ICICI Prudential’s online term insurance plan is known as ‘iprotect’ plan. This plan was launched in 2010. It is a pure protection plan with optional Accidental Death Benefit rider. ICICI Prudential has recently launched iProtect Smart, a new comprehensive online term insurance plan with more optional benefits & features than their iProtect plan.
I believe that ICICI is trying to aggressively market this product and compete with other comprehensive term insurance plans like HDFC’s Protect Plus.
Basic life cover is a must. Over and above this if you would like to opt for optional benefits like Critical Illness rider or Accidental death benefit rider etc., I suggest you to carefully go through the terms and conditions before adding them to your basic cover. Select them based on your affordability and requirements.
In this post let us understand about– Key features of iProtect Smart plan, details about various plan options, information on accidental death benefit & Critical illness benefit, death benefit payment options, enhanced protection at key life stages (like marriage, child birth etc.,) and review on iprotect smart insurance plan.
Key features of ICICI Prudential new Term plan – iProtect Smart
iProtect Smart is a pure term insurance plan. Below are some of the key features of this new term plan offered by ICICI;
- iProtect Smart plan offers death benefit (or) terminal illness benefit and waiver of future premiums on permanent disability. Death benefit is paid to the nominee on the first occurrence of either life assured’s death (or) on diagnosis of Terminal illness. On diagnosis of Permanent Disability (PD) due to an accident, the future premiums are waived. These benefits are available under all the plan options.
(What is Terminal Illness? – A Life Assured shall be regarded as Terminally Ill only if that Life Assured is diagnosed as suffering from a condition which, in the opinion of two independent medical practitioners’ specializing in treatment of such illness, is highly likely to lead to death within 6 months.)
- This plan offers three payout options of ‘Death Benefit’;
- i) Lump sum – the entire death benefit amount is payable as a lump sum.
- ii) Regular Income – Under this option, 10% of the death benefit amount is payable every year for 10 years. For example : If Sum assured is Rs 1 cr, your nominee or legal heir would be receiving Rs 83,333 per month for 10 years. (Your nominee can also take the entire first year’s income as lump sum)
- iii) Increasing Income option – 10% of the death benefit amount is payable to the nominee every year for 10 years. However, the income amount will increase by 10% every year. For example : If Sum assured is Rs 1 cr, your nominee or legal heir would be receiving Rs 83,333 per month in the first year, in second year Rs 91,667 p.m. (110% of Rs 83,333) and so on for the next 10 years.
- Optional benefits (riders) like Accidental Death Benefit (ADB) & Critical Illness Benefit (CIB) are offered under this plan.
- ADB – In case of death due to accident, your nominee will get basic sum assured plus the sum assured opted under ADB.
- CIB – If you opt for this rider, you will get coverage against 34 critical illnesses. The CIB is payable on first occurrence of any of the covered 34 illnesses. The benefit is payable as lump sum irrespective of the actual expenses incurred by the policyholder. Your basic cover (death benefit) will get reduced by the extent of the CI benefit paid.
- iProtect Smart Term plan offers you the flexibility to pay the premiums as single payment, limited period payment or throughout the policy (monthly, quarterly, semi-annual or annually) (Limited pay = Policy term – 5 years)
- Special premium rates are offered for women. This plans offers coverage for female organ cancers such as breast cancer & cervical cancer.
- ICICI Prudential’s iProtect Smart offers the flexibility to increase the level of protection at key life stages of marriage and child birth, without any medicals
iProtect Smart Plan & Benefit Options (Plan Options)
This new term plan offers below benefit options; 
- Life Option : Under this option, Death Benefit (or) Terminal Illness Benefit + Waiver of Premium on Permanent Disability are provided.
- Life Plus Option : The benefits that are provided under this option are; Death Benefit (or) Terminal Illness Benefit + Waiver of Premium on permanent disability + Accidental Death Benefit
- Life & Health Option : Death Benefit (or) Terminal Illness Benefit + Waiver of Premium on permanent disability + Critical Illness Benefits are offered under this option.
- All in one : Under this option all benefits are offered. Death Benefit (or) Terminal Illness Benefit + Waiver of Premium on permanent disability + Accidental Death Benefit + Critical Illness Benefit
ICICI’s iProtect Smart Term Plan & Indicative premiums
The below table gives you an idea about the indicative premiums that are applicable under various ‘Benefit options’ and’ Death Benefit payout’ options.
- Accidental Death Benefit is available under Life Plus & All in one benefit options only.
- Critical Illness Benefit additional benefit is available under Life Health Option & All in one options only.
- Premiums vary depending on the death benefit payout option (lump sum / regular income / increasing income options)
- Premium amount is also dependent on ‘premium payment options’ (single pay / limited pay / regular pay).
- Below premiums are for a healthy 35 year male, non-smoker, for Rs 1 Crore sum assured + Rs 1 Cr Accidental death benefit + Rs 10 Lakh Critical Illness benefit & regular annual premium payment mode for 20 year term.
Enhanced sum assured Option
ICICI Pru iProtect Smart offers the flexibility to increase the level of protection at key life stages of marriage and child birth, without any medicals as below;
Life stage protection benefit is available only under ‘Life option’. Additional premium will be calculated based on the increased Sum Assured and outstanding policy term.
Should you buy iProtect Smart Online Term Life Insurance plan?
If protection is your objective, my standard recommendation is always to buy a term insurance plan with adequate cover. This plan offers basic cover and a lot of additional features / benefits. So, based on your requirements, affordability & medical profile you can opt for any of these additional features. Also, suggest you to compare the premiums with other best term insurance plans and take a final decision.
You may also keep in mind the below points before buying iProtect Smart Term plan;
- The death benefit is paid on the first occurrence of either death of the life assured (or) on diagnosis of Terminal illness. So, the life assured can claim the Sum assured when he/she is actually still alive.
- If you have a family history of Critical illnesses, you may consider buying a comprehensive stand-alone CI plan.
- Under this plan, pre-existing conditions (if any) are not covered by Critical Illness benefit (any condition which is diagnosed or received treatment within 48 months to prior to the first policy issued by the Company will be excluded). So, you may have to buy a separate Critical Health Insurance plan to cover pre-existing diseases (if any). (Read : ‘Best portals to compare Health Insurance Plans‘)
- If you opt for CI benefit, on diagnosis of any of the covered 34 illnesses, the policyholder will be paid lump sum CI benefit. Your basic cover (death benefit) will get reduced by the extent of the CI benefit paid.
- Kindly note that this plan does not provide ‘Permanent Disability Benefit’ on accident, it only waives off the future policy premiums. So, you may have to buy a separate stand-alone Personal Accident Insurance plan to cover the disability risk. (Read : ‘Best Personal Accident Insurance plans‘)
- Do read carefully the terms & conditions that are applicable for ‘Additional benefits’ (ADB / CIB / Waiver of Premium).
- You may opt for ‘Regular income’ (or) ‘Increasing income’ options, only if you believe that your nominee or legal heir can not manage or re-invest the claim amount. Else, it is advisable to opt for lump sum death benefit pay out option. Your nominee can earn better returns by re-investing the claim amount based on his/her age and financial goals.
- If you decide to go ahead with iProtect Smart term plan, you may consider assigning this plan under ‘Married Women’s Property Act‘.
- Income tax benefits under section 80C & Section 80D (Premium towards Critical Illness Benefit) are available.
- Do keep in mind that basic term insurance cover is a must. You may buy a term plan form a life insurance company that you are comfortable with. If you want to add more additional benefits to the basic cover, your premium amount will certainly increase. Everything comes with a price!
Do you think that ICICI’s iProtect Smart Plan is one of the most comprehensive online Term Insurance plans that are available in the market today? Kindly share your views and comments.
Continue reading :
- ICICI Prudential Precious Life (new) Term Insurance Plan | Life Cover to Individuals With Health Conditions
- Top 5 Best Online Term Life Insurance Plans 2020 | Comparison & FAQs
(Reference : iciciprulife.com & iprotectsmart product brochure) (This is NOT a sponsored post. ReLakhs.com is not associated with ICICI Prudential Life Insurance company)
Hello sir, I purchased icici i protect term plan from an agent on September 8 th,2017. I paid premium in 2018. This year I did not pay. Policy status…..Lapsed. I am receiving calls and message from the company. Today also I received a message. Shall I pay the premium? In case any thing happens to me , do they settle the claims, or reject the claim saying it was lapsed. Let me know please, if you give me clarity I take decision whether continue or not….. Paying the premium.
Dear Naveen,
Policy holder can generally apply for revival of the policy within two years from the date of policy discontinuance by paying the due premium, reinstatement charges and submitting the Personal Health Declaration Form (if applicable).
Revival of policy is subject to underwriting.
Kindly contact your Insurer immediately and get your policy revived.
Dont miss paying your term plan premiums..
I have type 2 diabetes . Does it increases my premiums?
Dear Rajesh,
An insurer may charge more over and above the basic (normal) premium rate.
You may kindly check with any Insurer by submitting a proposal form with your accurate details.
Sir,
is belows 15,000/- monthly income people able to take term plan? is it useful to them?
Dear sreenivas,
It is useful and a must have insurance plan for anyone who earns and have dependents. It is the cheapest form of insurance.
However, the sum assured is dependent on the income earned by the Proposer (applicant).
Hi Sreekanth… Thanks for being so informaive…
I have a doubt regarding taking a second term insurance plan… I am 29 years old non smoker from Assam … I have taken lic e-term policy for Rs. 50 lakhs around 1 year back… have disclosed all information honestly and have got the policy document but as per my age the lic people did not take any medical examination of mine… Now, I want to increase my cover by another Rs. 50 lakhs and so want to take a new policy… so i wanted to go with icici i protect smart… But after reading your blogs have come to know that it is not prudent to have two term insurance plans from two different companies and also lic does not provide any option to increase the cover of my already taken policy of Rs. 50 lakhs to Rs. 1 crore… Another thing that lic is costly and have heard it is a great hassle to claim policy from lic although they settle the genuine claims invariably……. please suggest me whether i should go with a second lic e term policy or go with icici for another policy for my 2nd term plan of Rs. 50 lakhs?
Dear Bishwadeep,
If you have a requirement to enhance your life cover, kindly go ahead and buy it from any insurer of your choice.
You may go through below articles;
Best Term insurance plans
HDFC’s new term insurance plan – Click2Protect 3D plus.
Thanks a lot Sreekanth…
Dear Sir,I have already two nos of term policy one is HDFC CLICK2 PROTECT .SA 25lakhs continue last five years & other is LIC Anmol Jivan SA 5lakhs coninue last four years…Now my Question is Can I increase my SA in HDFC click 2 protct or need to new one buy ????
Dear Krishna,
Are you aware of ‘Life stage Protection’ feature under HDFC policy?
Kindly read : HDFC Click2Protect plus review..
My term policy is only click 2 protect not PLUS…I need 40 Lakhs extra Sum Assured .Can I go another Term plan ?
Dear Krishna ..You may go for another plan.
Read : Best term insurance plans
Dear Sreekanth,
First of all thanks for putting up such a comprehensive and detailed product review.
My query is how much term cover one should aim for. Plus since our lifestyle, income, risk etc keep changing how should we keep the term cover in check? Any suggestions.
Dear Abhi,
Minimum can be around 10 to 15 times of your gross annual income.
Suggest you to also consider a standalone Personal accident cover along with basic life term cover.
Yes, based on the changing financial profile, one needs to have a tab on total life sum assured that one has..
hi
awsm article
i have just one querry
DOES THE PREMIUM OF ICICI I PROTECT SMART SUPER PROTECTOR LIFE PLAN WITH CRITICAL ILLNESS PLAN INCREASE OR GETS REVISED AFTER THE PLAN STARTS?
IF SO, ONCE IN HOW MANY YEARS DO THEY REVIEW THE CRITICAL ILLNES RIDER PREMIUM( I DO UNDERSTAND THAT THE BASE PREMIUM OF THE TERM PLAN DOESNT INCREASE)
THANKS IN ADVANCE
rgds
karthik
Dear karthik,
As per the Product brochure, the premium remains the same throughout the policy term even for a critical illness cover. You may get it checked with the insurer too.
My questions are :
1. I am 31 years old quitted smoking 3 years ago what shall I mention smoker or non smoker ?
2. Earlier I drink occasionally also quitted drinking from last week so.what shall I mentioned that I consuming alcohol or not if yes that what options 1). Nil 2). 5 ml or 3.) Greater than 5 ml per day
3. I want to buy 2 term plan the one I decided is ICICI I protect smart please suggest me other one which is best according to you.
Dear Pritesh,
1 – The definition of Smoking can vary from insurer to insurer. So, you have to check with your prospective insurer on this.
Kindly read: How Smoking impacts your Life Insurance Policy?
2 – You may have to mention that you take alcohol.
3 – Kindly read: Top Term insurance plans.
Dear srikanth sir I suresh working in Saudi Arabia , I am looking to buy term insurance as a nri I can buy online please give me reply sir. I am 27 years old.
Dear suresh,
Yes, you can buy. Kindly select NRI option in the application form.
Read : Best Term insurance plans.
Hi Sreekanth , My brother is having Chronic Kidney Disease problem , can he consider ICICI I Protect policy , will he needs to specify the problem while taking this policy and is he eligible for taking this?.
Can you please suggest the best policy for Term Insurance along with critical illness cover benefits.
Dear Karthik,
Yes, he needs to specify current medical condition in the proposal form. After that, insurer will let him know if they are ready to accept the form or not.
They may charge Extra Premium considering the risk profile.
Thank you for your kind response.. can you please suggest best policy for my brother case ?
Dear Karthik ..Kindly go through this article : Best Term insurance plans.
I am 32 years Old and married – we have 4 months old baby and my dad is retired and he is diabetic
Please suggest a good Insurance plan where I can get returns and protection to my family in my absents.
How about LIC BIMA Diamond Plan —
Dear jai,
Kindly do not mix investment with insurance.
You may consider buying a term plan with basic life cover and also a stand-alone Personal Accident cover.
Do three of you & your father have health insurance cover?
Kindly go through below articles;
Top 7 Best Online Term Insurance Plans in India
Best Personal Accident Insurance Policies in India : Details & Comparison
Health insurance plans for Diabetic individuals
Dear Sir, my collegues are saying that while claim settlement process to the nominee for term insurance purchased through online, government ins companies like lic do good settelment and private ins companies may not do.. Is it true? I purchased online term ins policy recently.. Can i continue it. Does my nominee get any difficult while claim settlment process? Please give reply…`
Dear Naveen,
No, it is not true.
As long as you have disclosed all the required details to your insurance company, do not worry!
Sir i am praveen age 29 i recently apllied for a term insurance policy in icici pru for sumamount 1 cr and i paid 9600rs submitted all documents medical tests also completed. Now i got reply as counter form for revised sumamount 40lakhs and payable is 6900rs per anum. I have not made any revise request, i could not understand the thing sir please reply
Dear Praveen,
Did they mention any reason for the revision of Sum Assured?
Probably, they are assuming higher risk regarding your profile/occupation (or) can be based on your previous income returns, you may not eligible to get the expected Sum Assured from the insurer.
Sir just only i have got a reply they said the reason of my income. But i am a govt employee getting 45000 pm. Even my colleague having less salary got 50lakh policy with less premium
Namasthe Sir, i purchased icici iprotect smart term plan recently through online… and my doubt is my nominee is not having awareness on internet so does she get any difficult while claiming the insured sum? Can she get claim settlement at their branch offices in hyderabad easily..
Dear Naveen ..Yes, she can approach any branch office the insurance company. Let her know about the the policy details, how to claim- procedure, customer care contact nums etc.
Hello Shrikant ,
Thank you for above information of ICICI- i protect smart. I have one question.One of ICICI Executive approached me for this Policy. I have already Icici – I protect. That executive told me to opt for this one as it provides 40- yrs term and CI benefit as addition and close the earlier policy. I am thinking for it as it will help me to increase my Sum assured and add the CI.
Kindly suggest .
Dear Pramod ..Tomorrow one more term plan with better features may come up, then what will you do? So, if you believe that your have been adequately insured with i-protect plan. Kindly do not buy new one.
In case if you would to like to increase your ‘risk cover’ then you may buy the new one for additional sum assured.
Hey Sreekanth,
Your posts about anything related to finance are clear, concise, and informative. You have become my go-to guy if i think about financial planning. Based on the article that you wrote, I analyzed the top 7 term insurance plans and shortlisted two – ICICi iProtect & Aegon Religare iTerm.
ICICI iProtect
Pros:
* Payout of 100% SA on diagnosis of Terminal Illness.
* ADB Rider has max SA of 1 Crore.
* Covers 34 critical illnesses.
* Best claim settlement comparitively, as well as among peers.” “* Comparitively higher
premium(s) for similar
plan package(s).
Cons:
* Only Waiver of Premium on
Permanent Disability and no
% SA payout.
* Only permanent disability arising
out of accidents is covered.
Aegon ITerm
Pros:
* Comparitively lower
premium(s) for similar
plan package(s).
* Permanent Disability rider
has % SA payout and waiver
of premiums for base policy
of subsequnt years.
* Permanent Disability
caused due to sickness or
accident is covered.
Cons:
* Lowest claim settlement
comparitively, as well
as among peers.
* Maximum ADB rider SA is 72 lakhs.
* Covers just 4 critical illnesses.”
One thing that really worries me is the longevity of the provider. ICICI, being a bank, should be able to tide over a crisis. Please let me know your thoughts and add some points that would help me take an informed decision.
Thanks.
Dear Chandrasekar,
I understand that you have highlighted two points – i) Claim settlement & ii) Trust on the Company.
Claim settlement : As long as the policyholder discloses all the required information, I do not see any reason why an insurance company will reject a claim (if any in the future).
Also, note that “as per the recent amendment to Section 45 of the Insurance Act, If your policy is 3 yrs old, no matter what happens, the life insurance company will not be able to deny the claims. So, your life insurance company has only 3 years in hand to reject the policy based on any mis-representation or mis-statement. Once 3 policy years are completed then the life insurance company has to settle the claims and can not reject them.”
2 – The insurance industry is a very well regulated one in India. So, do not have any apprehensions about a company. Kindly buy a plan from a company which you are comfortable with.
Read: My Blog reader’s review on Aegon’s iTerm plan.
Also, my suggestion would be to buy a stand-alone Personal Accident plan with permanent & temporary disability risk covers.
Read : Best Personal Accident insurance plans.
Dear Sreekanth,
Really good work you are doing over here. Read your review on ICICI Pru iProtect Smart term plan. I have a few questions, if you could help me:
1. As per Section 45 of the insurance act that you have quoted in the captioned blog, an insurer can not deny a claim given the insured has paid premium regularly over the previous 3 years leading up to the claim. But is it possible that by showing some reason whatsoever, the insurer can reduce the benefit amount?
2. It is said that although LIC has high settlement ratio, the settlement amounts have been majorly under Rs. 2 lakhs. How does ICICI Pru fare on that front?
3. Average per day alcohol consumption is asked in the application form. For me, its as low as 1ML per day. where as the options provided are a. NIL, b. 2-5ml and c. >5ml. if I select option NIL, will it be treated as concealment of facts even if I have already admitted that i do consume alcohol.
4. I have already paid the premium for my plan, but medical test is yet to take place. But i am having second thoughts of shifting to LIC by withdrawing in my freelook period. Will that hurt my case anyhow??
Regards,
Arko
Dear Arko,
1- No. They may either decline or approve the claim in full (wrt life insurance).
2 – Kindly read : Latest claim settlement data 2016.
3 – If you are consuming alcohol, may be it is wise not to mention it as NIL and can opt for second (b) option.
4 – I dont think so.
Hello Mr. Shreekant,
I am non alcoholic nor smoker , wanted to take a term insurance policy
a) 35- 40years tenure
b) best settlement ratio
c) less premium but genuine company
d) sum assured – 2 cr
Regards- d.jain***@yahoo.com
Dear Deepak,
Kindly read:
Best Term insurance plans.
IRDA’s claim settlement ratio details.
Hi Sreekanth,
Thanks for your un-biased articles.
Could you please suggest which is the best plan for Critical Illness. I have gone through many of your articles but could not found any standalone plan suggested for CI from your side. Based on your other articles i have already selected ICICI iprotect and Apollo munich Accidental Death plan. Thanks.
Dear Savin,
CI, it is very tough to suggest one, as one needs to evaluate lot of factors before shortlisting a plan.
Kindly read:
Best portals to compare health insurance plans.
Evaluate these factors when buying a health plan.
Thanks a lot Sreekanth.
Hi Sreekanth ,
I have few queries insurance policy
1. Is it good to buy one policy( icici iprotect smart )which has all features like term, disability and critical illness ?
2. In case of claim , if I have multiple policies from multiple insurance companies is it difficult to do follow-up with
all insurance companies . As per IRDA, can I have multiple policies from different insurance companies and ask for claim from every insurance company. Will there be any issues ?
3. Is ICICI iprotect smart is good policy ?
Dear Nagendra,
1 – My suggestion, one can take basic cover and then a stand-alone Personal Accident Cover. Critical illness can be taken as a rider or stand-alone depending on the family medical history. Do read the policy wordings of CI.
Read: Best Personal Accident insurance plans.
2 – One can have multiple life insurance policies & nominee(s) can claim from all the companies.
3 – Kindly read: Best Term insurance plans.
Sir, I want to know Icici 2 products details.
1) ICICI Pru Savings Suraksha this plan in good or bad . (if i invest 50000 pa 10year. how much i will get after 10year.)
2) ICICI Pru iProtect Smart or HDFC Life Click 2 Protect Plus which one is best term insurance.
Dear Nikhil,
1 – ICICI Pru Savings Suraksha is a traditional plan. You may ignore buying it. If insurance is your requirement, you can go for a Term plan. If returns are your priority then there are better options.
Read:
List of best investment options.
Term insurance + PPF Vs Traditional life insurance plans.
2 – Read my review on HDFC Life Click2Protect plus.
Thank you sir
I need protection for my life. Which one is the best as per your opinion ICIC Or HDFC ?.
Dear Nikhilf..Both are equally good. You may go ahead with the company you are comfortable with.
Hi Shree,
just want to confirm difference between life and life plus as per my understanding.
Suppose someone buys life plus of 50 Lacs converage. Now if person dies in road accident than his family will receive 50 Lacs + 50 Lacs (1 Crore) as its Life Plus.
If he has opted for “Life” option only than in same scenario, he will get only 50 Lacs, Right?
Pure Term insurance does covers death due to any reason. Can you please let me know if there are any reasons under which claim can not be settled after one’s death (if any reasons are there).
Thanks.
Dear Kiran,
Your understanding is correct.
The reasons can be, death due to earth quakes, terrorist activities etc., you may re-check about these things with the company.
Alright, Thanks Shreekanth.
Just one more concern, i used to smoke before but now i don’t. before that i was smoking from around 5-6 years. So it will be ok to opt for policy as “Non-Smoker”? or that will be any issue later related to this?
Dear Kiran,
Kindly read this article, can be useful to you: How Smoking impacts your Life Insurance Policy?
Hi Sreekanth, You write amazing stuff ,
Hi Srikanth,
I am 39 Years old and planning to take Term Policy …can u suggest best for my family (2 daughter +life partner)
Dear Ravindra..Kindly read: Top online term insurance plans.
Dear srikanth i am planing for term plan in my absences my family my get sum amount for there future requirement by both natural death or accidental death kindly sugest me which is the best term policy hdfc or icici in icici all in one is also good
Srikanth,
In case I opt for ICICI Prudential Ismart Life plan ( Not Life Plus) and in case death occurs due to an accident, will the sum assured will be paid? LIC agent tells me that under Life plan sum assured will be paid only in case of natural death or terminal illness and in case of accidental death.
He says sum assured will be paid in case of accidental death in case I take Life Plus policy.
Pls help to understand better.
Dear Vijay,
Death benefit (basic sum assured) in case of death due to accident will be paid under Life plan also.
In case of Life plus option, basic cover + accident death benefit would be paid.
Excellent !! Keep spreading financial awareness. I am new reader/visitor to your blog.
hi Sreekanth,
I am very disappointed to see that my comment was deleted. Did I asked something worng?
Dear Praveen..It’s been observed that you are posting with different names but from a same ID address /email Id.
Suggest you to continue with one ‘display name’ so it is easy for both us to track the comments/replies 🙂
dear sreekanth i want to buy a term insurance ,now i am 41, quitted smoking 3 months back. pl suggest me what to write non-smoker or smoker.and i want to have a accidental death coverage.so wheather i will opt two seperate policy for basic cover and accidental cover or choose something like i-protect smart.
Dear DEBAJYOTI,
Mention it as ‘smoker’ in the proposal form.
Suggest you to opt for a basic term plan cover and then buy a stand-alone Personal Accident insurance policy.
Read: Best Personal Accident Insurance plans.
sir about the pure term plan pnb metlife mera term plan is it a good one as its cost is less than others.and pl suggest wheather to include my spouse who is a working lady to my term plan or it is better to buy a seperate one for her.
Dear DEBAJYOTI,
Suggest to have separate plans. You can buy from a company of your choice. Kindly disclose all the required information in Proposal Form(s) accurately and honestly.
hi Srikanth
I am 39 years aged non smoking man. I would like to have a term insurance and Personal accident insurance as per your articles.
I need a coverage of 1 crore. I need your advice in this regards.
I am planning to get
-HDFC click2protect plus for 50 Lakhs covering till 75 years with extra life option. Premium is coming down to 16,273.
-Apollo munich personal accident insurance for 50 lakhs(not sure if that is possible) . Premium costing at 5800
My questions:
Does the plan full fill by 1crore coverage?
My assumption that life should be protected more for accidental deaths, Is it logical?
If 50 lakhs is not possible in PA then can we take 2 policies? If yes, then should the two policies from apollo munich?
Apollo munich PA standard vs premium? Which should I opt for?
I see ICICI iprotect is also good. But I am skeptical about ICICI (my whole feeling) should we concerned about these things, if we are planning to be transparent while applying for insurance?
Thanks in Advance
Madhu
Dear madhu,
Kindly note that a personal accident policy can cover death or risks arising due to accidents only.
So if a policyholder dies due to an accident, in this case one can get 50 Lakh + 50 lakh. But if it is due to natural death, the nominee can claim only Rs 50 Lakh.
So, if you want to have Rs 1 crore as life cover payable on death due to multiple reasons, you can increase your life cover (term plan) to that extent.
I believe that Apollo premium version accepts higher Sum assured proposals. If you are planning to take Rs 50 Lakh PAcover then you may have to go for PREMIUM plan.
If you are not comfortable with ICICI’s products (perception), kindly go ahead with hdfc term plan.
Read: HDFC Click2Protect Plus – review.
hi Sreekanth,
Thanks for the reply.
I understand the HDFC extra life option is only for accidental death.
I felt that accidental death carries more impact and chances than natural death.
So was trying to arrange 1.5cr in accidental death and 50L for natural death. Is my perception correct?
About ICICI with the amendment of Section 45 of the Insurance Act, Can I feel comfortable?
Dear madhu,
Kindly note there can be maximum ceiling limit for rider Sum Assured.
Generally the rider SA is offered as a % of the basic sum assured, beyond which the life insurance company may not provide the expected SA.
Can you comment about “About ICICI with the amendment of Section 45 of the Insurance Act, Can I feel comfortable?”
Dear madhu / Praveen.. May I know your exact query?
Dear Srikanth,
I’m 30 years old male and married, have one child with one year. My salary 4lakh per annum. I need any good investment plan ideas. Can u please suggest me any good Health,Term insurance and mutual fund schems which suitable for me.
Currently my investment is,
Atal pension yojana ( both myself and my wife)
Axis long term equity fund ( SIP for 5 Years)
Dear karthikeyan,
Kindly go through below articles and you may revert to me if you need more details/info;
Financial Planning pyramid.
If life is unpredictable, insurance can’t be optional.
Best Term insurance plans.
Best Personal Accident Insurance plans.
Top Family Floater Health Insurance plans.
List of Best Investment options in India.
Kid’s education goal calculator.
Retirement planning goal calculator.
Really useful information for new term insurance buyers.
Keep posting…
For term Insurance, simple pain ones with no add ons, I am confused between ICICI, HDFC or LIC. My relative is the India head of Aviva Life Insurance and he has suggested to go for LIC irrespective of it might by charging 7k to 8k higher
Dear Siddharth,
Yes, it is better to buy a simple & basic term life cover and a stand-alone personal accident insurance cover. If you are comofortable buying from LIC, go ahead but do note that their premium rates are higher than other ones.
Kindly read:
Top Term insurance plans.
IRDA’s latest claim settlement ratio data.
HI, planning to by life policy , D.O.B. 25/5/1966 , 2015-16 ITR is 385500/ NON SMOKER,NON ALCOHOL, need cover 50 lacks, 25 years ,need CIB or DISBLTY rider. KINDLY SUGGEST ME ,what to do ?
thank a lot
Dear MUKESH..You may contact the life insurance company and go ahead with your plan of buying a term plan.
You may go through other term plans here:
Best Term insurance plans.
Also read: Best personal accident insurance plans.
Dear Srikanth Reddy
Very good reviews and comments are useful of term plan.
My query is 2.
1) earth quake why not considering as normal or accidental death claim in term plan? After policy holder death, that dependant are affected economically, ate agreed or not?
2) So , Tsunami, heavy rains floods, natural disaster also not considering normal or accidental death claim?
3) Above 2 clarification only to confirm really whether term insurance plans are so effective or not? What is your view? Please reply ASAP.
Thanks once again
Dear Babu,
There are few companies which cover risk arising out of earthquakes too. You need to check with the respective companies before you buy a term plan.
Hi,
What will happen if am alive at the time of maturity?
with Regards,
Raza
Dear Raza..In case of pure term insurance (basic life cover) plan, there won’t be any maturity benefit.
Super work done!! I am 27 yr old .
I wish to opt for term insurance plan?? is offline term polices are good compared with online??
why??
Dear Amin,
If you are tech savvy and comfortable buying direct through online mode, go ahead and buy term plan through online, you can save some bucks. The premium rates are lower than the offline plans’ as the intermediaries are not involved in the buying process.
But do note that most of the online term plans do not offer riders (latest ones like iProtect / hdfc click2protect plus offer).
Hello Mr. Reddy,
Thanks a lot for the article.
I reckon this Term Plan is issued without any Medical Examination. Does this cause any problem in the event of Death of the insured due to Illness?
HDFC C2P does require a Medical test before Policy is issued. Does it imply that HDFC has an edge over ICICI in that respect?
Thanks in advance,
Alay
Dear Alay..I believe that medical tests are required to get the policy issued.
Hello Sreekanth,
So you’re implying that Medical Examination is required for ICICI policy as well?
Thanks,
Alay
Dear Srikanth,
I am at age 30, looking for term insurance with max cover (40 – 45 years). Is that Aegon is good? or which one do u prefer
Thanks in advance
Regards,
SK
Dear SK..Kindly read my article : Top online term insurance plans.
Dear Srikanth,
My DOB is 15.08.1975 and a government employee..
Which plan you suggest for me…as i was get confused with many..
thank you…
Dear SYAM,
Kindly read : Best Term insurance plans.
I can we take term insurance for non working persons, I am planning to take Term insurance for my wife she is non working
Dear Rahul,
Life cover is not required for a non-working member of the family.
You can buy a health cover in your spouse name.
Read:
Best Family floater insurance plans.
Best websites to compare health insurance plans.
Dear sir pls advise me regarding term policy for one crore rupees
I am 37 yrs non smoker
I shortlisted icici Hdfc and lic
But lic costing me more pls advise but u can also adviseany other good plans
Thanks in advance
Dear viswanath,
All three are good ones. Kindly select as per your affordability & requirements.
Kindly read : Top 7 best online term insurance plans.
Your premium amount will be depend upon the term you choose to pay.. anyway i can assure that I PROTECT SMART will be having the lowest premium.
My name is Santanu Sr Agency Manager ICICI Prudential.Pls do contact me for iprotect smart.
Mob:8884550598
Can anyone advise if a NRI can be a policyholder of ICICI iprotect smart.
If yes, is death covered outside India.
Dear John..I believe that NRIs can take this plan. But suggest you to get the confirmation from the company directly.
Yes, it is covered.
i have old policy icici pru i care protect plan
(2011) 40 lakhs SA without medical test premium 8000 p/a last 5 yrs continuous i try to icici pru smart plan apply or not and no medical test or better conti.. old policy
Dear feroz..always better to get medical tests done and buy a Term plan.
If you are under-insured (based on your income + financial obligations), you can buy one more term plan.
my self weight over weight and BP today apply go to medical test reject policy so my old policy 5 yrs running 100 % claim or not any problem ?
and one more apply new term policy this my conduct apply reject or not ?
Dear feroz..I am unable to understand your query. You may kindly post it in hindi (if possible), will surely try to reply at the earliest.
Dear sree kanth…is there any medical check up before taking this term policy….and what documents are needed for this term insurence?
And can i take this policy by contacting directly their offices?
And what is the premium for 33 year man for a term 35 years…
Dear Sivadasan,
Yes, medical tests are mandatory for most of the term plans (tests may be optional if sum assured is say less than Rs 25 Lakh).
Generally, companies ask for ITR forms, form 16s, salary slips, latest passport photos, PAN copy, Address proof & ID proof docs etc.,
You can buy this online by visiting icici prudential website. You can check the applicable premium rate online.
Dear All,
I purchased ICICI Prudential new Term plan – i Protect Smart on 9th December 2015. paid premium online by credit card. While paying premium I choose medicals to be done on 13th Dec, 2015. After paying premium I received a message from their healthcare partner saying that some one will call your for medical tests. I received a call on 14th evening for appointment.
This morning some one came to my home done ECG & collected blood and urine samples for tests. he says by today evening they will submit medical reports to ICICI PRU. Am looking forward to my policy. Let us see how soon they will respond!!!
I would like to share with you why i choose ICICI I Smart! Initially i thought t of going for HDFC Click to protect but finally i shifted to ICICI because of the following reasons….
1. Added advantage of Terminal Illness cover & waiver of future premiums on permanent disability which is not available in HDFC
2. Claim Settlement ratio of ICICI is 94.1 whereas HDFC is 94.01 but volume-wise ICICI is 13398 & HDFC is at 7259.
3. Second largest insurance company (LIC is no 1) and finally
4. Premium is cheaper than HDFC, If you increase the SA from one crore to 1.5, 2 , 3 cores. In HDFC click to protect plus plan they are multiplying premium 1x, 2x, 3x etc (X is one crore premium).
I Will update here after any update in my policy…
Pl note: after paying premium none of the customer care guys form ICICI called me. I called them and asked i what to be done next. He advised me to write a mail to buyonline@iciciprulife.com on same day (ie 9th Dec, 2015) and i wrote a mail to them immediately i received a confirmation mail with token no saying that your query will be answered with in 2 days. I have not received any answer till now.
Thank you all for reading this.
CH.Srinivas
Dear Srinivas ..Thank you for sharing your experience and do keep us updated.
By the by – ‘What is volume-wise?’ (wrt claim ratio).
Dear Sreekanth,
Volume wise mean no of claims. Pl find refer attachment here for the same.
Further I had received my policy recently by mail. Hard copy yet to receive. But ICICI Pur customer care team is not responding. If we write a mail they take about a week to respond…
Regarding Medicals, They have done nicotine test which is positive for me. it was written in remarks as positive dont mean that he is smoker. There many reasons to it…..
Anyhow finally i got my policy as my medicals are cleared.
Thanks & In wish happy new year to sreekanth & All you guys.
Sir I wanted to know that in ICICI iprotect samrt plan can i change the death benefit option from regular income to lumpsum payment. If yes what is the process.I am ready to pay the difference in premium amt.
Dear Anwar,
I believe that it may not be possible after the issuance of the policy bond. Did you buy this plan? If so, you may check with the company directly.
Kindly share the update here.
Thanks for your prompt reply sir.
Sir I purchased the iprotect smart plan on 12.12.2015 and paid the premium amount online.I wrote to them regarding change of death benefit option on 14.12.2015 after speaking to their customer care
My medical was conducted on 15.12.2015 and the policy is not yet been issued.
Is it possible to change the death benefit option before the issuance of policy.
Dear Anwar..What did they say when you contacted them? In case if they issue the policy bond, you can cancel it during the free-look period and apply for it again.
But, I suggest you not to do this. May I know the reason why do you want to switch from regular income option to lump sum?
They said to write a mail stating my request/amendments.Accordingly I wrote and they responded that they will reply me within 2 days and I am still waiting for it.
And I have no specific reason why I want to switch from regular income to lump sum I just wanted to keep the things simple.
Dear Srikanth,
Thank you for the information and a detailed review,
I am 30 years old and stepping into financial planning. better late than never :). Was looking to buy a term insurance and this posts are very helpful. I am no brainier when it comes to the terms used here so i want to read in detail about each and terms and conditions of the policy. help me locate such a document
thanks,
senthil
Dear senthil..I have emailed you the doc. Kindly go through it.
Hi Sreekanth,
Thanks for the detailed review.
Please send me also the policy doc, I have narrowed down ICICI and MaxLife want to compare the ADB between these .
Does Policy bazaar help with the process ?
Thanks in advance.
Dear Moin..If you are comfortable buying online, suggest you to buy direct.
Read :
Best Term insurance plans.
Best Personal Accident insurance plans.
Hi Srikanth,
Could you mail me the document that you have sent to Senthil, am also in need to buying a term insurance.
Thanks in advance
Dear Sir
I want to know about Regular Savings Fund available in market, like Reliance Regular Savings Fund.
I you have any data regarding that please share the details.
Dear Bhavesh,
‘Regular Savings Fund’ is just a name of that fund.
You can invest in all ope-ended mutual funds on a regular basis (Systematic Investment Plans). Let me know your investment horizon (timeframe)??
Kindly read:
Best Equity funds.
Best Balanced funds.
How to invest in Direct plans of MF Schemes?
i What to invest in such way that the regular monthly income will come, just like post MIS, but i want to know, is there any other option which will give me higher return.
It is my father fund, he was working in Privater company and now he retried and he has accumulated fund of 50 Lacs, and we want to invest in such manner that they will get regularly monthly income from it.
If you any any option then, please advise me.
Dear Bhavesh,
If you want to get higher returns, you got to take higher risk.
You may consider MF MIPs dividend option (but these funds charge 28% dividend distribution tax). So, suggest you to invest some portion of the
fund (50 lacs) in MF aggressive funds for say 2 to 3 years.
MF MIPs (growth option), Bank FDs, Company FDs (invest in high rated FDs), Post office MIS, Post office Sr Citizens Scheme etc can be considered.
Kindly read:
Best MF MIPs.
How to choose best Company FDs?
Best Debt mutual funds.
Excellent review
Thank you dear Rajeeru..Keep visiting 🙂
How the top three compare (icici, hdfc & lic) with regard to claim settlement process, i mean which one is simpler and easier
Dear pradip..I believe all the three are good. Regarding Claim settlement ratio, kindly read : Latest Claims data 2015.