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ICICI Prudential iProtect Plan

ICICI Prudential iProtect Plan is a non-participating pure term plan which is available for purchase through the company’s website. Like a term plan, this plan also provides high protection at very low premium rates.

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Key Features

It is a pure term insurance plan with regular pay premium paying options
There are two types of benefit options: Option I and II where there is an inbuilt Accidental Rider in Option II
Simple application process

Benefits

The nominee gets the Sum Assured on death of the policyholder under Option I
Under Option II, in case of accidental death, additional SA is paid which is equal to the basic SA but not exceeding 50 lakhs
Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	20 years	65 years
Maturity Age (Last Birthday)	-	75 years
Policy Term (PT) in years	10	30
Premium Paying Term (PPT) in years	Equal to policy term
Premium Paying Frequency	Annual
Yearly Premium	2000	No limit

Details About Premium

Annual premium in Rupees for a policy tern of 25 years

Age (yrs.) / Sum Assured	Option I			Option II
Age (yrs.) / Sum Assured	25 lakhs	50 lakhs	1 crore	25 lakhs	50 lakhs	1 crore
30	3850	5600	9900	4875	8150	12,400
40	8175	11,000	19,500	9200	13,200	21,700
50	15,900	26,150	46,600	17,025	28,300	48,800

Policy Details

Grace Period: 30 days grace period is allowed for payment of premium
Policy Termination or Surrender Benefit: there is no option of surrendering the plan.
Free look period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

Premium discounts are given for non-smokers

Exclusions

In case of suicide committed within 12 months of policy inception the premium paid is refunded. In case of suicide within 12 months after revival only 80% of premiums paid are returned to the nominee.
For the rider, accidents due to infection, drug abuse, self-inflicted injury, war or civil commotion, criminal acts, aviation, etc. are excluded