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ICICI Pru iProtect Smart

Term Life Insurance - Complete protection for your loved ones

A term life insurance is a financial safety net for your loved ones in your absence. ICICI Pru iProtect Smart is a new age term plan that protects your family’s financial future with a large life cover and also insures you against the risk of 34 Critical Illnesses like Heart Attack, Cancer etc. (optional)

Product Features:

  1. Get total protection with accidental death benefit and Critical illness cover
  2. 100% cash payout on diagnosis of terminal illness
  3. Waiver of premium on permanent disability due to accident
  4. Flexible options to choose how your family receives the claim amount
  5. Dual tax benefits on premiums paid and claim amount u/s 80C and 80D
  6. Flexible premium paying term options
  7. Option to get a longer cover till age of 99 years


Plan Options Summary:

Plan Options/ Benefits Life Life Plus Life & Health All-In-One
Death benefit Yes Yes Yes Yes
100% payout on diagnosis of Terminal Illness (including AIDS) Yes Yes Yes Yes
Waiver of all future premiums on permanent disability due to accident Yes Yes Yes Yes
Additional Accidental Death benefit No Yes No Yes
34 Critical Illness Cover No No Yes Yes


The plan also allows you to choose how your nominee gets the claim:

Lump Sum Payout option This is the most preferred payout option. The complete life cover amount is paid to your nominee in one go as a fixed lump sum. For example, if you choose a Life Cover of ₹ 1 crore, your nominee will receive ₹ 1 Crore in one go as claim, if the need arises.
Income Payout option You can choose this option if you want your wife or children (nominee) to receive a regular monthly income. With this option, 10% of the benefit amount is payable every year for 10 years. This will be paid in equal monthly installments, in advance, at the rate of 0.83333% of the total benefit amount. This means, for a Life Cover of ₹ 1 crore, the monthly income paid will be ₹ 83,333.
Increasing Income Payout option You can choose this option if you want your wife or children (nominee) to receive an increasing regular income. Your nominee will receive monthly installments for 10 years. The income amount will increase by 10% p.a. simple interest every year.If your Life Cover is ₹ 1 crore, then your nominee will receive ₹ 10 lakh in the first year, ₹ 11 lakh in the second year, ₹ 12 lakh in the third year and so on. At the end of the 10th years, total life cover received will be ₹ 1.45 crore. This payout option gives 45% more life cover.
Lump Sum Plus Income Payout option This is our new payout option. In this option, the Life Cover will be paid in two parts as selected by you while buying the policy. For example, if your life cover is ₹ 1 crore, you can choose to give ₹ 50 lakh as lumpsum and remaining Rs 50 Lakh will be paid out in equal monthly installments of ₹ 41,667 per month, at the rate of 0.83333% per month over 10 years.


Product Snapshot:

Premium starts from ₹2,400 (Under Life Option)
Critical Illness Benefit (optional) 34 critical illnesses covered (Life+ Health & All In One)
Eligible age range You can start this plan from the age of 18. But, the maximum age should not exceed 65 years.
Get life cover upto 99 years
Claims Settlement Ratio 97.8% in FY2019-20


Download ICICI Pru iProtect Smart Brochure

Download Claimant Statement Form (Death Claims)

Download Term Insurance Disclaimer