ICICI Pru IProtect Smart

By BankBazaar | July 11, 2016

Iprotect Smart

Nothing like a Term Life Plan that ensures the protection of your family from all kinds of unforeseen events. Death, critical or terminal illness, permanent disability, death by accident – ICICI Pru IProtect Smart has your family covered through and through.

Let’s look at the salient features of this plan.

Eligibility First

Age 18-60 years
Maturity Age 23-75 years
Tenure 5-40 years

With simple eligibility requirements, the plan assures you a big sum for a small price. Some of the benefits include a payout if you are diagnosed with any of the 34 critical illnesses covered by the plan. And if the cause of death is due to an accident, the nominee(s) will receive double the insured amount.

These are just a few of the benefits. You actually get a lot more with this plan for premiums starting at Rs. 2,400 p.a. (excluding taxes, of course).

Tell me more about the medical benefits

Medical emergencies strike without a warning. At times like these, when your family is grappling with the emotional turmoil of it all, you don’t want money concerns adding to their troubles. Opt for the Life & Health Benefit Option or All-In-One Benefit Option for Critical Illness Benefit, which will allow you to at least take care of your big medical expenses. If you get diagnosed with any of the 34 critical illnesses covered by the plan, your family will receive a lump sum amount whether or not you are immediately hospitalized and irrespective of what the cost of the treatment may be. The Critical Illness benefit starts at Rs. 1 lakh and the goes up to Rs. 1 Cr.

More benefits?

If an accident is the cause of death of the insured person then the nominee(s) will get paid double the insured amount, subject to a maximum payout of Rs. 2 Cr. In case an accident leads to permanent disability, the plan will continue without you having to pay another premium. Sounds like a good deal?

What about tax benefits?

You can claim tax benefits under Section 80C and Section 80D of the Income Tax Act. You can claim tax benefits on the Life Cover under Section 80C and on the Critical Illness Benefit under section 80D. To top this, the amount your family will receive in your absence is also tax free. It’s good all the way.

Over and above the basics, you have the additional option to increase your life cover at various milestones, such as marriage, the birth of your child etc. As for the payments, you can choose to make one payment or make many payments throughout the plan tenure. You can also opt to make payments for a term of 5 years. Pretty nifty, isn’t it ?

So, what are you waiting for? Check out the ICICI Pru IProtect Smart Term Life Insurance plan.

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Category: Life Insurance

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