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Frequently Asked Questions (FAQ’s)

It is important that we ensure the financial security of our family in case of an unfortunate event like death of the income earning member of the family. We need to ensure that even in the absence of the income earner, the family is able tide over the financial stress and emergencies caused due the loss of the earning member which can be compensated to a large extent if the Life Assured has taken adequate Life Insurance Cover. Also in case one is not able to provide for one’s family in case a major illness strikes, family will be protected against the income shock arising out of expenses incurred on the treatment.

You can take a cover of at least 15 times your annual income. You can get a life insurance cover basis your annual income at nominal premium rates. For self-employed individual income surrogates will be ITR of 3 years, for agriculturists Mandi receipt will act as income surrogates.

Having a life insurance plan with adequate cover is a recommended way to safeguard your loved ones. With growing dependents in the family your responsibility towards protecting them would also increase, hence it is advisable to have an insurance cover which matches with your responsibilities. Hence it is recommended that one should revisit the life insurance cover according the rising financial income and need of the family.

You can look for these 5 factors in a company before buying a life insurance plan:

  • Company’s claim settlement ratio
  • Asset Under Management (AUM) which is an indicator of company’s financial health & consumer trust
  • Brand value of the company/reputation of the company
  • Company’s presence (geographical & digital)
  • Ease and convenience provided to the customer

Basis your age, gender and tobacco usage your premium for the sum assured chosen by you can be calculated.

As an ICICI Bank customer, you can avail this plan through your Internet Banking account where in you get a cover of ₹1 crore. You will need to do minimal form filling and do not have to undergo any medical tests. This is not offered anywhere else in the industry.

Apart from death benefit, this plan can also give you a terminal illness benefit where you can get the life cover before the policy term in case you get detected with a terminal illness. Also in case of permanent disability all your future premiums would be waived off, but your policy would continue.

If you buy iProtect Smart today at say a monthly premium of ₹1000 and choose a term of 30 years; this premium would remain fixed throughout the entire policy term. But if you delay your purchase, i.e. if you plan to buy this policy say, 5 years later your premium would increase with your age.

A grace period for payment of premium of 15 days applies for monthly premium payment mode and 30 days for other modes of premium payment (i.e. yearly, half-yearly). If the premium is not paid within the grace period, the policy shall lapse and cover will cease.

If you are not satisfied with the policy, you may cancel it by returning the policy document to the ICICI Prudential Life Insurance Company Limited (ICICI Life) within 30 days from the date you received it. On cancellation of the policy during the free look period, ICICI Life will return the premium paid subject to the deduction of: a. Stamp duty paid under the policy, b. Expenses borne by ICICI Life on medical examination, if any and c. Proportionate risk premium for the period of the cover. The policy shall terminate on payment of this amount and all rights, benefits and interests under this policy will stand extinguished.

In case of death due to suicide within 12 months:

  • from the date of inception of the policy, the nominee or beneficiary of the Life Assured shall be entitled to 80% of the premiums paid, provided the policy is in force     or
  • from the date of revival of the policy the nominee or beneficiary of the Life Assured shall be entitled to an amount which is higher of 80% of the premiums paid till the date of death or the surrender value as available on the date of death.


On payment of this all rights, benefits and interests under the policy will stand extinguished.