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Home> Term Life Insurance> ICICI Prudential iProtect Smart Life

ICICI Prudential iProtect Smart Life

₹1 Cr

Term-life cover

₹17,470/year

Cover up to

Plan benefits

  • Death benefit

    Death benefit

    Upon death of the life assured during the policy term and provided all due premiums have been paid, the nominee will receive the total sum assured

    Lumpsum benefit that your nominee shall get in event of death or terminal illness

  • Lifestage benefit

    Lifestage benefit

    On payment of additional premium, Life Stage Protection gives you the option to increase the basic sum assured without medicals on the occurrence of the below specified events -

    - 1st marriage : 50% of sum assured subject to a maximum of Rs. 50 lakh

    - Birth of 1st child : 25% of sum assured subject to a maximum of Rs. 25 lakh

    - Birth of 2nd child : 25% of sum assured subject to a maximum of Rs. 25 lakh

    You get an option to increase the life cover on important life events like marriage and child birth

  • 100% payout on Terminal Illness

    100% payout on Terminal Illness

    Upon diagnosis of any terminal illness, an amount equal to Total Sum Assured will be paid immediately as a lump-sum. The policy will terminate and the Life Assured will not be required to pay future policy premiums once the claim under this clause is accepted by the insurer.

    Upon diagnosis of a terminal illness, the death benefit will be paid immediately as a lump-sum. You need not pay future premiums once the claim is accepted

  • Tax benefits

    Tax benefits

    Term Insurance policies offer tax benefit on

    a) premium paid (Sec 80C) and

    b) benefits received (Sec 10(10D)) under the Income Tax Act

    You get dual tax-saving benefit a) on the premium paid (Sec 80C) and b) benefits received under Sec 10 (10D)

  • Waiver of premium on accidental disability

    Waiver of premium on accidental disability

    The life assured shall not be required to pay future premiums on the policy in the event of total permanent disability as a result of an accident but the policy will still continue.

    You need not pay any future premiums in case of total disability due to an accident, while your policy still continues

About the insurer

97.8%

Claim Settlement Ratio

Claim settlement ratio (Apr 2021 - Mar 2022)

ICICI Prudential Life Insurance Co. Ltd started operations in the year 2001 and consistently been amongst the top players. The insurer has averaged over 98% claim settlement ratio over the last three financial years.

Claim settlement ratio (CSR) indicates how many claims a company has settled against the number of claims received. A CSR of 90% or more is good and indicates greater chances of settlement of a claim.

217%

Solvency Ratio

Solvency Ratio as on 31 Mar 2021

Solvency ratio determines if an insurance company has enough funds to pay all its claims. While all companies need to maintain a minimum ratio of 150% under IRDAI regulations, the higher it is, the better.

IRDAI stipulates a minimum solvency ratio of 150%

Claims process

Report your claim claim-down-arrow claim-up-arrow

Upon death of the life assured, the nominee can download the claim intimation form from the insurer website or ask for it by contacting ETMoney at +91-9205231523 or insurancesupport@etmoneycare.com. You can also report your claim online, at insurer branches, SMS, e-mail, or through insurer's call center as per your convenience. Please note that physical documents will be required to start the process for claims reported online, through SMS or e-mail.

Upon receipt of intimation, the insurer shall contact the nominee/beneficiary for the required set of documents
- List of Documents
  • Death certificate issued by Local Municipal Authority
  • Claimant's statement form to be downloaded from insurer's website
  • Original Policy Document
  • Claimant's Identity & Residence Proof
  • Copy of bank passbook/Cancelled cheque
  • Copy of medico-legal cause of death certificate
  • Medical records including admission notes, test reports, hospital certificate
  • Prior medical records of life assured
  • FIR, Police Inquest Report & Panchanama (in case of unnatural death)
  • Copy of driving license if Life Assured was driving the vehicle at the time of the accident
  • Additional documentation might be requested by the insurer on a case-to-case basis

If all documents are received and in order, the insurer claims team will process your claim request.

Once your claim request is approved, payment shall be made to the nominee or titleholder of the claim.
  • You can claim in all kinds of death (natural, accidental, illness, calamities)
  • You can't claim in death due to suicide only in first year of policy.

FAQ

Is my premium fixed or will it change in the future? claim-down-arrow claim-up-arrow

Once the policy is issued to you, the premium amount stays the same throughout the entire tenure of the policy. The only exception to this are any changes to the tax structure which are declared by the Indian Government from time to time

Yes, nominee can be changed anytime during the policy period

ICICI Prudential offers a 30 day free look period in which you can choose to cancel the policy. Full refund shall be paid back in such cases.

Both - the premiums paid and benefits received - are eligible for tax benefits under Section 80C and Sec 10(10D) of the Income Tax Act

There are no maturity benefits under a term insurance policy. However, if the policyholder were to die within the policy period, the nominee(s) shall receive the death benefits.

No. The duration of life cover cannot be changed once the policy is issued.

Yes, there is a waiting period of 3 months to apply for term policy. In case you have contracted COVID-19, it is suggested to apply for term insurance after the specified waiting period to avoid policy rejection.

ICICI Prudential iProtect Smart Life

UIN No - 105N151V06

ICICI Prudential Life Insurance Co. Ltd started operations in the year 2001 and consistently been amongst the top players. The insurer has averaged over 98% claim settlement ratio over the last three financial years.

Policy documents

document Policy brochure download-ico