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ICICI Pru iProtect Smart

ICICI Pru iProtect Smart is a comprehensive term insurance plan that in addition to securing your loved ones in your absence, also gives you the flexibility to design your own plan by choosing from the range of benefits that the plan has to offer. To know more, please refer the product brochure.

Payout in case of major illness | Flexible Payout options | Additional payout in case of Accident | Get Tax benefits

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Payout in case of major illness

You can avail a critical illness cover against 34 life threatening illnesses#

Pay-out to you in case of 34 Critical Illnesses

We understand that if you are diagnosed with a life-threatening disease, the burden of medical costs and liabilities falls upon you and your loved ones. The company pays you Critical Illness (CI) Benefit as a lump sum amount. This will help you meet the cost of medical care and manage regular expenses during difficult times. This pay-out is made irrespective of immediate hospitalisation or medical costs due to the illness.

Flexible Payout options

With this plan, you can decide how your nominee receives the Life Cover amount in your absence. The company provides pay-out options on the basic Life Cover amount to protect the future of your family. Additionally, the Accident Cover and Critical Illness amount will always be paid-out as a lump sum under this plan.

OptionsDetails
Lump Sum The Life Cover will be paid together as a fixed lump sum. For example, if you choose a Life Cover of `1 crore, your nominee will receive the same lump sum amount, which is also the Sum Assured.
Income You can choose this option if you want your family to receive a regular monthly income. With this option, 10% of the benefit amount is payable every year for 10 years. This will be paid in equal monthly instalments, in advance, at the rate of 0.8333% of the total benefit amount. This means, for a Life Cover of ₹1 crore, the monthly income paid will be ₹83,333.
Your nominee can also choose to receive the first year’s income, equal to ₹10 lakh, as lump sum. After this, the monthly instalments will continue from subsequent month for 9 years at the rate of 0.80% of the total benefit amount, i.e., ₹80,000 per month.
Increasing Income You can choose this option if you want your family to receive an increasing regular income. Your nominee will receive monthly instalments for 10 years. The income amount will increase by 10% p.a. simple interest every year.
For example, if your Life Cover is ₹1 crore, then your nominee will receive ₹10 lakh in the first year, ₹11 lakh in the second year, ₹12 lakh in the third year and so on.

Additional payout in case of Accident+

In case of death due to an accident, the company offers a payout that is double the Life Cover opted by you. (Maximum payout of ₹2 crore)

+ This benefit is only available under Life Plus & All-in-one options

Get Tax benefits

You can get Tax benefits u/s 80C towards your Life Cover and u/s 80D towards your Critical Illness cover.

Disclaimer


Terms and Conditions apply. The values shown are for representation purposes only. Actuals may differ.

*The premium has been calculated for a 30 year old healthy male for a life cover of ₹50 lakhs and an accelerated Critical Illness cover of ₹10 lakhs under ICICI Pru iProtect Smart – Life & Health option for a policy term of 20 years, for regular income payout option and is exclusive of all taxes. The annual premium rate is ₹5,787 (exclusive of all taxes)

*The above example is for a 40 year old healthy male for ICICI Pru iProtect Smart for all the benefits chosen. (i.e hospital, Income, Increasing Cover or ALL) with health insurance cover of Rs. 50 lakh (Rs. 25 lakh heart cover + Rs. 25 lakh cancer cover) for a 20 year policy term and is exclusive of all taxes. In case of yearly premium frequency, the total premium will be Rs. 31,989 (exclusive of all taxes)

#The critical illness benefit is an accelerated benefit and the death benefit will be reduced by the critical illness cover paid to the policyholder. To know more about the illnesses covered, please refer to the sales brochure. This is only available in Life & Health and All in One options.

+This benefit is only available under Life Plus & All-in-one options

1Tax benefit of Rs 54,075 is calculated at highest tax slab rate of 30.9% (including Cess) on insurance premium u/s 80C/80CCC of Rs 1,50,000 and health premium u/s 80D of Rs 25,000. Tax benefits under the policy are subject to conditions under Sec. 80C, 80D and Sec 10(10D) of the Income Tax Act, 1961. Goods & Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time. ICICI Pru iProtect Smart, UIN – 105N151V03

~Doctors document confirming diagnosis to be submitted.

**Tax benefit is calculated at highest tax slab rate of 30.9% (including Cess) on health premium of Rs 25,000 u/s 80D of the Income Tax Act, 1961.

Conditions ApplyGuaranteed benefits are payable subject to all due premiums being paid and the policy being in force. Your Guaranteed Maturity Benefit (GMB) will be set at policy inception and will depend on policy term, premium, premium payment term, Sum Assured and gender and may be lower than your Sum Assured. Guaranteed Additions (GAs) totaling 5% of GMB each year will accrue during the first five policy years if all due premiums are paid. GAs accrue on payment of due premium. Bonuses consist of vested reversionary bonuses, interim bonus and terminal bonus, if any (this is in addition to what is mentioned).

4Capital Guarantee will be available in terms of Assured Benefits, which is applicable only at maturity of the policy. Assured Benefits will be 101% of the sum of all premiums paid. There will be an additional charge of 0.50% p.a. and 0.10% p.a towards the investment guarantees for Easy Retirement Balanced Fund and Easy Retirement Secure Fund respectively, which will be adjusted from the NAV on daily basis.

2Tax benefits are subject to conditions of section 80C, 80CCC, 80D, 10(10D) and 10(10A) of the Income Tax Act, 1961 and are subject to amendments made thereto from time to time.

Goods & Services Tax and Cesses, if any, will be charged extra as per prevailing rates.

“This feature is only available under ICICI Pru iProtect Smart – Life Option

ICICI Prudential Life Insurance Company Limited. IRDAI Regn No. 105. CIN: L66010MH2000PLC127837

© 2016, ICICI Prudential Life Insurance Company Limited. Registered Address:- ICICI PruLife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025. Insurance is the subject matter of the solicitation. For more details on the risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale. Call us on 1-860-266-7766 (10am-7pm, Monday to Saturday, except national holidays and valid only for calls made from India) and on 91-22-6193-0777 (Valid for calls made from outside India) (10am-7pm (IST), Monday to Saturday, except national holidays). Tax benefits under the policy are subject to conditions u/s 80D of the Income Tax Act, 1961. Goods & Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time.ICICI Pru iProtect Smart,UIN-105N151V03. Advt. No.: W/II/0071/2017-18

ICICI Bank Limited ("ICICI Bank") with registered office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara, 390 007, Gujarat (CIN: L65190GJ1994PLC021012) is a corporate agent (Composite, IRDAI Regn No. : CA0112 valid till 31/03/2019) of ICICI Prudential Life Insurance Company Limited ("ICICI Prulife"). Insurance is underwritten by ICICI Prulife. Purchase by ICICI Bank’s customer of any insurance products is purely voluntary, and is not linked to availment of any other facility from ICICI Bank.

The products, services and benefits referred to herein are subject to terms and conditions governing them as specified by ICICI Prulife from time to time. ICICI Bank shall not be liable or responsible for any loss resulting from insurance company's products/ services.

Time limit on the validity:
Subject to applicable laws, all the information given above is valid for the term of the policy purchased.

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