pay
12 Pay 17/40 25/48
15 Pay 20/40 25/45
60 years – Age at Entry 15/40 25/50
Early Return of Premium with Life-stage cover (at age 60) 5 Pay 15/40 25/50 65/85
10 Pay 20/40 25/45
12 Pay 22/40 25/43
20 Pay 30/40 25/35
Early Return of Premium with Life-stage cover (at age 70) 5 Pay 25/40 35/50 75/85
10 Pay 25/40 35/50
12 Pay 27/40 35/48
20 Pay 35/40 35/40
60 years – Age at Entry 25/40 35/50

Boundary conditions for Policies sourced as POS products:

Plan Option Premium Payment Term Minimum/Maximum Policy Term Minimum/Maximum Age at Entry Minimum/Maximum Age at Maturity
Return of Premium One Time(Single Pay) 5/40 18/60 23/65
5 Pay 10/40 18/55 28/65
7 pay 12/40 18/53 30/65
10 Pay 15/40 18/50 33/65
12 Pay 17/40 18/48 35/65
15 Pay 20/40 18/45 38/65
Regular Pay 10/40 18/55 28/65
60 years – Age at Entry 10/40 25/55 65

Only Return of Premium Option is available under policies sourced as POS products. Only Life and Life Plus can be chosen as Benefit Options under policies sourced as POS products.

 

Other Boundary Conditions:

Features Boundary conditions
Minimum Premium As per Minimum Sum Assured
Accidental Death Benefit

Minimum: ₹ 1,00,000

Maximum: Equal to Sum Assured chosen by you, subject to a maximum limit as per the Board Approved Underwriting Policy

ADB Benefit term: Accidental Death Benefit will be for the policy term or (80-Age at entry), whichever is lower

For Return of Premium and Income Benefit Plan options, ADB Sum Assured can be less than or equal to the Basic Sum Assured

For Return of Premium with life-stage cover and Early return of premium with Life-stage cover plan options, maximum ADB Sum Assured can be 50% of the Basic Sum Assured chosen at inception

For policies sourced as POS products, ADB Sum Assured will be equal to Basic Sum Assured chosen at inception

Critical Illness (CI) Benefit

Minimum: ₹ 1,00,000

Maximum: As per the Board Approved Underwriting Policy

CI Benefit Term
Regular Pay: CI Benefit would be for policy term or 40 years or (85-Age at entry), whichever is lower
Single Pay and Limited Pay^: CI Benefit would be for policy term or 15 years whichever is lower

For Return of Premium and Income Benefit plan options, CI Sum Assured can be less than or equal to the Basic Sum Assured chosen at inception

For Return of Premium with life-stage cover or Early return of premium with Life-stage cover plan options, maximum CI Sum Assured can be 50% of the Basic Sum Assured chosen at inception

Minimum Sum Assured As per Board Approved Underwriting Policy
Maximum Sum Assured Unlimited, as per Board Approved Underwriting Policy
Mode of Premium Payment Single, Yearly, Half-yearly and Monthly

^ Critical Illness Benefit is not available with Premium payment term of Limited Pay 12, 15 and 20 years.

Can I take life-stage cover with Income Benefit?

No. Life-stage cover is only available with two plan options: “Return of Premium with Life-stage cover” and “Early return of premium with Life-stage cover”. Level cover is only available with two plan options: “Return of Premium” and “Income Benefit”.

What are the death benefit payout option available under this plan?

The customer can choose to take the death benefit in the form of:

  1. Lump sum Option – the entire benefit amount is payable as a lump sum
  2. 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
  3. 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.

Can I add ADB (Accidental death benefit) during the policy term?

If ADB has not been chosen at inception, You have an option to add Accidental Death Benefit(ADB) in regular pay policies anytime during the policy term except in last 5 years. The addition of ADB will be effective from the next policy anniversary.

Following conditions apply for addition of ADB during the policy term:

  1. The policy must be in-force at the time of adding the Benefit
  2. There must not have been any claim in the policy till the time of opting of AD Benefit
  3. The availability of the AD benefit will be subject to underwriting, as per the prevailing board approved underwriting policy
  4. The AD Benefit will commence from subsequent policy anniversary for the remaining policy term or till age 80, whichever is lower. You will have to pay an additional premium corresponding to this Benefit. Life Assured’s then age must be less than or equal to 55 years (age last birthday)
  5. The Benefit once added, cannot be removed

How many critical illnesses are covered under Critical Illness(CI) benefit?

The CI Benefit offers coverage against 64 critical illnesses, of which 60 are major critical illnesses and 4 are minor critical illnesses. 100% of the CI Sum Assured is payable on first occurrence of any of the covered major critical illnesses. Also, 4 minor conditions: Angioplasty, Early stage Cancer (Carcinoma-in-situ), Brain Aneurysm Surgery and Small Bowel Transplant are covered and 25% of CI Sum Insured or INR 500,000 whichever is lower, is payable on first occurrence of any of these four illnesses.

Will I have the CI benefit available to me throughout the policy term?

CI Benefit is available for Single Pay and Limited Pay with maximum benefit term of 15 years. For regular pay, the maximum term under CI benefit is 40 years subject to maximum cover ceasing age of 85 years.

Can I claim CI multiple times for any illness?

  1. Minor Critical Illnesses:
    1. Multiple claims for unique minor critical illnesses under CI benefit can be made till CI benefit Sum Assured gets exhausted
    2. Once a claim has been paid for a specific minor CI, there can’t be another claim for the same minor CI in future
  2. Major Critical Illnesses:
    1. There can only be one claim for anyone of the major CIs as the residual CI benefit Sum Assured gets paid out and CI benefit is terminated

Does my premium change post any CI claim?

If a minor CI claim has been paid out, the CI Sum Assured and premium will be proportionately reduced. Post a major CI claim has been paid out, CI benefit will terminate and premiums corresponding to CI will not be required to be paid.

Are my CI premiums fixed for the entire CI benefit term?

  1. For Limited and Single pay: Yes, the CI premium is fixed as CI benefit term can be for maximum 15 years
  2. 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

Do I have to pay for CI benefit once the CI benefit term is over?

Once the CI benefit term is over, then premiums corresponding to CI benefit will not be required to be paid. The customer will have to continue paying for all other benefits to avail other benefits.

Is there any waiting period for CI benefit and ADB benefit?

Accidental Death Benefit: No waiting period.

Waiting Period for Critical Illness Benefit:

  1. 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
  2. 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
  3. 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
  4. No waiting period applies for Critical Illness claims arising solely due to an accident

Is there any survival period before CI can be claimed?

In respect of all the benefits payable under Critical Illness benefit and a 7-day survival period is applicable. This refers to the period from the diagnosis and fulfilment of the definition of the conditions covered which the life assured must survive before the benefit will be paid.

What are the exclusions in the plan?

  1. 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
  2. For POS policies, there’s an additional exclusion of waiting period: The Death benefit shall not apply or be payable in respect of any death other than death due to accident during the first 90 days from the Date of Commencement of Risk
    1. 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
    2. No waiting period applies where death is due to accident
  3. For Accidental Death Benefit & Critical Illness Benefit: Please refer to the exclusion list provided in the brochure

What are the different boundary conditions available under this plan?

Boundary Conditions for Level cover:

Plan Option Premium Payment Term Minimum/Maximum Policy Term Minimum/Maximum Age at Entry Minimum/Maximum Age at Maturity
Return of Premium One Time(Single Pay) 5/40 18/65 23/85
5 Pay 10/40 28/85
7 pay 12/40 30/85
10 Pay 15/40 33/85
12 Pay 17/40 35/85
15 Pay 20/40 38/85
Regular Pay 10/40 28/85
60 years – Age at Entry 10/40 25/55 65/85
Income (0.1%,0.2%,0.3% of Sum Assured as monthly income) 5 Pay 10/40 25/55 Maturity ages for:
• 0.1% monthly income: 75, 80, 85
• 0.2% monthly income: 70, 75, 80, 85
• 0.3% monthly income: 65, 70, 75, 80, 85
7 pay 12/40 25/53
10 Pay 15/40 25/50
12 Pay 17/40 25/48
15 Pay 20/40 25/45
60 years – Age at Entry 10/40 25/55

Note: Income Benefit is only available for a ‘Non-smoker’ Life Assured.

 

Boundary Conditions for Life-stage cover:

Plan Option Premium Payment Term Minimum/Maximum Policy Term Minimum/Maximum Age at Entry Minimum/Maximum Age at Maturity
Return of Premium with Life-stage cover 5 Pay 15/40 25/50 65/85
7 pay
10 Pay
12 Pay 17/40 25/48
15 Pay 20/40 25/45
60 years – Age at Entry 15/40 25/50
Early Return of Premium with Life-stage cover (at age 60) 5 Pay 15/40 25/50 65/85
10 Pay 20/40 25/45
12 Pay 22/40 25/43
20 Pay 30/40 25/35
Early Return of Premium with Life-stage cover (at age 70) 5 Pay 25/40 35/50 75/85
10 Pay 25/40 35/50
12 Pay 27/40 35/48
20 Pay 35/40 35/40
60 years – Age at Entry 25/40 35/50

Boundary conditions for Policies sourced as POS products:

Plan Option Premium Payment Term Minimum/Maximum Policy Term Minimum/Maximum Age at Entry Minimum/Maximum Age at Maturity
Return of Premium One Time(Single Pay) 5/40 18/60 23/65
5 Pay 10/40 18/55 28/65
7 pay 12/40 18/53 30/65
10 Pay 15/40 18/50 33/65
12 Pay 17/40 18/48 35/65
15 Pay 20/40 18/45 38/65
Regular Pay 10/40 18/55 28/65
60 years – Age at Entry 10/40 25/55 65

Only Return of Premium Option is available under policies sourced as POS products. Only Life and Life Plus can be chosen as Benefit Options under policies sourced as POS products.

 

Other Boundary Conditions:

Features Boundary conditions
Minimum Premium As per Minimum Sum Assured
Accidental Death Benefit

Minimum: ₹ 1,00,000

Maximum: Equal to Sum Assured chosen by you, subject to a maximum limit as per the Board Approved Underwriting Policy

ADB Benefit term: Accidental Death Benefit will be for the policy term or (80-Age at entry), whichever is lower

For Return of Premium and Income Benefit Plan options, ADB Sum Assured can be less than or equal to the Basic Sum Assured

For Return of Premium with life-stage cover and Early return of premium with Life-stage cover plan options, maximum ADB Sum Assured can be 50% of the Basic Sum Assured chosen at inception

For policies sourced as POS products, ADB Sum Assured will be equal to Basic Sum Assured chosen at inception

Critical Illness (CI) Benefit

Minimum: ₹ 1,00,000

Maximum: As per the Board Approved Underwriting Policy

CI Benefit Term
Regular Pay: CI Benefit would be for policy term or 40 years or (85-Age at entry), whichever is lower
Single Pay and Limited Pay^: CI Benefit would be for policy term or 15 years whichever is lower

For Return of Premium and Income Benefit plan options, CI Sum Assured can be less than or equal to the Basic Sum Assured chosen at inception

For Return of Premium with life-stage cover or Early return of premium with Life-stage cover plan options, maximum CI Sum Assured can be 50% of the Basic Sum Assured chosen at inception

Minimum Sum Assured As per Board Approved Underwriting Policy
Maximum Sum Assured Unlimited, as per Board Approved Underwriting Policy
Mode of Premium Payment Single, Yearly, Half-yearly and Monthly

^ Critical Illness Benefit is not available with Premium payment term of Limited Pay 12, 15 and 20 years.

Can I take life-stage cover with Income Benefit?

No. Life-stage cover is only available with two plan options: “Return of Premium with Life-stage cover” and “Early return of premium with Life-stage cover”. Level cover is only available with two plan options: “Return of Premium” and “Income Benefit”.

What are the death benefit payout option available under this plan?

The customer can choose to take the death benefit in the form of:

  1. Lump sum Option – the entire benefit amount is payable as a lump sum
  2. 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
  3. 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.

Can I add ADB (Accidental death benefit) during the policy term?

If ADB has not been chosen at inception, You have an option to add Accidental Death Benefit(ADB) in regular pay policies anytime during the policy term except in last 5 years. The addition of ADB will be effective from the next policy anniversary.

Following conditions apply for addition of ADB during the policy term:

  1. The policy must be in-force at the time of adding the Benefit
  2. There must not have been any claim in the policy till the time of opting of AD Benefit
  3. The availability of the AD benefit will be subject to underwriting, as per the prevailing board approved underwriting policy
  4. The AD Benefit will commence from subsequent policy anniversary for the remaining policy term or till age 80, whichever is lower. You will have to pay an additional premium corresponding to this Benefit. Life Assured’s then age must be less than or equal to 55 years (age last birthday)
  5. The Benefit once added, cannot be removed

How many critical illnesses are covered under Critical Illness(CI) benefit?

The CI Benefit offers coverage against 64 critical illnesses, of which 60 are major critical illnesses and 4 are minor critical illnesses. 100% of the CI Sum Assured is payable on first occurrence of any of the covered major critical illnesses. Also, 4 minor conditions: Angioplasty, Early stage Cancer (Carcinoma-in-situ), Brain Aneurysm Surgery and Small Bowel Transplant are covered and 25% of CI Sum Insured or INR 500,000 whichever is lower, is payable on first occurrence of any of these four illnesses.

Will I have the CI benefit available to me throughout the policy term?

CI Benefit is available for Single Pay and Limited Pay with maximum benefit term of 15 years. For regular pay, the maximum term under CI benefit is 40 years subject to maximum cover ceasing age of 85 years.

Can I claim CI multiple times for any illness?

  1. Minor Critical Illnesses:
    1. Multiple claims for unique minor critical illnesses under CI benefit can be made till CI benefit Sum Assured gets exhausted
    2. Once a claim has been paid for a specific minor CI, there can’t be another claim for the same minor CI in future
  2. Major Critical Illnesses:
    1. There can only be one claim for anyone of the major CIs as the residual CI benefit Sum Assured gets paid out and CI benefit is terminated

Does my premium change post any CI claim?

If a minor CI claim has been paid out, the CI Sum Assured and premium will be proportionately reduced. Post a major CI claim has been paid out, CI benefit will terminate and premiums corresponding to CI will not be required to be paid.

Are my CI premiums fixed for the entire CI benefit term?

  1. For Limited and Single pay: Yes, the CI premium is fixed as CI benefit term can be for maximum 15 years
  2. 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

Do I have to pay for CI benefit once the CI benefit term is over?

Once the CI benefit term is over, then premiums corresponding to CI benefit will not be required to be paid. The customer will have to continue paying for all other benefits to avail other benefits.

Is there any waiting period for CI benefit and ADB benefit?

Accidental Death Benefit: No waiting period.

Waiting Period for Critical Illness Benefit:

  1. 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
  2. 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
  3. 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
  4. No waiting period applies for Critical Illness claims arising solely due to an accident

Is there any survival period before CI can be claimed?

In respect of all the benefits payable under Critical Illness benefit and a 7-day survival period is applicable. This refers to the period from the diagnosis and fulfilment of the definition of the conditions covered which the life assured must survive before the benefit will be paid.

What are the exclusions in the plan?

  1. 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
  2. For POS policies, there’s an additional exclusion of waiting period: The Death benefit shall not apply or be payable in respect of any death other than death due to accident during the first 90 days from the Date of Commencement of Risk
    1. 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
    2. No waiting period applies where death is due to accident
  3. For Accidental Death Benefit & Critical Illness Benefit: Please refer to the exclusion list provided in the brochure

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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 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.

  1. 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
  2. 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
  3. 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
  4. 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 Premium back refers to the total of all premiums received, excluding premiums for optional benefits i.e. Accidental Death Benefit, Critical Illness Benefit, extra premium, any rider premium and taxes, if any, upon the full payment of policy premiums.

4 Critical Illness: 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 INR 500,000.00 whichever is lower is paid as a lump sum upon the Life Assured being diagnosed on first 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 Benefit: 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, ADB 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.

6 Tax benefits may be available as per the prevailing tax laws. Tax benefits under the policy are subject to prevailing conditions and provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per applicable rates. The tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.

ICICI Pru iProtect Return of Premium(UIN: 105N186V01), A Non-Linked, Non-Participating Individual Life insurance Savings product

E/II/4573/2021-22

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