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Insurance CompaniesOctober 5, 2020

ICICI Prudential Life Insurance

Give yourself the peace of mind you deserve with the perfect life insurance plan

 “Life Insurance is a combination of caring, commitment and common sense” – Howard Wight.

Hard to imagine a world where we live without care and commitment. This is something that we take for granted. However the world is not what it is cut out to be and there are dangers all around. This means that we must protect our self – interests. The best way to do that is through getting the right insurance. Surprisingly only 3 out of 10 Indians are buying term insurance. This means that there are 90% out there who have nothing to fall back on when a loved one passes on. Especially if he/she was the main breadwinner of the family.

Uncertainty is the mother of all unknowns. Despite thinking you’re bulletproof; it is so easy to fall victim to uncertainty. Nobody is asking you to panic and buy one now. Although a good start would be to search for one in these uncertain times. At least you’re moving on the right path.

The only certainty from the uncertainty of death is misery, grief and sadness unless you have been a particularly non-likeable person (even if that is the case, this is a good way to make up after you’re gone!). Jokes apart, there are so many reasons to get life insurance – helping your loved ones financially after you’re gone, managing debt, great for tax saving, forced savings and most importantly what nothing else can give you – Peace of Mind!

Insurance till a few years ago was mostly opted for by individuals at critical points in their lives, who were at the threshold of a new stage in life – may be marriage, childbirth, or they were now in the twilight of their lives. Smart people buy Life insurance early as it is cheaper to do so. Getting insurance when you’re young, single and at your peak is the single smartest thing to do since you’re bound to get the best rates!  We circle back to uncertainty, what if you get something later? Isn’t it smarter to have something now which will hold good value going forward in life rather than being disqualified for it?

Getting insurance in the present time may seem like a waste of money, but think about the immediate positives – it helps you save on your taxes and more importantly it is a great tool for forced savings. Yes, we are speaking to you young millennial who is living the YOLO life!

The vagaries of modern living with increased work pressures, unhealthy lifestyles and stress-inducing activities has led to the development of a host of diseases of which cancer, paralysis, stroke are some life-threatening illnesses, just to name a few. Mental health too has assumed a new dimension for the wellbeing of the individual.

In the age of Corona, there is a monster of uncertainty that has reared its ugly head and is now at your doorstep. So while you think the odds are stacked against you, think again. There is a policy that you work to your advantage by ICICI.

ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. It began operating in 2001. It holds the prestige of the first insurance company in India to be listed on NSE and BSE. ICICI Prudential Life aims to build an enduring institution that aids in the protection and long-term saving needs of customers.

ICICI Prudential Life has been awarded the “Claims & Customer Service Excellence Awards” in the Life Insurance Category by FICCI and “Customer Service Company of the Year” by India Insurance Summit & Awards 2020. It has also been recognised as the Best Alternative or Digital Payments Program of the Year” by the Customer Fest Leadership Awards 2020 so you know that you’re getting into something that is recognized as excellent.

ICICI has created the ICICI Pru iProtect Smart Life Cover Plan, which has become their top-selling plan online. So why not get one for yourself? Let us go through the highlights of this plan to know why:

  • Eligibility: Earlier the better – It is better to opt for safeguards from an early age and ICICI Pru iProtect Smart Life Cover Plan is built, so that you can plan protection for your loved ones from very early in your working life. The minimum entry age is 18 years and the maximum is 65 years. The maximum maturity age is 75 years and the minimum age for maturity is 23 years.
  • Policy term: One can opt for a policy term ranging between 5-40 years based upon the type of plan chosen and also the premium payment option selected. This plan provides coverage until the age of 99.
  • Premium payment options: There are various options for payment of premium. You may opt for Single Pay, Regular Pay or Limited Pay option where premium needs to be paid for a limited number of years. You need to pay only once as per Single Pay option; Regular payment option covers the entire policy term; and for the Limited Pay option, the premium payment term is Policy Term minus 5 years.
  • Premium payment frequency: You can opt for Single pay, annually, bi-annually or even monthly as per convenience and the size of your wallet.

Plans and features:

  1. a) Life – Under this plan, the nominee of the policy receive the sum assured under two conditions. The first condition is that upon the death of insured (policy nominee will receive the amount as a lump sum) following which the policy is considered terminated. Under the second condition, in case the assured is diagnosed with a critical illness or has suffered a permanent disability, then all future premiums are waived and the Sum Assured is paid.
  2. b) Life Plus – This option takes into consideration the features of the Life option and additionally, the assured is also provided coverage for Accidental Death. In case the insured loses his life as the result of an accident then his nominee gets the Accidental Death Benefit as a lump sum. This option is available at an additional premium. Once the benefits are paid, the policy is considered terminated.
  3. c) Life & Health – This plan features all the benefits available under Life & Life Plus except for Accidental Death. Additionally, coverage is provided for 34 critical illnesses as a Critical Illness Benefit. This Critical Illness benefit is paid as a lump sum on diagnosis of a critical illness and the amount paid does not depend on any extraneous conditions such as medical expenses incurred for treatment. However, according to this option, the Death Benefit will remain, however it will be reduced proportionately to the amount paid as Critical Illness benefit.
  4. d) All in one – Under this option, insured will be covered for every possibility that may put your life at risk. It will ensure Death Benefit as well as benefits for Terminal Illness, Accidental Death, Accelerated Critical Illness Benefit as well as a waiver of Premium on permanent disability.
  5. e) Add on Coverage in the form of Life stage protection: You can opt to increase Sum Assured at different stages of life events such as Marriage, birth etc. without undergoing medicals. Of course, there will be an increase in the premium amount.

Flexibility for Payout options: ICICI Pru iProtect Smart provides flexible options to avail the Death Benefit. This can be an option for as a Single Lump Sum, Lump Sum and income where the nominee receives a percentage of the Lump Sum initially and balance Sum Assured paid in equal monthly instalments over 10 years. Thirdly you can opt for the entire Sum Assured to be paid in monthly instalments over 10 years and lastly, the Sum Assured can be paid in monthly instalments with a 10% increase annually.

Surrender Value: In case you have a change your mind and do not wish to continue with the policy, you can opt to surrender the policy and get your money back subject to conditions of the Underwriting Policy. This option is available with the Single pay policy.

Free Look Period:  A Free Look Period is available for this Policy. You may opt to cancel the Policy within 15 days if purchased through traditional options such as an agent and within 30 days if the Policy has been purchased online.

Grace Period:  A Grace Period of 15 days is available for monthly premium mode and 30 days for other modes of premium chosen for payment of Premium. Otherwise, the Policy lapses and coverage discontinues.

Policy Revival: A lapsed policy can be revived within 5 years subject to the underwriting policy and certain conditions such as payment of interest on premiums due and/or Late Fee.

Tax Benefits:  There are no taxes payable on premiums paid under Section 80C. There is an additional tax benefit under Section 80D. Claim amount received by yourself or your designated nominee is also tax-free under Section 10(10D). Tax benefits are subject to review and amendments and may change from time to time.

Benefits:

  1. The Policy has added value if opted at an early age since longer-term coverage ensures larger benefits.
  2. The current pandemic has had an impact on the insurance scenario. It has become increasingly important to have insurance cover which provides cover in this period of high uncertainty. The ICICI Pru iProtect Smart Life Cover Plan has changed to accommodate this sudden requirement effective 11th April 2020 where cases will be processed faster.
  3. Life Cover for ICICI Pru iProtect Smart Plan covers many terminal illnesses including AIDS.
  4. Accidental Death Benefit can be opted for even after the purchase of the Plan. Accidental Death Benefit Rider Coverage is provided until a maximum age of 80 years which is beneficial as it ensures a longer coverage term and serves as a mitigating factor for resultant financial strain due to a mishap.
  5. If the Policyholder becomes completely disabled, all future premiums are waived immediately and the Sum Assured is paid.
  6. There is an option to get your money back before the end of the Policy term in case you need to do so. This is of course, subject to the underwriting policy terms.
  7. There is also an option to insure Joint Life.
  8. There are premium discounts on offer to women and non-smokers
  9. Till the age of 60, which is the maximum entry age, you may opt to transfer or assign other policy to ICICI Pru iProtect Smart Plan and vice versa.

We have looked at all the potential benefits and advantages of the ICICI Pru iProtect Smart Life Cover Plan. Let us take a look at some of the drawbacks as well since nothing is perfect in this world.

There is no maturity / Survival benefit available for this plan. There are also no options for taking a loan under this Plan.

The Policy is liable to be cancelled in case the Assured is found to be insane (mentally unfit) or in case he commits suicide. There are also several illnesses which are not covered under this policy. Also, pre-existing conditions are not covered for receiving the Critical Illness Benefit.

Despite the above insignificant drawbacks, ICICI Pru iProtect Smart Life Cover Plan is a well-framed plan offering life insurance benefits at affordable rates of premium and providing maximum benefits in comparison to other similar players in this field. The company offers superior quality services and a hassle-free claim settlement process which is a huge plus point for this offering in today’s turbulent times.

By opting for this plan, you will ensure safety and security for your family’s needs and requirement in case the unthinkable happens and they are left to fend for themselves without the safety of an anchor. Ensure your family’s worry-free future – opt for the ICICI Pru iProtect Smart Life Cover Plan today.

Say bye-bye to uncertainty and make the right choice for you, your family and most importantly – for your peace of mind.

Check out all the features and benefits of ICICI Pru iProtect Smart Life Cover Plan at Bimakaro.in

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