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 of ICICI Prudential iProtect Term plan
§ One of the cheapest term plans in the market
§ 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
§ The plan has a paperless process for non-medical cases
§ It can be purchased online with great convenience
Benefits you get from ICICI Prudential iProtect Term plan
Death Benefit – 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.
Maturity Benefit – There are no maturity benefits under this plan.
Income Tax Benefit
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in ICICI Prudential iProtect Term plan
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Minimum
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Maximum
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|
Sum Assured (in Rs.)
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Rs.10,00,000
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Rs.10,00,00,000
|
|
Policy Term (in years)
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5
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30
|
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Premium Payment Term (in years)
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Equal to policy term
|
Equal to policy term
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Lock-in period
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5 years
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Entry Age of Policyholder
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20
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65
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Age at Maturity
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-
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75
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Regular premium
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Rs.2,000
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-
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Single premium
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NA
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NA
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Payment modes
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Yearly, Half-Yearly, Quarterly and Monthly (ECS)
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Sample illustration of premium amount in ICICI Prudential iProtect Term plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs.50,00,000 and Policy Term = 25 years
Additional Features and Benefits of ICICI Prudential iProtect Term plan
Riders – Some additional benefits can be taken in the form of riders by paying extra premium
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Type of Rider
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Available with Policy
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Accidental death benefit
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Yes
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Permanent disability benefit
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No
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Waiver of premium benefit
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No
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Critical illness (or dread diseases) benefit
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No
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Increased death benefit / Term rider
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No
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Hospital cash benefit
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No
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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.
You want to surrender the policy – There are no surrender benefits under this term plan.
You want a loan against your policy – Loan facility is not available under this policy.
Alternate term plans from different insurance companies
Aviva iLife Term Plan
IndiaFirst Anytime Plan
Aegon Religare i-Term plan
HDFC Life Click2Protect
Kotak eTerm Plan
Future Generali Smart Life
Met Protect from MetLife
Other term insurance plans from ICICI Prudential Life Insurance
ICICI Prudential Pure Protect
ICICI Prudential LifeGuard
