ICICI Pru iProtect Smart Term Plan

 ICICI Pru iProtect Smart Term Plan is an optimum insurance cover for people who are looking to safeguard their financial future and of their dependents in times of uncertain eventualities. Similar to any other term insurance plan, it offers a higher sum assured for an economical premium with various benefits, thus, making it a good purchase. It is a comprehensive pure risk plan and includes various features such as terminal illness, critical illness and permanent disability cover. The insured can select a payout option as per their convenience such as in lump sum, increasing income, monthly income and a combination of monthly income and lump sum.

ICICI Pru iProtect Smart Term Plan Features

This term insurance plan comes with a list of various beneficial features and advantages, which are specifically designed to offer maximum financial protection to the insured’s family members in his absence. The primary features of ICICI Pru iProtect Smart Term Plan are explained as follows:

• In case of untimely demise of the policyholder, the insurance provider would pay the amount of claim in either regular income/lump sum/increasing income/lump sum along with income as chosen by the policyholder when buying the plan.
• Women at the time of buying the iProtect Smart Term plan would receive a relaxation in the amount of premium payable. Moreover, they would receive an option to get coverage against illnesses such as cervical cancer, breast cancer.
• To offer extended safety to the customers, the ICICI Pru iProtect Smart Term Plan offers various types of add-on benefits like waiver of premium benefit, terminal illness benefit, etc.
• As per the provisions of this plan, customers are allowed to receive coverage till 85 years of age and also have the option to receive a whole life cover up to 99 years of age.
• Under this plan, the policyholder gets 4 payout options like monthly income, lump sum, lump sum plus income and increasing income. The customers are given the flexibility to select the desired option according to their requirements.
• This plan also offers useful optional benefits like critical illness benefit and accidental death benefit.
• The premiums paid towards the insurance plan are eligible for tax deduction under section 80C of the Income Tax Act.

 Key Exclusions of ICICI Pru iProtect Smart Term Plan

The conditions described below are only indicative in nature and the insured is required to go through the policy document to receive clarity:
 
1. Critical Illness: The payment of benefits is confined to only the first diagnosis of any of the mentioned 34 critical diseases, which should not be pre-existing under any of the situations. The conditions mentioned below also apply:

• The ACI benefit is minimum Rs 1 Lakh
• This benefit is applicable only for the plan duration of 30 years or whichever is lower
• There is no availability of ACI benefit for single premium payment option

2. Terminal Illness: It is paid only at the time when a doctor or a medical practitioner certifies that the disease which got diagnosed can result in death within 6 months from the date of diagnosis.
3. Permanent Disability: It needs to be caused due to any accident or any hazardous, or criminal acts.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.