ICICI Pru iProtect Supreme

ICICI Pru iProtect Supreme- Plan Overview

ICICI Pru iProtect Supreme is a non-participating and non-linked pure protection comprehensive term insurance plan offered by ICICI Life Insurance Company. The plan is designed to secure your family’s future against uncertainties. It offers two plan options – With Return of Premium (100% refund on maturity) and Without Return of Premium. The plan provides Life Stage Protection, allowing an increase in Sum Assured during key life events like marriage or childbirth. Women and salaried customers benefit from special discounts, while a terminal illness benefit adds extra security. 

Key Features of ICICI iProtect Supreme

Below are some of the key features of ICICI iProtect Supreme Plan. Take a look:

• Life Insurance Cover: The plan ensures financial security for your family after your demise.

• Premium Discounts: Get 15% lower premiums for women and special discounts for salaried individuals.

• Flexible Terms & Payments: Policy term up to 85 years with annual, half-yearly, or monthly premiums.

• Tax Benefits: Avail tax benefits on the premiums paid and benefits received as per the prevailing tax laws

Eligibility Criteria of ICICI Pru iProtect Supreme

Benefits of ICICI Pru iProtect Supreme

Comprehensive Coverage with Flexibility

The plan provides complete coverage with two different options: Return of Premium and Without Return of Premium. Depending on your preference, you can choose the option that best fits your needs:

• With Return of Premium: If you survive the policy term, you will receive 100% of the premiums paid as a maturity benefit, which can act as a financial cushion for the future.

• Without Return of Premium: This option does not offer a maturity benefit, but it provides a lower premium and still guarantees a death benefit in case of death or terminal illness.

Both options ensure that your family is financially protected in unforeseen events, making them versatile options for various needs.

Death Benefit

The plan guarantees that your family will receive financial protection in case of your death or diagnosis of terminal illness. The Death Benefit is paid to the beneficiary and is the higher of:

• 7 times the annual premium

• 105% of the total premiums paid

• Sum assured chosen by you

This ensures your family receives sufficient financial support to cover immediate expenses and future needs.

Death Benefit Payout Flexibility

The Death Benefit can be paid as a lump sum or as income over 5 years, depending on your preference. This flexibility allows the beneficiary to choose the most suitable payout method, which can be especially helpful in managing finances after losing a loved one. You can also split the death benefit, receiving one part as a lump sum and the remainder as income over time.

Life Stage Protection

Life is full of changes, and so are your financial responsibilities. ICICI Pru iProtect Supreme offers the Life Stage Protection feature, which allows you to increase coverage at key life events such as marriage or the birth/adoption of a child. This helps ensure that your life cover evolves along with your growing family and responsibilities.

• This option allows you to increase the sum assured by up to 50% after marriage, or 25% after the birth or adoption of a child (up to a certain maximum limit).

• When exercising this option, you don’t need a medical check-up, making it easy to adjust your coverage without hassle.

Policy Details of ICICI iProtect Supreme Plan

This ICICI Prudential term insurance plan comes with the following policy details:

• Grace Period: 15 days for monthly premiums; 30 days for other modes. Policy lapses if premiums are unpaid within this period.

• Free Look Period: 15 days for offline policies and 30 days for digital policies. A full refund is available if canceled within this period.

• Policy Surrender: Single premium plans can be voluntarily terminated with a refund based on the unexpired risk premium factor.

• Loan Facility: No loan option is available under this plan.

• Policy Revival: Can be revived within 5 years by paying outstanding premiums, interest, late fees, and providing proof of good health.

• Discontinuance of Premiums: All policy benefits will cease if premiums are unpaid beyond the grace period.

What are the Documents Required to Buy the Policy?

You can easily buy the ICICI Pru iProtect Supreme Term Plan online through the insurer’s website. This comes with the benefit of a lower premium and requires only minimal document submission for policy issuance. The essential documents needed for purchase are:

• PAN card: The document doubles up as an ID and Age proof

• Age and address proof

• Income proof

• Recent photograph

How to Buy ICICI Pru Term Insurance Plan from Policybazaar?

You can buy the ICICI term plan online in an easy way using the steps detailed below:

• Step 1: Visit the term insurance page

• Step 2: Fill in personal information like name, mobile number, gender, and email ID 

• Step 3: Select the right occupation type, annual income, educational background, and smoking habits

• Step 4: Compare and choose ICICI term plans from the best term insurance plans available.

• Step 5: Once selected, pay the premium.

FAQ's