ICICI Pru iProtect Smart Term Insurance Plan Review
Couple of weeks back, ICICI Pru Life has launched ICICI Pru iProtect Smart Term Insurance Plan. Since this term insurance plans covers critical illness and terminal illness etc., and offering several benefits, this is catching the attention of individuals who are planning to take term insurance plan. What are the key features of ICICI Pru iProtect Smart Term Insurance Plan? What are those unique features which is making this plan attractive? What are the drawbacks of ICICI Pru iProtect Smart Term Insurance plan?
Key Features of ICICI Pru iProtect Smart Term Insurance Plan
- This insurance plan protects against death, terminal illness and disability.
- Additional benefits by coverage of accidental death and critical illness.
- Low premiums for non tobacco users.
- 4 different protection options available in this plan. You can get benefit either in lump sum or as monthly income plan.
- Special premium rates for women.
- Coverage for female organs against cancer like breast cancer and cervical cancer.
Also Read: What are Term Insurance Plan Riders and how you can get benefitted from them?
What are the features and who is eligible to take this plan?
What are the 4 Benefit Options available in this plan?
Details of the Benefit Options
Life Option: Sum assured is paid as death benefit to nominee in case of death of the life insured or diagnosed of terminal illness. In case of permanent disability due to accident, all future premiums are waited off. No other benefit is available due to accident.
Life Plus Option: Under this option, it covers all features of Life option. Apart from this accidental death benefit is paid. In case of death due to accident, additional death benefit is paid as lump sum.
Life and Health Option : Under this option, it covers all features of life option. Apart from this, critical illness benefit is paid. Critical Illness Benefit covers for 34 critical illness. If critical illness is diagnosed, fixed amount is paid immediately irrespective of actual expenses incurred. However death benefit would get reduced to the extent of critical illness benefit paid.
All in One option: Under this option, it covers all features of life option, accidental death benefit, critical illness benefits.
What are the Critical Illnesses covered under this plan?
- Cancer of specified severity Cancer
- First Heart Attack – of Specified Severity
- Open Heart Replacement or Repair of Heart Valves
- Surgery to aorta
- Primary Pulmonary hypertension
- Open Chest CABG
- Chronic Lung Disease
- Chronic liver disease
- Kidney Failure Requiring Regular Dialysis
- Major Organ/ Bone Marrow Transplant
- Apallic Syndrome
- Benign Brain Tumour
- Brain Surgery
- Coma of specified Severity
- Major Head Trauma
- Permanent Paralysis of Limbs
- Stroke resulting in permanent symptoms
- Alzheimer's Disease
- Motor Neurone Disease with Permanent Symptoms
- Multiple Sclerosis with Persisting Symptoms
- Muscular Dystrophy
- Parkinson’s Disease
- Loss of Independent Existence
- Loss of Limbs
- Loss of Speech
- Medullary Cystic Disease
- Systematic lupus Eryth with Renal Involvement
- Major Burns
- Aplastic Anaemia
Also Read: What is Critical Illness Coverage in Health Insurance?
What pay-out options available in this plan?
Death benefit can be opted by any of these pay-out options.
- Lumpsum: In case of death, sum assured is paid as lump sum in single payment to nominee.
- Income: In case of death, 10% of the sum assured is paid for 10 years in monthly equated installments of 0.83333%.
- Increasing income: Under this pay-out option, payout would be done monthly for 10 years with 10% increase year on year after 1 year of payment.
- You can convert monthly pay-out option to lump-sum, however 4% discount need to born on the balance available to be received.
You can download ICICI iProtect Smart Insurance plan product brochure here.
Insurance plan explained with 2 illustrations (source product brochure)
1) Priya is a 32 years old marketing consultant. She has availed a loan for buying a house. Realising the need for protection in her fast-paced life, Priya wants to be well prepared for unforseen circumstances in life. ICICI Pru iProtect Smart provides the perfect solution for her needs.
2) Anil is a 35 years old project manager in an IT company. Anil wants to ensure that his wife, three year old son and retired father live a comfortable life in case of his untimely death. He chooses ICICI iProtect Smart of with a Death Benefit of ` 1.5 crore with an Income option which will ensure an adequate monthly income for his family.
Also Read: Should you opt for Edelweiss Tokyo Life Criticare+ Insurance Plan which covers several critical illness?
Should you opt for ICICI Pru iProtect Smart Term Insurance Plan?
There are several benefits available in this plan. This is a comprehensive term insurance plan where basic insurance is covered along with accidental death benefit and critical illness benefits. However all additional benefits comes with add-on premiums. In case of permanent disability, you would not get anything except for premium waiver. My suggestion is consider basic term insurance plan and consider riders separately based on your need. This way you are ensuring you are completely covered in terms of life insurance. Otherwise, overall plan is good.
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ICICI Pru iProtect Smart Term Insurance Plan Review
i am considering Icicl prudential I protect “all in one” policy by paying annual premium of 73,500 for 10 years to cover upto the age 85 . I have been assured 45,00000 lakhs death cover 10 lakhs critical illness cover and 8 lakhs accidental cover. I have been found overweight for my height and above normal cholesterol level . i asked for 1 crore cover ut was offered only the above and also they asked me extra premium amount 36,376.00. f i have to get protection of medical condition.Thus it means the offer 2 as mentioned in their official;l letter does not cover .The critical illness I t also says avoid risk of not getting a cover. In case the medical conditions get worse , a long term insurance cover may not be available at later stage. This is confusing, Please advice i am 37
Rukmini, This has life insurance and health insurance plan and has several such conditions. I would advice you to take life insurance and seperate health insurance plan to avoid such confusions in term and conditions.