Prudential iProtect Smart Life ICICI LIFE INSURANCE

4.5
Paybima Rating

Adulting is tough. One moment, you're paying your EMIs, searching for tax-saving tips, and in the midst of this, you're also wondering whether life insurance is important. Well, it is. Why? Because life is unpredictable, and while you're doing your best to make a good life, things can go south anytime. Surely, life insurance isn't the first or most exciting thing to be discussed at the brunch table, but it is one thing that keeps your family financially safe and intact, even when you're not in it. 

ICICI Prudential iProtect Smart Life is a term insurance plan that secures your dreams to protect your loved ones and their comfort at all times. With enhanced coverage for accidental death and accelerated critical illness, and affordable premiums to help you have a policy in your budget, it ensures comprehensive coverage without breaking the bank. 

Highlights ICICI Prudential iProtect Smart Life Insurance

check-star Comprehensive plan with additional benefits like accelerated critical illness or accidental death benefit.
check-star Special premiums for non-tobacco users.
check-star Special 15% discount for women on life cover premiums.
check-star Flexibility to choose payout options and premium payment.
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ICICI Prudential iProtect Smart Life Insurance Plan: Highlights

Here are some of the highlights of the ICICI Prudential iProtect Smart Term Insurance Plan:

Particulars

Details

Policy Name
ICICI Prudential iProtect Smart

Insurance Company

ICICI Prudential Life Insurance

Policy Type
Term Insurance Plan

Payout Options 
Income Lump Sum Plus Income  Lump Sum Increasing Income 

Benefits 
Life Life PlusLife & HealthAll in OneLife Stage Protection 

Add-on
Accidental Death Accelerate Critical Illness

Policy Revival
Applicable if the application for policy revival is made within 5 years from the due date of the unpaid premium

Grace Period
15 days for the monthly premium payment mode 30 days for other premium payment modes 

Claim Settlement Ratio 
99.3% (for FY 2025)
 

Wish to Enhance Your Coverage? Take a look at the Riders Available with ICICI Prudential iProtect Smart

ICICI Prudential iProtect Smart offers a range of benefits, including terminal illness benefits, waiver of premium benefits, life options, and more. However, in addition to these, you may add a variety of other riders to your insurance to make it more personalised and well-rounded. Here are some popular add-ons available with ICICI Pru iProtect Smart that you may want to consider.

Add-On Covers

Details

Critical Illness 
With this benefit, you ensure that if Life Assured is diagnosed with any of the 34 critical illnesses mentioned in the policy, they may immediately access the critical illness benefit. This applies even for the first diagnosis, with no hospital bills and no additional expenses required. This benefit can be availed under life & health and all-in-one options. 
Here is a list of some critical illnesses you might claim for.  Cancer of particular severity First heart attack Blindness Open chest CABG Brain surgery  Benign brain tumour Parkinson's disease Alzheimer  Muscular dystrophy Major head trauma Permanent limb paralysis, etc. 

Accidental Death 

With this add-on, you ensure that in the event of an accident resulting in the death of the life assured, the beneficiary or nominee receives an additional amount. Accidental cover of up to ₹2 crores is available. You may consider adding this benefit when purchasing this policy or at any time in the future.
 

Features and Benefits of the ICICI Prudential iProtect Smart

Having a reliable life insurance policy is not being pessimistic; it's being smart. With iProtect Smart, you enjoy comprehensive coverage, flexible premium payment options, payout choices, and more. Here are some features and benefits of iProtect Smart you might consider looking out for:

1
Affordable Premiums

With inflation and rising costs daily, paying your bills, including phone bills and electricity charges, is already a challenge. And amidst that, we don't want you to struggle with your life insurance premiums. This is where iProtect Smart comes in. Affordable premiums and comprehensive coverage are all that you want. Furthermore, non-smokers get to enjoy special premium rates.

2
Flexibility in Payout Terms

Another benefit of the iProtect Smart is its flexibility in payment terms. This means you get to choose how your nominee gets the life cover amount. The same is done with a belief that no family is the same and therefore, their payout options also need not to be universal but customised. Based on the needs and requirements of your family, you may choose from the following payout options:

  • Income 

With this option, you ensure that your nominee receives a regular monthly income for 10, 20, or 30 years, as specified in your policy's terms. This ensures your loved ones have a steady income source even in your absence. 

  • Lump Sum Plus Income 

This option ensures the nominee receives a lump sum amount, along with a monthly income. The lump sum benefit helps your loved ones take care of any major liability, while the regular income keeps serving as a steady income source. 

  • Lump Sum

With this option, you choose to have your nominee receive a lump sum amount in your absence. The amount can be used to settle debts or any other major liabilities. 

  • Increasing Income 

With this payout option, you choose an extra life cover than what was originally chosen. Here, your nominee gets an increasing income for a period of 10 years. Every 10 years, the income will be increased by 10%
 

3
Flexibility in Mode of Premium Payment

Whether you're a salaried employee, a freelancer, or something else, with iProtect Smart, life cover becomes accessible to everyone. The plan is designed with flexibility, allowing you to choose your premium payment mode. This can be done once, for a limited period, or throughout the duration of your policy. 

Therefore, you can choose what matches your budgetary requirements, ensuring you do not miss any due dates. For instance, monthly payments are suitable if you prefer to make bite-sized commitments on a monthly basis. Alternatively, yearly payments may be preferable for individuals who prefer not to receive monthly reminders.
 

4
Longer Cover + Additional Benefits

The right time to have life insurance is now. Meaning the earlier you get, the better premiums you get. Additionally, with iProtect Smart, you're covered until you're 99 years old. Further, you get to choose from a bunch of add-ons like accidental death, accelerated critical illness, and more.

5
Special Offers for Women

Another prominent benefit of the iProtect Smart life cover plan is that it offers amazing benefits specifically for women. For instance, you get a 15% discount on premium rates as compared to men. Women can also take advantage of special premium rates on accelerated critical illness benefits. Plus, the plan covers female organ cancers, such as cervical and breast cancer, under accelerated critical illness benefit. 

ICICI Prudential iProtect Smart Plan: Eligibility Criteria

To ensure you may easily avail the benefits of the policy, make sure you read and meet the eligibility requirements of the policy. Here are the eligibility criteria for iProtect Smart.

  • The minimum entry age for a single premium payment mode is 18 years. 
  • The maximum entry age for a single premium payment mode is 65 years.
  • The minimum policy term for a single payment is 5 years, with a maximum term of 20 years. 
  • The minimum entry age for regular premium payment mode is 18 years. 
  • The minimum entry age for the regular premium payment mode is 65 years.

ICICI Prudential iProtect Smart Life Insurance Plan: What is Covered?

Here are the policy inclusions under iProtect Smart:

1
Life Option

Under this option, the death benefit is offered to the legal heir or nominee in case of diagnosis of terminal illness or death of the life assured. In the case of a single payment, the death benefit is either the sum assured selected by you or 125% of your single premiums. In the case of regular pay, the death benefit is paid as per whichever is higher: the sum assured chosen by you, 7 times the annualised premiums, or 105% of the total premiums paid up to the diagnosis of terminal illness or the death of the life assured.

2
Life Plus Option

Under this, you are offered the benefits that are available under the Life option. Additionally, you also get the accidental death benefit. In case of accidental death of the life assured during the accidental death term, the nominee is offered a lump sum amount.

3
Life & Health

With this option, you get to avail the benefits under the Life option. Plus, the accelerated critical illness benefit is also added. This covers 34 illnesses, and a lump sum benefit is offered to secure the financial needs of you and your loved ones when you are unable to work due to the illness. 

4
All in One

With this benefit, you are offered a Life option. Additionally, you also get accidental death and accelerated critical illness benefits.

ICICI Prudential iProtect Smart Life Insurance Plan: What is Not Covered?

Here are the policy exclusions under iProtect Smart:

  1. Permanent disability is caused by self-harm, self-injury, or suicide. 
  2. Permanent disability caused due to war is not covered. 
  3. Permanent disability is caused by engaging in hazardous sports like boxing, climbing, and so on. 
  4. Accidental death benefit is not covered in case disability is caused by self-harm, self-injury, or suicide. 
  5. Accidental death under war or hazardous sports is also not covered. 
  6. Malignant melanoma
  7. Prostate cancer
  8. Any non-melanoma skin carcinoma, etc. 

Note: This list is indicative. For the complete list of exclusions, please refer to the policy brochure. 
 



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Our Verdict on ICICI Prudential iProtect Smart Life Insurance Plan

Having the right insurance by your side secures the needs of you and your family. With iProtect Smart, you can choose how your family receives the payout, i.e., income, lump sum plus income, lump sum, or increasing income, ensuring they have financial security in a way that suits their needs and requirements. Further, the policy’s special discounts for non-tobacco users and women make it more inclusive.

With a variety of benefits, including Life Option, Life Plus, and more, iProtect Smart ensures your family is financially protected even in your absence. Consider buying it at the earliest with affordable premiums. If you haven’t done it already, get your life insurance policy from Paybima today!
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Claims Experience

Claims Experience Rating 4.4
check-star % of claims settled in less than 30 days
Reflects on the speed of settling valid claims
98.61%
check-star % of Complaints received on overall claims
% customers unhappy with claims experience
0.24%
check-star Claims Incurred Ratio
72.71%
check-star Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
90.24%
check-star No. of Cashless Hospitals
11,000+
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Ask Anything as We Have Answers to Everything in Insurance

Being a savings cum life insurance plan, the iSelect Guaranteed Future Policy offers 5 different variants to choose from, such as iAchieve, Flexi iAchieve, iAssure, Flexi iAssure, and Easy iAchieve. Be it any plan you choose, you would get life cover together with guaranteed maturity benefit and/or survival benefit.

It is a voluntary cover that is in-built. As per the Payor Premium cover, if the insured dies, all the premiums to be paid in the future would be waived off, while the policy would still stay active.

Guaranteed maturity is the benefit that is offered as the assured lump sum pay that is offered at maturity. The money that is offered as guaranteed maturity to the policyholder or beneficiaries is fixed at the time of policy purchase.

The payout is given as a lump sum or monthly pay. You can also opt for part lump sum and part monthly pay income under the plan.

You can buy the plan online via the official website of the insurer or via any partner website.

Yes, you can revive the iSelect Guaranteed Future Plan within 5 years of the date of last unpaid premium, as per the specified terms of the policy.

Yes, since smokers are at a higher risk of health issues, their premiums may also be higher than those of non-smokers.

Yes, the policy is a family health insurance plan. So, you can also get your parents covered under it.

Health insurance has become a necessity in today's times. It's no longer a luxury. A single hospitalisation can wipe out a major chunk of your savings or may even force you to compromise on quality health services.

The iProtect Smart comes with flexibility in choosing your premium payment. It can be done in a single premium, for a limited period, or throughout the policy term as per your income and evolving needs. 

There are four payout options that are available with iProtect Smart. For instance, there is income option where nominee gets a monthly income for a set period; with lump sum income, the nominee gets lump sum + regular income for a set period; the lump sum, the nominee gets a lump sum amount; and with increasing income, the nominee gets an increasing income that increases every 10 years.

Disclaimer
 

  • 10% Cumulative Bonus (CB) will be applied on the Base Sum Insured for each claim free Year, which can go up to a maximum of 100% of the Base Sum Insured.
  • # Expenses related to the treatment of a pre-existing disease (PED) and its direct complications shall be excluded until the expiry of 24 months of continuous coverage after the date of inception of the first policy with the insurer.

(For Detailed Information Refer to the Policy Wording)