Q: What are the benefits of buying a term insurance policy online?

There are various benefits of buying a term plan online: Ease and convenience - You can complete your purchase in just a few minutes anytime anywhere. You can explore our plans on your mobile too. Better control - Buying a term plan online lets you customize it according to your exact needs instead of relying on someone else to do so. Complete transparency - As there are no intermediaries involved and you buy directly from the insurance company, the entire process is transparent and you are not set up for any unpleasant surprises later on. Full security - Your personal and health information is private and secure. Online discount - ICICI Prudential provides up to 5% discount`= when you purchase our term plan online (If you are an ICICI group employee, you get 10% discount throughout the policy term, even if you leave the organization after purchase of the policy). Dedicated Relationship Manager - From the moment you purchase a policy till the time you receive the policy kit, a dedicated Relationship Manager will be assigned to you who will assist you at every step, right from uploading of documents to fixing up your medical appointments to any other doubts/issues your might have about our process.

Question 1

Is it safe to buy a term plan online?

Accepted Answer

Yes, you can purchase a term plan online with verified payment methods like UPI, debit or credit card, or net banking. As long as you select a reputable insurance company, you have nothing to worry about. In case of any issues, you can also reach out to the customer service team.

Question 2

How is a term insurance plan different from other life insurance plans?

Accepted Answer

While traditional life insurance plans have both a protection and an investment component, term insurance plans are pure protection plans that don't give any payout on surviving the policy term. However, as compared to traditional life insurance plans, term plans have the advantage of providing large sum assured coverage at much more affordable rates.

Question 3

Why should I buy a term plan?

Accepted Answer

In today's uncertain times, it is important to ensure your dependents are financially protected even if you are not around. Buying a term plan is a simple and cost-effective way to do this. With term insurance, you can get a large amount of life cover at a relatively low premium rate. You can get a ₹1 crore term insurance cover starting at just ₹460 per month2a, which is less than half the cost you would typically pay for an outing with your family. The benefit amount will be paid to the nominee in case of death of the policyholder during the term of the policy.

Question 4

Do I need to buy term insurance even if I'm covered under my company's group policy?

Accepted Answer

Many companies today provide insurance cover for their employees. However, it is advisable to get an individual policy for yourself for the following reasons:

Not enough cover - The cover provided by company's life insurance policy (generally ₹10-15 lakh) may not always be sufficient to sustain your family in case something happens to you.
Will lose coverage if you change your job - This coverage is dependent on your job. If you leave the job, the insurance cover ends then and there, till you join a new job. The period between the end of the old job and the start of the new one would be without cover.
Standard policy for all employees, not customized to your needs - The life insurance policies provided by your employer are standardized policies which are not customized according to your specific needs and don't generally contain any provisions for critical illness, terminal illness and disabilities.

Hence, even if you are covered under your company's group policy, you may still buy a separate term plan with a life cover that is at least 10-15 times your annual income to make sure your family is able to sustain their current standard of living and is adequately provided for in your absence.

Question 5

How do I get a term plan online?

Accepted Answer

You can get a term plan online by visiting the ICICI Prudential Life website and clicking on Term Insurance. You can download the brochure to go through the details of the policy or fill your basic details like age, gender, tobacco usage, income etc. in our term insurance premium calculator and generate a customised quote. You can then make the payment, submit the documents, and complete the medical check-up. Your policy will be issued once all these formalities have been completed.

Question 6

Are there any age limits for buying a term plan?

Accepted Answer

Yes, the minimum and maximum age for buying a term plan are 18 and 60 years respectively.

Question 7

How to select the best term plan for myself?

Accepted Answer

There are various factors you need to consider when selecting the best term plan. These are:

Brand: Choose a well-known brand that is financially strong and sure to be around for a long time. ICICI Prudential Life Insurance is an old and trusted private sector life insurance company in the country with an Assets Under Management value of ₹2.9 tn¹⁸(as on Mar 31, 2024).
Claim settlement: Select an insurance company with a consistently high claim settlement ratio and an easy and hassle free claim settlement process. With ICICI Prudential's term plan, you can get your claim settled within 1 day ^>. The company has a claim settlement ratio of 99.17% (FY 2023-24)^!j and has paid ₹2.77 tn ` in claims (since inception up to Mar 31, 2024).
Additional benefits: Look for additional benefits such as critical illness coverage and accidental death coverage. ICICI Prudential Life term plan provides the option to get health coverage for 34 critical illnesses^## up to ₹1 crore and accidental death coverage9 up to ₹2 crore.

Question 8

What are the benefits of buying a term insurance policy online?

Accepted Answer

There are various benefits of buying a term plan online:

Ease and convenience - You can complete your purchase in just a few minutes anytime anywhere. You can explore our plans on your mobile too.
Better control - Buying a term plan online lets you customize it according to your exact needs instead of relying on someone else to do so.
Complete transparency - As there are no intermediaries involved and you buy directly from the insurance company, the entire process is transparent and you are not set up for any unpleasant surprises later on.
Full security - Your personal and health information is private and secure.
Online discount - ICICI Prudential provides up to 5% discount`= when you purchase our term plan online (If you are an ICICI group employee, you get 10% discount throughout the policy term, even if you leave the organization after purchase of the policy).
Dedicated Relationship Manager - From the moment you purchase a policy till the time you receive the policy kit, a dedicated Relationship Manager will be assigned to you who will assist you at every step, right from uploading of documents to fixing up your medical appointments to any other doubts/issues your might have about our process.

Question 9

What kind of deaths are covered in this term insurance plan?

Accepted Answer

All kinds of deaths are covered under the plan including natural, accidental, murder, illnesses and natural calamities. You are covered under this plan as soon as your policy is issued and there is no waiting period &#61;&#61;. Coverage of death due to suicide is not available only in the first year of policy. Also, once you buy the policy, you stay covered whether you are in India or abroad.

Question 10

How much term insurance cover do I need?

Accepted Answer

The term insurance cover you need depends on your current annual income. We recommend that a term insurance cover equivalent to 10-15 times your annual income is sufficient to provide for a safe future for your family. If budget is a problem, you can go for a monthly premium payment option over a yearly commitment. However, it is important to have a sufficient term insurance cover so that your family's financial security is not comprmised. A term insurance premium calculator will help you in choosing the term insurance cover well suited to your budget

Question 11

What policy term should I select?

Accepted Answer

You should get a policy till your retirement age. But financial liabilities can continue beyond retirement too. ICICI Prudential Life term plan also gives you the option to get a whole life plan till the age of 99 years. It will be cheaper to buy a policy for a longer term now than to purchase another one later.

Question 12

What are the in-built benefits offered under ICICI Pru iProtect Smart term insurance?

Accepted Answer

ICICI Prudential Life term plan comes with two in-built benefits:

Terminal Illness Benefit³: You receive 100% claim payout in case you contract a terminal illness³
Permanent Disability Benefit: All your future premiums are waived off while your policy continues if you get a permanent disability

Refer to our product brochure to know more about these benefits.

Question 13

What is the maximum cover I can get without going for physical medicals?

Accepted Answer

Our term insurance plan offers a term insurance cover up to ₹2 crore and an additional critical illness benefit (optional) of up to ?25 lakh with only telemedicals process (subject to underwriting). The same can be completed from the safety of your home. In case you are required to undergo physical medicals, our team will contact you for the same.

Question 14

Do I need to visit ICICI Prudential Life Insurance Company's branch for anything or the entire process of buying a term insurance plan is online?

Accepted Answer

You don't have to visit any of our branches as the entire process is online. Yes, there maybe a situation where you may have to visit one of our health partners (diagnostic center) to undergo physical medicals. Our team of experts will decide based on the details given by you, whether you are eligible for Tele medicals or Physical medicals. Also if our Health Partners are available in close proximity to your place of residence we will arrange for a home visit. The cost of the medical tests are completely borne by ICICI Prudential Life Insurance.

Question 15

Why should I buy the term insurance plan from ICICI Prudential Life Insurance?

Accepted Answer

ICICI Prudential Life was founded in the year 2001. With a legacy of 21 years, ICICI Prudential Life has earned itself the trust of its customers by being one of the top private insurers in the country today. Not only that, with time we have adapted ourselves wth the changing consumer needs with customer centricity being one of our cornerstones. 1. There for you Taking the customer first approach, we have made the online insurance buying process very easy and seamless. Be it offering 5% discount&#96;&#61; on premiums throughout the policy term or providing assistance at the time of purchase or assigning a dedicated Relationship Manager to assist you every step of the way, you can be assured that ICICI Prudential Life will be there for you. 2. There for your family At ICICI Prudential Life, we put our customers first and have been striving to improve our claims experience over time. Your family has the option to report claim either online, at our branches, central office, via SMS, e-mail or through our call centre as per their convenience. We also provide an option of door step claim document pick-up (within India). To avail this service, the beneficiary needs to submit a request at claim.support&#64;iciciprulife.com or at our call-centre. Our special ClaimCare team will assess your claim, and inform you in case any further documents need to be submitted. Post receiving all the necessary documents, we will process your claim request. When it comes to settling claims you can trust ICICI Prudential Life's track record of high claim settlement ratios. You have made the right choice by choosing us as your Life Insurance partner.

Question 16

How is Terminal Illness benefit different from Critical Illness benefit? Is it included in the basic benefit or an add-on?

Accepted Answer

Terminal Illness is an in-built feature of our Term plan as it does not incur any extra cost3. Any condition or illness which, in the opinion of two independent medical practitioners’ specializing in treatment of such illness, is highly likely to lead to death within 6 months will be considered as a Terminal Illness. The terminal illness must be diagnosed and confirmed by medical practitioners’ registered with the Indian Medical Association and approved by the Company. On the other hand, Critical Illness Cover is an optional benefit that you can purchase wherein you receive a pre-determined claim amount in case of diagnosis of any of 34 specified critical illnesses ^##. No bills or proof of expenditure is required. There is also no restriction of network hospitals. You can use the claim amount to get a treatment at a hospital of your choice or however else you deem fit. This benefit is accelerated and not additional, which means the policy will continue with the Death Benefit reduced by the extent of the critical illness benefit paid. Also, the premium for this benefit remains constant throughout policy term.

Question 17

What are the various benefits of using a term insurance calculator?

Accepted Answer

A term insurance calculator can help you save time and effort. It is a free online tool that gives an accurate result of the premium which you have to pay for the life cover&#96; of your choice. Online term insurance calculators also make it easier to create a budget and accommodate your insurance needs within it. 
A term insurance calculator also offers a lot of flexibility wherein you can add or remove benefits/riders based on your requirement, choose how you would want your nominee to receive the life cover&#96; amount in case of unfortunate death as well as choose to pay premiums in a frequency which you would be more comfortable with.

Question 18

What is Smart Exit^° Option?

Accepted Answer

Under the Smart Exit^° Option available with ICICI Pru iProtect Smart term plan, the policyholder can exit the policy early once the required eligibility conditions are met and receive 100% or 200% total premiums paid^S1 , excluding any extra premium, and taxes, if collected explicitly. Availing this option provides you with the flexibility of exiting the policy early in case your financial responsibilities are no longer there and receive 100% or 200% total premiums paid^S1 at no additional cost.

You can exercise 100% Premium Refund option^° in any policy year after 29 years have passed, but not during the last 5 policy years, provided the life assured is at least 60 years old at the time of exercise.

You can exercise 200% Premium Refund option^° only during Policy term minus 10th year, after 29 years have passed in the policy, but not during the last 5 policy years, provided the life assured is at least 60 years old at the time of exercise. 200% Premium refund is available only for premium payment term of 5/7/10/15 years.

Question 19

What is the minimum sum assured for which Smart Exit Benefit is applicable?

Accepted Answer

The minimum Sum Assured at the inception of policy should be ₹50 lakh.

Question 20

What conditions are needed to be fulfilled for availing 100% Premium Refund?

Accepted Answer

A policy holder needs to fulfill the following conditions to avail 100% Premium Refund^°:

The age of the policy holder at the time of exercising this benefit should be 60 or above.
At the time of availing the benefit, his policy should be in-force for at least 29 years.
He cannot avail this benefit in the last 5 years of his policy term chosen at inception.
The Policy is in-force with all due premiums paid at the time of exercising this option.
No claim for any of the underlying benefits has been registered and is under evaluation/ or accepted/ or paid/ being paid on the Policy.

Question 21

What happens on availing the Smart Exit Benefit?

Accepted Answer

The Policy shall terminate on payment of this benefit (if exercised) and all rights, benefits and interests under this Policy will stand extinguished.

Question 22

Can I get return of premium for Critical Illness Benefit and Accidental Death Benefit?

Accepted Answer

No, The rider premiums (Critical Illness Rider^## and Accidental Death Benefit Rider⁹ ) will not be refunded back while exiting the policy. Only base premium of Life Cover will be refunded back.

Question 23

Can I get return of premium if I have already claimed Critical Illness Benefit in the past?

Accepted Answer

In case the customer has already received the claim for the Critical Illness Benefit, no premiums will be paid back to the customer, as in case of claim, special exit feature doesn’t apply.

Question 24

How much premium is returned on availing Smart Exit^° Benefit?

Accepted Answer

On availing this benefit, the customer will receive 100% or 200% of Total premium paid (including Life Cover^!a premium and Life Stage premium) excluding any extra premium, and taxes, if collected explicitly. The return amount is dependent on satisfying the conditions to avail this feature

Question 25

How much Premium will be returned if I have opted for Life Stage Benefit during policy term?

Accepted Answer

In cases where Life Stage Protection option has been exercised, Total Premiums Paid includes premium paid for every subsequent increase in sum assured purchased.

Question 26

What is the process of adding Smart Exit^° Benefit in the policy at the time of buying?

Accepted Answer

Smart Exit^° Benefit is automatically added to your policy once the required eligibility conditions have been met.

Question 27

Can an existing customer who has already bought the policy before Smart Exit benefit was applicable claim its benefit?

Accepted Answer

Existing customers who have the Smart Exit^° benefit mentioned in their Policy document can avail it provided they satisfy the eligibility conditions.

Question 28

What are the payout options available under Our Term Plan?

Accepted Answer

You can choose how you want your nominee to receive the term insurance claim payout, from our four flexible payout options:

1. Lump sum - entire claim amount is paid out at once
2. Monthly income -life cover payout in made in equal monthly instalments
3. Increasing income - life cover payout in monthly instalments that increase by 10% every year
4. Lump sum + Income - one large payout at once and remaining in monthly instalments
5. Our term insurance premium calculator allows you to check premiums for each of these payout options and you can choose whichever is the best suited for you.

Question 29

What is lump-sum payout and who should choose it?

Accepted Answer

Under lump sum payout, the entire life cover amount is paid to your nominee in one go. This is the most preferred option for our online buyers and is especially helpful if you have a large outstanding loan to be paid off like a home loan.
The lump sum payout can help your family possibly close the pending home loan EMIs. They can also use the huge sum of money (life cover amount) to further invest it in instruments that will ensure needs like sending children abroad for higher education, is taken care of, as such an amount invested as principal and can reap high returns thus fulfilling all your family’s dreams even in your absence.

Question 30

What is monthly income plan and who should choose it?

Accepted Answer

Under the monthly income plan, you choose the period for which you want your family to receive monthly income. Options available under this payout out are 10 years, 20 years and 30 years. For example, if you choose monthly income for 10 years then 10% of the benefit amount is payable to your nominee every year for 10 years. This is paid in equal monthly instalments, at the rate of 0.83333% of the total benefit amount. This is the most economical payout option.
This option is ideal for those who want to ensure that the burden of outstanding liabilities and monthly household expenses does not befall their loved ones while also paying affordable premiums.

Question 31

What is increasing monthly income plan and who should choose it?

Accepted Answer

Under this option, your term life cover is paid out to the nominee in the form of a monthly income, which increases by 10% every year, for the next 10 years. It has been designed to keep in mind that the financial needs of the family will keep increasing due to inflation, and they should be able to manage these without any burden.
This payout option is suitable for those who want to opt for a longer policy term e.g.: coverage till the age of 75 or a whole life term i.e., coverage till the age of 99. It will ensure that the life cover payout will keep increasing considering inflation and your family’s expenses will be managed. The increasing payout will also take care of your child’s higher education in your absence, thus taking into account the rising cost of education.

Question 32

What is lump-sum + monthly income option and who should choose it?

Accepted Answer

You can choose for your family to receive the life cover payout in 2 parts. In case of death of the policyholder, your family will get one installment as a lumpsum payout immediately and the rest in the form of monthly income for a period of 10 years/20 years/30 years (chosen at inception).This will ensure that the life cover amount can help the family with immediate needs (lumpsum) as well as take care of day to day expenses (monthly income).
This payout option is suitable for individuals who are currently at a life stage akin to marriage, birth of their first or second child and/or are thus looking to buy their own house. This means that your responsibilities are increasing and in the long term you will need to secure finances for your children’s/child’s higher education as well as to finance the home loan EMIs.
The lumpsum part will take care of the EMIs thus reducing the burden on your family and the income part will ensure that your family’s needs are taken care of without them having to be hassled about managing a huge sum of money.

Question 33

Can the nominee be changed after I have purchased the policy?

Accepted Answer

Yes, you can change the nominee at any time during the policy term by informing the company. You can also add multiple nominees. In case you want to change the nominee prior to the issuance of your policy you can write us at buyonline&#64;iciciprulife.com or get in touch with your Relationship Manager on 1860 267 9997. In case you change your mind about your nominee post the issuance of your policy, you can write to us here https://www.iciciprulife.com/services/write-to-us-csr.html or on our Email ID lifeline&#64;iciciprulife.com. If you want to speak to someone you can call on our service hotline toll free number 18002660.

Question 34

What all details of the nominee are required to purchase this plan online?

Accepted Answer

The details needed of the nominee are their full name, gender, date of birth and relationship with life assured. Your nominee can be your spouse, children, parents, siblings or their spouses, uncles, aunts, nieces, nephews, or even your grandparents or grandchildren.

Question 35

What all information should my nominee know?

Accepted Answer

Make sure you tell your nominee about their nomination in this plan and share all the details of the plan with them including the cover amount, policy term and payout method chosen by you. You should also tell them if you have opted for any riders. Your nominee should know where the policy kit is. They should understand the claims process properly and know what all documents are needed to make a claim.

Question 36

What will happen if my nominee passes away before me?

Accepted Answer

If your nominee passes away before you, you will have to appoint some other person as your nominee. If the nominee and policy holder pass away together, then the claim payout will be made to the next legal heir.

Question 37

Can I add more than one nominee? How can I allocate % share to each nominee?

Accepted Answer

Yes, you can add multiple nominees. There is no specific number. You can add as many nominees as you want to. You can do so at the time of purchase or post issuance of your policy, anytime during the policy term. The Insurance Act provides that where there are more nominees than one, the policy money will be payable to them jointly or survivor(s) of them. In case you want to add nominee/s prior to the issuance of your policy you can write us at buyonline&#64;iciciprulife.com or get in touch with your Relationship Manager on 1860 267 9997. In case you change your mind about your nominee/s post the issuance of your policy: you can write to us here https://www.iciciprulife.com/services/write-to-us-csr.html or on our Email ID lifeline&#64;iciciprulife.com. If you want to speak to someone you can call on our service hotline toll free number 18602667766

Question 38

What is the application process to buy this plan?

Accepted Answer

The online application process to buy this plan is very simple and can be completed in a few minutes. You just need to keep your PAN card, an address proof (Aadhar card/Passport/Driving License/Voter's ID) and a recent photograph ready and can complete the process anytime anywhere. Once you are done customising your quote using the term insurance premium calculator, you can proceed to the application form. The application form consists of three sections.

1. Personal Information: Here, you need to enter your full name, marital status, highest education level, occupation, PAN number, and your communication address. In case you are salaried, you will be required to give details of the organization you work for & the name and type of organization. In addition to this, you will also be asked to enter details of your nominee & their full name, gender, date of birth and relationship with life assured. You will be required to declare any other life insurance policies you might have.
2. Health Details: Here, you need to enter your height, weight and details of pre-existing health conditions, if any. Fill in this page very carefully and to the best of your knowledge to prevent rejection of claim due to incorrect information later.
3. Documents Upload: You can choose to upload documents now for faster issuance or proceed to payment directly and upload the documents later. Documents needed are your photograph, PAN card, Address Proof (Aadhar card/Passport/Driving License/Voter's ID) and Income Proof (last 3 months' salary slips/ last 3 years' ITR/ last 6 months' bank statement/ Form 16). Accept the declaration that all the information submitted by you is correct and move to the payments page. Once you fill the form, you can then choose a payment mode as per your convenience. The various payment methods available include credit card, debit card, net banking, UPI, Google Pay, Amazon Pay and other popular payment wallets. In case you are required to undergo a medical examination based on the health details submitted by you, you will be asked to enter your pin code. Basis the pin code and type of tests required, you will be entitled to either a home visit medical test or one at a nearby medical center. You can choose the date and time of examination as per your convenience. You can track the status of your application using our Application Tracker.

Question 39

Can I fill this application form on my mobile phone?

Accepted Answer

Yes you can. Our application form is mobile friendly and can be filled anytime anywhere in just a few minutes!

Question 40

What documents are required for buying a policy online?

Accepted Answer

You are required to upload a clear copy of the following KYC documents in jpeg or pdf form:

i. One recent photograph
ii. PAN card (mandatory)
iii. Income proof (last 3 months' salary slip/ last 3 years' ITR/ Form-16/ last 6 months' bank statement)
iv. Official ID proof (passport/driving license/voter's ID/Aadhar card)

Question 41

What all income can I club in the income field in the application form?

Accepted Answer

If you are salaried then please share your annual salary as income. If you are self-employed then please share the average annual income of last 3 years as per the filed ITR.

Question 42

Which address has to be mentioned in the application form?

Accepted Answer

In case your communication address is different from your permanent address, there are separate fields to mention both of them. Make sure you are available at your communication address as this is where your policy documents will be sent after issuance.

Question 43

How can I check the status of my application?

Accepted Answer

You can check the status of your application by going to the Application Tracker.

Question 44

How can I cancel my application?

Accepted Answer

You can cancel the policy application by submitting a request at our call center number 1860 267 9997

Question 45

What is the Married Women's Property (MWP) Act^!c and who is it useful for?

Accepted Answer

The Married Women's Property (MWP) Act^!c is useful for self-employed people. As a business-owner, you deal with various vendors, lenders and creditors on an everyday basis. In your absence, your term insurance proceeds may be taken by people who you owe money, or even your relatives. Availing a term insurance plan under the Married Women's Property Act 1874 (MWP Act) helps in protecting your family's financial interests in your absence. Once a policy is availed under the MWP Act, it may not be attached by courts for repayment of your debts. Only your wife and children will be entitled to the Sum Assured in the event of your demise.

Question 46

Does ICICI Pru iProtect Smart provide the option to buy the plan under Married Women's Property (MWP) Act?

Accepted Answer

Yes, if you are self-employed, you can buy ICICI Pru iProtect Smart under MWP act and your wife and children can be beneficiaries under this act.

Question 47

Who all can be added as a beneficiaries under the MWP Act?

Accepted Answer

You can nominate your wife and/or children as beneficiaries under MWP act.

Question 48

Can I purchase term insurance if I'm a smoker?

Accepted Answer

Yes, you can purchase term insurance if you are a smoker.

Question 49

I smoke occasionally, do I need to declare myself as a smoker?

Accepted Answer

If you have consumed tobacco in any form in the last 12 months, you need to declare yourself as a smoker.

Question 50

I earlier used to smoke cigarettes but now I have quit smoking. Do I need to declare myself as a smoker?

Accepted Answer

If you have consumed tobacco in any form in the last 12 months, you need to declare yourself as a smoker.

Question 51

What will happen if I start consuming alcohol or tobacco after policy issuance?

Accepted Answer

Your policy will not be affected if you start consuming alcohol or tobacco after policy issuance.

Question 52

Is there any difference between premium rates of smoker and non-smoker buyers?

Accepted Answer

Yes, as a smoker you present a greater risk of death than a non-smoker. Hence, premium rates for smokers are higher than that of non-smokers..

Question 53

Does the premium calculation have any impact on smokers?

Accepted Answer

Yes, the premium is generally higher for those who smoke. This is particularly so because smokers are at a higher risk of suffering from an illness. As a result, insurance companies charge a higher premium to cover the associated risk.

Question 54

What are the additional benefits available under this term insurance plan?

Accepted Answer

There are two additional benefit options available with ICICI Pru's term plan:

1. Critical Illness^## Cover: This is an optional benefit the customer can purchase wherein he/she receives a pre-determined claim amount in case of diagnosis of any of 34 specified critical illnesses ^##. No bills or proof of expenditure is required. There is also no restriction of network hospitals. You can use the claim amount to get a treatment of your choice or however else you deem fit. This benefit is accelerated and not additional, which means the policy will continue with the Death Benefit reduced by the extent of the critical illness^## benefit paid.
2. Accidental Death Cover⁹: This is another optional benefit wherein an additional cover is payable in case of death due to accident. The maximum cover that can be availed is ₹2 crore.

Question 55

Why is Critical Illness cover ^## important?

Accepted Answer

If you are ever diagnosed with a critical illness, it can not only affect you physically and emotionally but also financially. A critical illness can cause you to leave your job temporarily or permanently and lose out on your income.

ICICI Pru iProtect Smart offers the optional benefit of covering yourself against 34 Critical Illnesses^## such as cancer, heart attack and kidney failure by paying just a little extra premium. The best part about this benefit is that you receive the full claim payout on the first diagnosis of any of the covered 34 Critical Illnesses. No hospital bills are needed, nor is there any restriction of getting treated at network hospitals. This claim amount can not only be used for a treatment of your choice but also safeguard your family against the loss of income arising out of the illness.

Did You Know: 33%^$$ of our online customers purchase the optional critical illness benefit with their policy.

Question 56

How much Critical Illness benefit ^## can I choose under this term plan?

Accepted Answer

The minimum Critical Illness benefit you can choose is ₹1 lakh and the maximum benefit is ₹1 crore. The cost of medical treatment is continuously rising. So it is recommended to have a critical illness cover that is at least 2 times of your current annual income.

Question 57

When do you receive Critical Illness pay-out?

Accepted Answer

The Critical Illness benefit amount is payable immediately if and when you are diagnosed for the first time with any of the 34 critical illnesses ^## covered by ICICI Pru iProtect Smart. A copy of the diagnosis report is required to initiate the critical illness claim and it is payable basis fulfillment of definition of the diagnosed critical illness. This benefit is accelerated and not additional, which means the policy will continue with the Death Benefit reduced by the extent of the critical illness benefit paid. Refer to our product brochure for more details.

Question 58

What all methods are available to make premium payment?

Accepted Answer

The various payment methods available for online payment of premiums include credit card, debit card, net banking, UPI, Google Pay, Amazon Pay and other popular payment wallets.

Question 59

Will my premium increase every year?

Accepted Answer

No, the premium for the entire policy term is fixed at the time you purchase the policy. The tax component (GST) may change as per Government of India regulations or applicable tax laws.

Question 60

What are the advantages of limited pay premium option?

Accepted Answer

Limited Pay is a great option wherein the customer pays premium for a limited period while enjoying the benefits of the plan for the entire policy term. This lets you free from the burden of paying premiums early on while keeping your family secured for a long period of time. While the premiums to be paid are slightly higher than regular pay; with the limited pay option, you can end up saving up to 65% ** on total premiums paid.

Question 61

Which are the different payment terms available for paying premium under ICICI Pru iProtect Smart?

Accepted Answer

We have 3 payment terms available:
Regular pay where you pay for the entire policy term.
Limited pay where you pay for only 5 years, 7 years, 10 years, 15 years, till the age of 60 years and policy term 5 years.
Single pay where you pay the entire premium in one go (Note : max policy term available with single pay option is 20 years)

Question 62

What is the ideal premium payment term?

Accepted Answer

Although you can pay for the entire policy term, we suggest that you pay your premiums till the time you are earning. If you are young, it would be wise to go for a 5, 7, 10 or 15 years limited pay and get done with paying premiums before more responsibilities get added on to your life. If you are 35 or above, you can choose limited pay till 60 years, i.e. retirement.

Question 63

Which are the different payment frequencies available for paying premium?

Accepted Answer

You can choose to pay the premiums monthly, half-yearly or yearly. Paying yearly helps you save 2.5% on your premium payments⁷ Our term insurance premium calculator gives you the flexibility to choose the payment frequency as per your comfort.

Question 64

Can I change premium payment frequency during the policy term?

Accepted Answer

Yes, you can.

One plan to protect both you and your family

Extra cover option for 34 illnesses## like Cancer

In-Built Terminal Illness Benefit3

1 Day Claim Settlement>

Accidental Death Cover9

In-Built Permanent Disability Waiver5

Tax Benefits^

Term Insurance Calculator

Steps to buy

How the plan works?

Quick Guide to your plan

What is a term plan?

When should I buy a term plan?

Who should buy a term plan?

How much term insurance cover do I need?

What is limited pay option?

Which payout option should I choose?

What are the benefits of a term insurance premium calculator?

What is a term plan?

When should I buy a term plan?

Who should buy a term plan?

How much term insurance cover do I need?

What is limited pay option?

Which payout option should I choose?

What are the benefits of a term insurance premium calculator?

What is Accidental Death benefit (optional)?

What is Critical Illness benefit##(optional)?

What is Inbuilt Terminal illness benefit?

What is Inbuilt Permanent disability benefit?

What is a Term Insurance calculator?

How does a term insurance calculator work?

How is your term insurance premium calculated?

Steps to use the term insurance premium calculator

What is a term plan?

When should I buy a term plan?

Who should buy a term plan?

How much term insurance cover do I need?

What is limited pay option?

Which payout option should I choose?

What are the benefits of a term insurance premium calculator?

Rider Options With ICICI Pru Life Plans

Critical Illness Benefit Rider

Accidental Death Benefit Rider

Terminal Illness Benefit Rider

Permanent Disability Benefit Rider

Claim Settlement Process

Step 1

Report Claim

Step 2

Process

Step 3

Settle

Why choose ICICI Prudential Life?

Extra cover option for 34 illnesses^## like Cancer

In-Built Terminal Illness Benefit³

1 Day Claim Settlement^>

Accidental Death Cover⁹

In-Built Permanent Disability Waiver⁵

Tax Benefits^{^}