The ICICI Pru iProtect Smart Term Plan is a term insurance plan offered by ICICI Prudential Life Insurance. This term insurance plan is available in four options namely Life Cover, Life Plus, Life & Health and All-in-one plan. These plans are available as a single premium payment plan as well as multiple premium payment plans.
The various features and benefits under the ICICI Pru iProtect Smart Term Plans are mentioned below.
Additional Reading: Who Has The Best Rates On Term Life Insurance
Category
Details
Entry Age
Minimum 18 years
Maximum 65 years
Maturity Age
Minimum 23 years
Maximum 75 years
Nature of plan
Term insurance
Tenure
Minimum 5 years
Maximum 40 years (up to 99 years)
Premium payment options
Single payment
Regular pay
Limited pay
Premium Payment Frequency
Single Payment
Monthly payment
Half-yearly Payment
Yearly Payment
Payout Options
Lumpsum payment option
Income option
Increasing Income option
Lump-Sum plus Income Option
Maturity Benefits
No payment upon maturity
Death benefit and terminal illness benefit
100% of total life cover if diagnosed with a terminal illness
Critical illness
It covers 34 critical illnesses
Minimum Coverage Rs. 1,00,000
Maximum Coverage Rs. 1,00,00,000
Accidental Death benefit
Up to double the sum assured
Tax benefits
Up to Rs. 1,50,000 under Section 80C
Critical illness benefits under section 80D
The claim is tax-free under section 10(10D)
Additional Coverage
Upon Marriage – 50% of original life cover (maximum up to Rs. 50,00,000)
Upon Birth/Legal adoption of 1st child – 25% of original life cover (maximum up to Rs. 25,00,000)
Upon Birth/Legal adoption of 2nd child – 25% of original life cover (maximum up to Rs. 25,00,000)