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ICICI Pru iProtect Return of Premium protects you and your family members against all unpredictability, secures your future financial planning while also making sure that you receive a maturity/survival benefit. Let’s discuss the plan in detail.
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Term Plans
Here are the benefits of ICICI Pru iProtect Return of Premium Plan:
Income Benefit: Receive life coverage all over the policy tenure and start receiving income monthly from 60 years of age till the completion of the policy tenure
Return of Premium: Receive life coverage all over the policy tenure and get 105 percent of your premium amounts back at the time of maturity.
Early ROP with life stage: Receive life cover (alterations as per life stage) during the policy tenure. Moreover, receive 105 percent of your premium amounts back upon maturity.
ROP with Life Stage:Receive life cover (alterations as per life stage) during the policy tenure. And, receive 105 percent of your premium amount back on maturity.
Protection with life stage option: This cover adjusts to your varying responsibilities and life stage.
Security for 64 critical ailments/illnesses: An added and immediate payout on the diagnosis of 4 minor and 60 major critical illnesses.
Increased protection for accidental death: Receive up to 2 times the life cover in case of demise because of an accident.
Return of Premium: Receive 105 percent of your premiums back at the last of the plan tenure with ROP and ROP with life stage plan options.
Regular Income: Receive a guaranteed income monthly from 60 years of age till the last of the policy tenure with the plan option of ‘Income Benefit’.
Early ROP: Receive 105% of the premium amount back at the 60/70 years along with continued cover till the last of the policy tenure with plan option ‘Early ROP with Life stage coverage’.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.
You can opt for supplementary benefits such as safety against 64 critical ailments or add-on life cover in case of an accident under each of the plan options based on the below selection:
| Options | Benefits |
| Life | Life cover |
| Life Plus | Life cover + Accidental death benefit |
| Life and Health | Life cover + Critical illness Benefit |
| All in one | Life cover + critical illness benefit + Accidental death benefit |
Note: The premium amount will vary on the basis of the benefit option chosen
Get tax savings benefit on the premium amount paid & paybacks received as per the prevalent laws of the Income-tax act.
| Eligibility Conditions for Level Cover | ||||
| Plan options | Premium Payment Term | Minimum-Maximum Policy tenure | Entry Age | Maturity Age |
| Return of Premium | Single Pay – one time | 5 -40 years | 18-65 years | 23-85 years |
| 5 Pay | 10 -40 years | 28-85 years | ||
| 7 Pay | 12-40 years | 30-85 years | ||
| 10 Pay | 15-40 years | 33-85 years | ||
| 12 Pay | 17-40 years | 35-85 years | ||
| 15 Pay | 20-40 years | 38-85 years | ||
| Regular Pay | 10-40 years | 28-85 years | ||
| 60 years | 10-40 years | 25-55 years | 65-85 years | |
| Eligibility Conditions for Life Stage Cover | ||||
| Plan options | Premium Payment Term | Minimum-Maximum Policy tenure | Entry Age | Maturity Age |
| Return of Premium (ROP) with Life stage | 5 Pay | 15-40 years | 25-50 years | 65-85 years |
| 7 Pay | ||||
| 10 Pay | ||||
| 12 Pay | 17-40 years | 25-48 years | ||
| 15 Pay | 20-40 years | 25-45 years | ||
| 60 years | 15-40 years | 25-50 years | ||
| Early ROP with Life Stage coverage at 60 years of age | 5 Pay | 15-40 years | 25-50 years | 65-85 years |
| 10 Pay | 20-40 years | 25-45 years | ||
| 12 Pay | 22-40 years | 25-43 years | ||
| 20 Pay | 30-40 years | 25-35 years | ||
| Early ROP with Life Stage at 70 years | 5 Pay | 25-40 years | 35-50 years | 75-86 years |
| 10 Pay | 25-40 years | 35-50 years | ||
| 12 Pay | 27-40 years | 35-48 years | ||
| 20 Pay | 35-40 years | 35-40 years | ||
| 60 years | 25-40 year | 35-50 years | ||
Note: Know what is term insurance first and then buy a term plan for your loved ones.
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You have the flexibility to choose any of the following plan options at inception and your benefits will be based on the plan option chosen. Once selected, the plan option cannot be changed.
| ROP | |
| Life cover | The legal heir/nominee will receive the life coverage according to the selected death payout option Single Pay: Death benefit received will be higher of:
|
| Survival Benefit | No |
| Maturity Benefit | Upon policyholder’s survival till the policy tenure’s end, 105% of full premiums paid are payable as maturity payout |
| Income Benefit | |
| Life Cover | The legal heir/nominee will receive the life coverage as per the selected death payout option Death Payout will be higher of:
|
| Survival Benefit | This payout is paid on a monthly basis as regular income equivalent to 0.1, 0.2,0.3% of SA at policy commencement. This is to be paid at the last of each month commencing from the anniversary of a plan after the policyholder turns 60 till the last of PT |
| Maturity Payout | No |
| ROP with Life Stage | |
| Life Cover | The legal heir/nominee will receive the life coverage as per the selected death payout option The death benefit will be higher of:
Life cover remains the same as basic SA chosen at the commencement From 2nd year till the plan anniversary after 55: Life cover upsurges by 5% per annum of SA chosen at plan commencement from the 2nd year of policy on every policy anniversary after the policyholder turns 55.Life cover remains the same till the next anniversary of the policy. From plan anniversary after 56 years till the plan anniversary after 60: Life cover remains constant as SA chosen at plan commencement from the plan anniversary when the policyholder turns 56, till the anniversary of a plan after the policyholder turns 60 From plan anniversary after 60 years till the last of the plan tenure: Life cover is decreased to 50 percent of SA chosen at plan commencement, from anniversary of a plan after the policyholder turns 60 till the completion of plan tenure |
| Survival Benefit | Survival benefit is not payable |
| Maturity Benefit | Upon policyholder’s survival till the last of the plan tenure, 105% of the total premium amounts paid is to be payable as maturity payout. |
| Early ROP Life-Stage Cover | |
| Life Cover | The legal heir/nominee will receive life coverage according to the selected death payout option. 1st year of policy: Life cover remains constant as the SA chosen at policy commencement From 2nd year of the policy till the plan anniversary after 55: Life cover upsurges by 5% per year of the SA chosen at plan commencement from the 2nd year of policy on every plan anniversary till the plan anniversary when the policyholder turns 55. Life cover remains the same till the next year of the policy year. From plan anniversary after 56 years till the plan anniversary after 60: Life cover remains the same as SA chosen at plan commencement from the plan anniversary after the policyholder turns 60. From plan anniversary after 60 years till the completion of PT: Life cover is decreased to 50 percent of SA at policy commencement, from plan anniversary when the policyholder turns 60 till the last of PT. |
| Survival Benefit | This benefit is to be paid is 105 percent of the full premium amount paid on the anniversary of a plan after the policyholder turns 60/70, as chosen at policy commencement. |
| Maturity Payout | No |
If you are not satisfied with the T&Cs of the policy, the policy documents will be returned to the insurer along with the cancellation reasons within
15 days from the date of receiving the policy, if purchased through distance marketing
30 days from the date of receiving the policy, in case of e-policies, if purchased through distance marketing
Upon policy cancellation during free look time, the premium will be returned to the policyholder subjected to the deduction of:
Stamp duty under the plan
Expenses are borne by the insurer on a medical test if any
Proportionate risk premium amount for the time of cover
A grace time of 15 days for payment of premium applies for monthly mode of premium payment and 30 days for other premium payment modes, without any late fee or penalty, during which time the plan is considered to be active with the risk cover without any break, as per T&Cs of the policy.
5% of discount for regular pay and 2% for limited pay on 1st year’s premium will be offered to a current policyholder who is buying this product. The discount is not applied to a single payment plan.
The plan which has discontinued premium payment can be revived within 5 years from the due date of 1st unpaid premium and before the policy termination date.
Policyholders have the option to avail of a loan after your plan attains a surrender value. The maximum amount of loan will be 80% of the surrender amount and there is no minimum amount of loan.
In case of death due to suicide within 12 months from the risk commencement date under the plan or from the revival date of the policy, the policyholder shall be eligible to at least 80 percent of the full premium amount paid till the death date or the surrender amount available as on the death date whichever is higher, provided the policy is active.
Note: Check out the term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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