ICICI Prudential iProtect Term Plan
ICICI Prudential iProtect is a pure term insurance policy which offers high coverage at low and affordable premiums. In such policies, if the policy holder dies then the nominee is given the sum assured. However, if the policy holder survives the policy term then he/she does not get any money back. ICICI Prudential iProtect is a term insurance plan which can be purchased on the internet and hence the product is cheaper than most of the term insurance plans in the market.
Key Features
One of the cheapest term plans in the market
It can be purchased online with great convenience
The plan has a paperless process for non-medical cases
Plan has an option of sum assured with an additional death benefit equal to the base sum assured or Rs.50,00,000, which is lower
Benefits
In case of death of the policy holder, the nominee gets the sum assured under the plan option I. If the policy holder avails plan option II, then the nominee gets sum assured + accidental death benefit.
There are no maturity benefits under this plan.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C
Accidental Death Benefit is available under the plan
If the policy holder is not convinced with the terms and conditions of the policy, s/he can cancel the policy within 15 days from the date of receipt of policy document.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | Rs.25,00,000 | Rs.1,00,00,000 |
| Policy Term (in years) | 10 / 15 / 20 / 25 / 30 | |
| Premium Payment Term (in years) | Equal to policy term | Equal to policy term |
| Entry Age of Policyholder | 20 | 65 |
| Age at Maturity | - | 75 |
| Regular premium | Rs.2,000 | - |
| Single premium | NA | NA |
| Payment modes | Yearly, Half-Yearly, Quarterly and Monthly (ECS) | |
FAQs
What happens if you stop paying the premium?If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period from the due date of the first unpaid premium. In case of death of the Life Assured during the period while the policy is in lapsed condition, no benefit shall be payable.
What happens if you want to surrender the policy?There are no surrender benefits under this term plan.
What happens if you want a loan against your policy?Loan facility is not available under this policy.
