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Insurance Plans India 462 views December 5, 2020
ICICI Prudential Life Insurance introduces the ICICI Prudential iProtect Smart Joint Life Insurance plan, a term plan that offers financial protection to your family and an optional critical illness cover to you. In this term insurance plan, you will get coverage against death, terminal illness, and disability. Also, you can add an Accidental Death Benefit and Accelerated Critical Illness Benefit on ICICI Prudential iProtect Smart Joint Life Insurance plan as per your preference. You can receive the payouts as a lump sum, a monthly income for 10 years, or a combination of both. The policy also provides an additional discount on premium payments if the policyholder is a non-smoker. Read this page and know the benefits of this ICICI Term Insurance Plan in detail.
Table of Contents
Benefit Option
You can choose your ICICI Prudential iProtect Smart Joint Life Insurance plan benefit by selecting one of the below options:
| Plan | Payout | Description | Waiver of Premium on Permanent Disability | Minimum Premium Amount (for Life Assured of 30 years age (In INR) |
|---|---|---|---|---|
| Life | Death Benefit + Terminal Illness | It is payable if the Life Assured dies or a covered Terminal Illness is diagnosed during the policy term. | YES | 9,512 |
| Life Plus | Death Benefit + Terminal Illness + Accidental Death Benefit | If you meet with an accident and die, your nominee will get a lump sum. Besides, you will get terminal illness benefits. | YES | 15,512 |
| Life & Health | Death Benefit + Terminal Illness + Accelerated Critical Illness (ACI) Benefit | Under this plan, you will get coverage against 34 critical illnesses. And the amount of the ACI benefit will be deducted from your death benefit. (It is an accelerated plan, not an additional cover plan) | YES | 14,588 |
| All in One | Death Benefit + Terminal Illness + Accelerated Critical Illness Benefit + Accidental Death Benefit | If you choose an All in One plan, you will get the Life Plan cover along with Accidental Death Benefit and Accelerated Critical Illness Benefit whenever the claim arises. | YES | 20,588 |
Additional Death Benefit
Our responsibilities change with every life stage, and to keep up with the protection cover, you should make some changes to your plan. Thanks to ICICI Pru iProtect Smart flexibility, the policyholder can increase the level of protection at every life stage without any medical examination. For this, you need to pay an additional premium that will be calculated based on the increased Sum Assured and outstanding policy term as per the age of the Life Assured at every single addition. Check out the table below and know the maximum additional death benefit amount as per your life stage.
| Event | Additional Death Amount (INR) |
|---|---|
| Marriage | 50,00,000 |
| Birth or Legal Adoption of first child | 25,00,000 |
| Birth or Legal Adoption of the second child | 25,00,000 |
Payout Options for Death Benefit
ICICI Prudential iProtect Smart Joint Life Insurance plan provides the flexibility to the Life Assured to take their Death Benefit in a way they want. You can choose the Death Benefit payout option at policy inception. The Death Benefit is payable to your beneficiary/nominee in:
- Lump-sum
- Regular income where 10% of the Death Benefit is payable every year for 10 years in EMI in advance at 0.83333% of the Death Benefit Amount. In this payout, the beneficiary can take the first year’s income as a lump sum, and the monthly-income will start from the subsequent month for 9 years at 0.80% of the Death Benefit Amount.
- Under Lump-sum & Income payout option, you can choose a lump-sum at inception, and the balance sum assured will be payable to the beneficiary in EMIs in advance at 0.83333% per month for the next 10 years.
- Increasing Income Death Benefit is payable in monthly installments for 10 years, starting with 10% of the benefit amount per annum in the first year. And after the first year, it will increase by 10% per annum with simple interest every year. At any time, your nominee can convert all or some of his monthly income into a lump-sum. Your lump-sum is calculated at a discount rate of 4% p.a.
Note – ICICI Prudential iProtect Smart Joint Life Insurance plan premium will vary based on the Death Benefit payout option.
Exclusion
When the Life Assured commits suicide within 12 months from the date of policy risk commencement or revival, the ICICI Prudential Life Insurance will pay the nominee a higher of 80% of the total paid premiums including extra premiums, if any till the date of Life Assured death or unexpired risk premium value as on the date of death, provided the policy is in force. ICICI Prudential iProtect Smart Joint Life Insurance plan will terminate when the company makes such payments.
Free Look Period
You can return the policy document to the company within 15-30 days (30 days if policy sourced through Distance Marketing), stating the reason for cancellation. On such cancellation, ICICI Prudential Life returns the paid premium after a deduction of the proportionate risk premium, stamp duty charge, and medical examination fees, if any.
Tax Benefits
Under Section 80C of the Income Tax Act, 1961, you can claim a deduction of up to INR 1.50 lakh on your ICICI Prudential iProtect Smart Joint Life Insurance plan premium payment.