ICICI Prudential iProtect Term Plan

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.

This plan has been discontinued and the Company has a better and improved online term insurance plan called ICICI Pru iProtect Smart
Go to ICICI Pru iProtect Smart Term Plan >>
 

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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

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Select City Mumbai, Maharashtra

Male Female

Tobacco?

Yes

No

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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. 1,50,000 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

	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)

 

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 – Accidental Death Benefit is available under the plan
• Free look – 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.

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.
• 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.