Term Insurance 190 views January 4, 2021

In the uncertain world where we live, it’s important to have financial protection in case something unfortunate happens to you or your loved ones. Having a Life Insurance Policy is one of the right methods to ensure this. Along with the protection, a life insurance plan can also provide you assured benefits with several options. Two popular plans can help you the same – LIC Tech Term and ICICI Prudential iProtect Smart Term Plan. Both Life Insurance Corporation of India (LIC) and ICICI Prudential are the most popular life insurance companies among customers.

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But you must be wondering which plan will be the right one for you? Well, you need not worry as we will be comparing LIC Tech Term and ICICI Prudential iProtect Smart Term Plan so that you can understand these plans better and choose the suitable one. Keep reading to know more about both these plans!

Let’s Compare LIC Tech Term vs ICICI Prudential iProtect Smart Term Plan!

LIC Tech Term Insurance Plan can protect an individual’s family financially in case something unfortunate like a death happens. This plan from LIC is a Non-linked, without profit, Pure Protection Online Term Assurance Policy. You need to remember that this plan will be available only through the online method without any interference from a third party. On the other hand, ICICI Prudential iProtect Smart Term Plan offers protection to the insured person’s family and comes with a critical illness cover.

Now, we will be comparing LIC Tech Term and ICICI Prudential iProtect Smart Term Plan on several factors such as multiple plan options to choose from, Policy Term, Premium Payment Term, Premium Amount, etc. Do check to know more!

Benefits That You Can Enjoy

It’s important to know the benefits that your Life Insurance Policy will provide in case of maturity or something unfortunate like Death. We are showing the benefits for both the plans below that you can check!

Life Insurance PlanBenefits
LIC Tech Term Plan

  1. Death Benefits in the form of Sum Assured on Death that will vary according to the Premium Payment Mode (Death Benefit can also be taken in installments)

  2. No Maturity Benefits

  3. Rider Benefits

ICICI Prudential iProtect Smart Term Plan

  1. Death Benefit with Different Payout Options such as Lump Sum, Income, Lump Sum & Income, and Increasing Income

  2. Accidental Death Benefits with a minimum of INR 1,00,000

  3. Accelerated Critical Illness Benefit (minimum of INR 1,00,0000

  4. No Maturity Benefits

Different Plan Options to Choose from

With both LIC Tech Term and ICICI Prudential iProtect Smart Term Plan, individuals can choose the desired plan according to their convenience. When we talk about LIC Tech Term Plan, you can choose from two benefit options. These options are Level Sum Assured and Increasing Sum Assured Option. With the Level Sum Assured Option, the absolute amount will remain the same throughout the policy term whereas, with increasing Sum Assured Option, the amount will keep increasing 10% each year from the sixth policy year.

On the other hand, with ICICI Prudential iProtect Smart Term Plan, individuals can choose from several benefit options – Life, Life Plus, Life & Health, and All-in-one option. You should remember that the premium option will vary depending on the benefit option chosen by you. Each option of this Life Insurance Plan will have different benefits. For example, in the All-in-one option, you will get Death Benefit, Terminal Illness, Waiver of Premium on Permanent Disability, Accidental Death Benefit, and Accelerated Critical Illness Benefit.

For How Many Years Will Your Policy Cover?

One of the important factors to consider before choosing any Life Insurance Plan is to keep an eye on the years for which your policy will cover. This period is known as the Policy Term for any plan. For LIC Tech Term Plan, the policy term can be 10 to 40 years from which you can choose according to your requirements.  On the other hand, ICICI Prudential iProtect Smart Term Plan, the policy term will depend on the premium payment options. The policy term ranges from as low as 5 years to up to 99 years less age at the time of entry into the policy.

Let’s Understand Premium Payment Term and Amount

For every Life Insurance Policy, you will need to pay a certain amount, which is known as the Premium. But the important question remains – how long will you need to pay? First of all, you need to understand that the premium amount will depend on various factors such as Age at Entry, gender, smoking status, policy term, etc. If you are choosing Tech Term Plan from LIC and choosing a Single Premium Option, the minimum premium amount will be INR 30,000, while for Regular and Limited Premium Mode, the minimum premium amount will be INR 5,000 on choosing the Monthly Mode of Premium Payment. Women can also enjoy special premium rates. Other than this, premium rates also differ from  Non-smoker to Smoker.

On the other hand, the minimum premium amount for the ICICI Prudential iProtect Smart Plan will be INR 2,400, excluding the applicable GST. Also, individuals can choose to pay the premium amount for different modes such as Yearly, Single, Half-yearly, and Monthly. ICICI Prudential also provides different premium payment options – Single Pay, Regular Pay and Limited Pay.

Eligibility Parameters

The eligibility parameter is one of the important considerations when choosing a Life Insurance Plan. In the case of the LIC Tech Term Plan, the minimum age at entry stands at 18 years (last birthday) while the maximum age at the entry of policy can be 65 years. When we talk about the maximum age at maturity, it can be 80 years.

For ICICI Prudential iProtect Smart Term Plan, an individual with an age of 18 years can enter into this policy while the maximum age at entry can be 65 years.

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