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ICICI Pru iProtect Smart Plus
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Product Benefits:
Introduction to ICICI Pru iProtect Smart Plus
ICICI Pru iProtect Smart Plus is a term insurance plan offered by ICICI Prulife, also known as ICICI Prudential Life Insurance Company Limited. A term insurance plan is the cheapest and most effective way to ensure that your family will have a secure financial future in your absence. This plan has only few limited pay options for faster premium payments and lets you increase cover over time, customise claim payouts and even exit early with a premium refund. Extra protection comes with riders for critical illness, accidental death and waiver of premiums.
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Customer Service:
Product Benefits:
Quick Overview:
What's Good?
- Option to automatically increase claim amount, with time
- Several options to customize claim payouts
- Option to exit the plan while active and get premium refund
- Critical illness rider's payout is in addition to the life cover amount
- Additional payout option for accidental death
- Premium waiver option available if listed illness is diagnosed
- Premium waiver option available in case of accidental disability
What's Not Good?
- Few Limited Pay options to speed up payments
Insurer Track Record
About ICICI Prudential Life Insurance Co. Ltd
JV Partners
Turnover (GWP)
Number of Policies
Number of Claims
Detailed Product Overview
Have doubts regarding this plan?
ICICI Pru iProtect Smart Plus is a term insurance plan from ICICI Prudential Life Insurance Company Limited. A term plan is one of the most affordable and effective ways to make sure your family remains financially secure in your absence. If the insured passes away during the policy term, the family receives a death benefit that can support daily expenses, help maintain their lifestyle and cover long-term financial needs.
This plan offers several customization options. The cover amount can automatically increase over time and there are many ways to customize how the claim payout is received. The plan also allows you to exit while it is still active and get back the premiums paid. In addition, the critical illness rider pays out over and above the base life cover and there is an option for an extra payout in case of accidental death. On the other hand, the plan does have a few drawbacks. It offers limited choices for completing premium payments faster and there is no premium waiver if the insured is diagnosed with a listed illness or suffers from accidental disability.
When it comes to pricing, the plan is cheaper than many other products. The insurer also performs better than several competitors, recording fewer complaints around both claim settlement and policy purchase.
Here’s the term plan review -
Key Product Features of ICICI Pru iProtect Smart Plus
The ICICI Pru iProtect Smart Plus's notable features are as follows:
- Life Cover Benefit: The plan provides a life cover, which is given to your family as a death benefit, in case you pass away unfortunately during the policy term.
- Early Exit Option: Some term insurance plans offer an early exit option, giving you the flexibility to cancel your coverage within a specific timeframe. The ICICI Pru iProtect Smart Plus Plan provides for the refund of premiums in the event of an early exit, which could be advantageous in some situations.
- Increasing Coverage: Some policies allow the cover amount to grow at fixed intervals until it reaches a maximum limit. Under this plan, the cover amount starts increasing from the 2nd year of the policy and can increase up to 145% of the base year with a 10% increase each year.
- Coverage Duration: While many plans stop coverage at age 60 or 65, this plan continues to offer coverage until age 99, offering security even after retirement.
- Limited Pay Options: You can finish premium payments earlier through the Limited Pay options of 5, 7, 10, 15 or 30 years. This reduces the burden in later years and suits those who prefer to complete payments while still earning a steady income.
- Claim Payout Options: In case of a claim, the death benefit is given to the nominee(s) as a one-time lump sum payout, in instalments, or a combination of both.
What are the Riders Available with ICICI Pru iProtect Smart Plus?
By adding riders, you can improve your coverage and receive further advantages suited to your needs:
- Critical Illness Rider: A sum of money is provided by the Critical Illness Rider in the event that the individual is diagnosed with a listed critical illness during the term. This rider is included in the ICICI Pru iProtect Smart Plus, with 60 covered illnesses. This plan covers you up to the maximum age of 99 years with the maximum cover amount of Rs. 1.5 Crore.
- Accidental Death Benefit Rider: This rider adds a payout to the base life insurance benefit in the event that an accident results in death during the policy term. This rider is offered under the ICICI Pru iProtect Smart Plus, which can help enhance your coverage. You can be covered up to a maximum age of 99 years, with the maximum cover amount of Rs. 3 Crore.
- Waiver of Premium Rider: This rider lessens the financial burden by ensuring that future premium payments are waived in the event that the insured individual is found to have a covered critical illness or becomes disabled due to an accident. However, this rider isn't available with the ICICI Pru iProtect Smart Plus.
Every rider has a distinctive function. To ascertain whether any riders meet your demands, it is crucial to evaluate your family's financial objectives and existing situation thoroughly.
Why should you choose ICICI Prudential Life Insurance Company Limited?
The claims experience of ICICI Prudential Life Insurance Company Limited is outlined as follows:
- Speed of Claim Settlement: The company ensures the timely processing of claims, with 98.15% of claims settled within 30 days after receiving all required documentation. This prompt settlement provides crucial financial support to the individual’s family.
- Online Claim Tracking: Claimants can monitor the status and progress of their claims through the company’s online tracking facility, enhancing accessibility and transparency.
- Claims Settlement Ratio: ICICI Prudential Life Insurance Company Limited has a claims settlement ratio of 99.31% based on the number of claims. The ratio indicates the percentage of claims an insurance company settles out of the total claims it receives in a given financial year.
- Personal Relationship Manager: ICICI Prudential Life Insurance Company Limited assigns a personal relationship manager to assist nominee(s) during the claim settlement process. This may result in more personalized support and guidance for claimants.
- Home Pickup Service of Claims Document: The company provides a document pickup service for claim-related paperwork, so the nominee(s) need not visit a branch to submit the necessary documents for claim processing.
- Claim Complaints: The claim complaints is at 0.07%, which is lower when compared to some other insurers.
What are the drawbacks of buying from ICICI Prudential Life Insurance Company Limited?
The potential drawbacks of ICICI Prudential Life Insurance Company Limited include the following:
- Long Death Claim Form: The company offers a very long death claim form than other insurers, which may not simplify the process for nominees or reduce the time required for claim submissions.
How is the customer service quality of ICICI Prudential Life Insurance Company Limited?
Here’s an overview of ICICI Prudential Life Insurance Company Limited's customer service quality:
- Toll-Free Support: Based on our research, the company’s toll-free helpline has a quick response time compared to other insurers.
- X (Twitter) Response: Customer service through the company’s X (Twitter) handle is slower, with room for improvement in responsiveness and engagement on social media platforms.
- Percentage of Complaints Received for After-Sales Service: Research indicates that 0.42% of customers report dissatisfaction with the after-sales service provided.
About the Insurer - ICICI Prudential Life Insurance Company Limited
ICICI Prudential Life Insurance Company Limited, is an Indian life insurance provider established in 2001. The company began as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Ltd. Headquartered in Mumbai, the company is led by Mr. Anup Bagchi, who serves as its CEO and MD.
Final Review on ICICI Pru iProtect Smart Plus
Based on an evaluation of over 100 factors across product benefits, customer service and claims experience, the ICICI Pru iProtect Smart Plus has received an overall MyInsureBuddy⭐Rating of 4.4 out of 5, as assessed by our in-house research team.
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