ICICI Prudential Term Insurance Review – Forbes Advisor INDIA

ICICI Prudential Term Insurance Review – Forbes Advisor INDIA
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ICICI Pru iProtect Smart Term Plan

This is one of the most popular term plans of ICICI Prudential, which tends to offer the maximum coverage with the most affordable premium rates. In case of an unfortunate demise of the life assured, the nominee has the option to choose to receive a regular monthly income or with a lump sum benefit under death benefit. Apart from the death benefit, this plan offers optional add-on riders such as critical illness and accidental death cover.

Key Features:

  • The plan comes in different variants such as life, life plus, life and health and all-in-one.
  • The sum assured options range from INR 50 lakh to INR 1 crore.
  • Offers the maximum policy term which provides the protection up to the age of 85 years and the life assured also has the option to get whole life cover till age 99.
  • One can also choose the kind of term insurance claim payout they wish to have from four flexible death benefit payout options such as lump sum, monthly income, increasing income by 10% every year and a combination of both lump sum and monthly income.
  • Allows the policyholder to pay the premium in three options such as: limited, regular and single payment.
  • Pre health screening depends on the health details submitted by the policyholder.
  • The plans have a 30-day free look up period which means if one is not satisfied with the policy, can return it back within 30 days of buying the policy.
  • Offers almost 18% lower premium in case of women life assured. There is also an option to cover critical illnesses like breast cancer and cervical cancer especially for women.
  • Additional death benefit is payable up to 50% in case of any big event in life of the policyholder such as marriage or birth of a child.
  • Other benefits:

1. Critical Illness Cover: It provides the protection against 34 listed critical illnesses such as cancer, heart attack, among others. This cover can be purchased with an additional premium with your base policy. If one claims this rider then the policy will continue with the death benefit reduced by the extent of the critical illness claim paid. The maximum coverage of this add-on is INR 1 crore.
2. Accidental Death Cover: This add-on cover can be purchased by paying little extra premium, which provides financial protection in case of death arising due to accident. The maximum coverage of this add-on is INR 2 crore. However, this benefit is only applicable till the age of 80 years.
3. Terminal Illness Rider: This rider gives the benefit of paying the insurance life cover even before death, if the life assured is diagnosed with terminal illnesses such as HIV/AIDS. This rider comes in-built with the term policy at no additional cost.
4. Waiver of premium due to permanent disability: This rider waives off all the future premium in case any permanent disability occurs to the life assured. With this rider, the policy stays active even if the life assured is unable to pay a premium. This rider also comes in-built with the term policy at no additional cost.

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Who is Eligible for ICICI Pru iProtect Smart Policy?

ICICI Pru iProtect Return of Premium

The ICICI Pru iProtect Return of Premium plan provides more financial protection than just a basic plan. It offers the regular monthly income or lump sum payout of the total premiums paid, even when the life assured survives after the maturity of the term plan, thus safeguarding the survival or maturity benefit.

Key Features:

  • The life assured can choose any of the options as per their needs:

1. Return of Premium (RoP): The life assured receives life cover till the end of the policy term. Also, receives 105% of the total premiums back at the time of the maturity.
2. Income Benefit: The life assured receives life cover till the end of the policy term and also starts receiving the monthly income from the age of 60 years till the end of the policy term.
3. Return of Premium with Life- Stage Cover: The life assured receives life cover till the end of the policy term as per the different stages of life and also receives 105% of the total premiums back at the time of the maturity.
4. Early return of premium with Life-stage cover: Life assured receives life cover till the end of the policy term as per the different stages of life and also receive 105% of the total premiums back once they turn 60 or 70 years of age.

1. Critical Illness Rider: this is an optional rider which provides the financial protection against 64 listed critical illnesses, covering 60 major and four minor critical illnesses.
2. Accidental Death Rider: The life assured receives twice of the life cover amount in case of demise due to an accident.

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