ICICI Pru iProtect Term Insurance

What is iProtect?

iProtect is the flagship term insurance plan offered by ICICI Prudential Life Insurance. It is a pure protection product that provides a lumpsum payout to the nominee(s) in the unfortunate event of the policyholders death during the policy term. The plan is designed to offer high coverage at affordable premiums, making it suitable for individuals who want financial security for their family without the added investment component of traditional lifeinsurance policies.

Key Features

• High Sum Assured: Coverage from INR1 lakh up to INR5 crores, depending on age and health.
• Flexible Policy Terms: Choose a term between 5 and 40 years.
• Premium Waiver Benefit: Premiums are waived if the policyholder is diagnosed with a critical illness covered under the policy.
• Accidental Death Benefit (ADB): An additional lump sum is paid if death occurs due to an accident.
• Tax Benefits: Premiums are taxdeductible under Section 80C, and the death benefit is taxexempt under Section 10(10D) of the Income Tax Act.
• Rider Options: Critical Illness, Waiver of Premium, and Family Income Rider can be added for enhanced protection.
• Online Purchase: Entire application, underwriting, and policy issuance can be completed digitally.

Who Should Buy iProtect?

The plan is ideal for:

• Young professionals looking to secure a lowcost safety net for their families.
• Parents who want to ensure their children's education and marriage expenses are covered.
• Selfemployed individuals and small business owners who need to protect business liabilities and personal loans.
• Anyone seeking a pure protection plan without an investment component.

Eligibility and Age Limits

Applicants must be between 18 and 65 years of age at the time of purchase. The maximum entry age for a 5year term is 60 years, while for a 40year term it is 25 years. Health assessment may be required based on the sum assured and age. For lower sums (up to INR1.5 crore), a simplified issue (no medical test) is often available for younger age groups.

How Premiums Are Calculated

Premiums depend on several factors:

• Age at entry younger entrants enjoy lower premiums.
• Gender traditionally, male premiums are slightly higher due to higher mortality rates.
• Sum assured higher coverage means higher premium.
• Policy term longer terms increase the premium.
• Lifestyle habits smoking or hazardous occupations can raise rates.
• Riders each additional rider adds a marginal cost.

Because iProtect is a term product, the premium remains level for the entire policy term (unless a rider is added or removed).

Benefits to the Nominee

On the death of the policyholder during the policy term, the nominee(s) receive the sum assured in a lump sum, free from tax. The payout can be used for:

• Outstanding home or personal loans.
• Daily household expenses.
• Childrens education and marriage costs.
• Any other financial obligations the family faces.

If the policyholder survives the entire term, no benefit is payable, as the product is pure protection.

Claim Process Step by Step

1. Notify the insurer: Contact ICICI Pru within 30 days of the event.
2. Collect documents: Death certificate, policy bond, claim form, identity proof of nominee(s), and any medical or police reports if the death was accidental.
3. Submit claim: Upload documents via the online portal or hand them over at the nearest branch.
4. Claim verification: The insurer reviews the documents; additional clarification may be requested.
5. Payout: Once approved, the sum assured is transferred directly to the nominees bank account, typically within 1015 working days.

ICICI Pru offers a 24hour helpline for claim assistance, and a Fast Track claim service for accidental death cases.

Rider Options Enhancing the Base Cover

Critical Illness Rider

Provides a lumpsum payout if the insured is diagnosed with any of the listed critical illnesses, helping cover treatment costs.

Accidental Death Benefit Rider

Increases the death benefit by a prespecified multiple if death results from an accident.

Waiver of Premium Rider

Waives all future premiums if the policyholder is diagnosed with a covered critical illness, ensuring the policy stays in force.

Family Income Rider

Pays a regular income to the family for a chosen period (e.g., 5 years) in the event of death, providing ongoing cash flow.

Why Choose ICICI Pru iProtect?

ICICI Prudential is one of Indias most trusted lifeinsurance providers with a robust claim settlement track record. iProtect stands out for its:

• Competitive premium rates.
• High maximum sum assured.
• Easy online application and policy issuance.
• Wide network of claim centres across the country.
• Transparent policy wording and clear exclusions.

Common FAQs

Q: Is there a medical exam required?
A: For sums up to INR1.5 crore and ages below 45, a simplified issue (no medical test) is often available. Higher sums or older ages may require a medical checkup.

Q: Can I increase the sum assured after purchase?
A: Yes, you can apply for a topup during the policy term, subject to underwriting approval and additional premium.

Q: What happens if I miss a premium payment?
A: A grace period of 30 days is provided. If the premium is not paid within this period, the policy lapses, but you can reinstate it by paying the due amount plus interest.

Q: Is the policy renewable after the term ends?
A: No, term insurance is not renewable. If you need continued coverage, a new policy must be purchased.

Q: Can I have multiple nominees?
A: Yes, you can nominate up to three individuals and specify the share each will receive.