Is it good to buy ICICI Pru iProtect Smart Life insurance?

Despite India being one of the most populous countries in the world, term insurance remains significantly overlooked. As of 2025, only about 60–70 lakh individuals hold a term insurance policy, which is starkly low compared to the potential insurable population. However, there’s a silver lining. Thanks to growing financial literacy, increased digital access, and post-pandemic awareness, more Indians are now actively exploring term insurance as a financial safeguard for their families.

Among the various term plans available in the market, ICICI Pru iProtect Smart Review highlights its comprehensive coverage, flexibility, and strong claim settlement track record. Whether it's life cover, critical illness protection, or terminal illness benefits (the entire sum assured payout), the plan aims to bundle long-term security in a single, well-structured policy.

If you need help choosing the right policy, feel free to chat with us on WhatsApp or book a call at a convenient time. No spam — just honest insurance advice.

Overview

About ICICI Prudential Life Insurance

Founded in 2000, ICICI Prudential Life Insurance Company Limited is a leading life insurer in India and a joint venture between ICICI Bank (51%) and Prudential Corporation Holdings (49%).  It boasts a robust portfolio that encompasses term insurance, ULIPs, endowment plans, and retirement solutions. Headquartered in Mumbai, ICICI Prudential was the first life insurer in India to be listed on the BSE and NSE in 2016, underscoring its transparency and market credibility. As of December 2024, it manages Assets Under Management (AUM) of ₹3.1 trillion, reflecting consistent fund performance and disciplined asset growth.

Supported by significant digital innovations and technology-led delivery, the insurer emphasizes cost-effective solutions, quality service, and a hassle-free claims experience. Moreover, the company has a nationwide presence with 471 branches, 209,521 agents, over 59,800 partner branches, and 18,844 employees.

With this being said, ICICI Pru iProtect Smart is its flagship term insurance plan. Despite not having undergone significant changes throughout its existence, it remains one of the highly sought-after plans in the Indian market. Let’s delve into it: 

ICICI Pru iProtect Smart Review 2025 – Is it the Right Term Plan for You?

This ICICI Pru iProtect Smart Review explores why it is one of the most-purchased term insurance plans in the market. With a long history, the plan offers comprehensive protection at competitive prices and caters to diverse financial needs with multiple benefit options.

It is particularly appealing for salaried individuals due to its first-year premium discounts and for smokers due to relatively low loading charges. The plan is also one of the few in the market to provide critical illness cover for longer durations, even after the recent IRDAI guideline changes. It includes a life stage benefit, which allows policyholders to increase coverage at key milestones, such as marriage or childbirth.

ICICI Pru iProtect Smart Variants

ICICI Pru iProtect Smart offers four distinct variants, each designed to cater to different protection needs. In this ICICI Pru iProtect Smart Review, we want you to choose the variant that best aligns with your priorities. So here’s a quick breakdown of each variant and the benefits they provide:

Life:
Death Benefit
Terminal Illness
Waiver of Premium on Permanent Disability

Life Plus:
Death Benefit
Terminal Illness
Waiver of Premium on Permanent Disability
Accidental Death Benefit (ADB)

Life & Health:
Death Benefit
Terminal Illness
Waiver of Premium on Permanent Disability
Accelerated Critical Illness Benefit

All-in-One:Death Benefit
Terminal Illness
Waiver of Premium on Permanent Disability
Accidental Death Benefit (ADB)
Accelerated Critical Illness Benefit

Ditto’s Take: While all four variants are currently live, we often recommend the Life or Life & Health options, as they strike a good balance between affordability and critical illness protection. The Accidental Death Benefit (ADB) rider in the other options is typically not advised due to limited value for the added cost.

Key Features of ICICI Pru iProtect Smart

When it comes to term insurance, ICICI Pru iProtect Smart combines affordability, flexibility, and comprehensive protection — an all-in-one plan in our book. Regardless of your financial needs, be it short-term or long-term, it offers features that adapt to your life stage and needs.

Here’s a quick rundown of the ICICI Pru iProtect Smart benefits:

• High Life Cover at Affordable Premiums
  Get substantial coverage without burning a hole in your pocket — great value, especially for salaried individuals and young buyers.
• Built-in Protections
  Every benefit option includes:
  • Death Benefit
  • Terminal Illness Cover
  • Waiver of Premium on Permanent Disability (This ensures your policy continues even if you’re unable to work due to a permanent disability.)
• Whole Life Cover Option
  Want coverage that lasts a lifetime? You can extend your policy up to 99 years of age.

Ditto’s Take: A whole life cover is generally not recommended because of its significantly high premiums and the life cover not holding value due to inflation.

• Flexible Payout Options
  Choose how your family receives the claim:
  • Lump Sum

Ditto’s Take: We recommend opting for the lump-sum payout option as it is uncomplicated and straightforward. Moreover, the nominee has the discretion to decide how to invest the money.

• Income (monthly payouts)
• Lump Sum + Income
• Increasing Income (monthly payouts that grow annually)
• Special Benefits for Women and Smokers
  • Women enjoy a 15% lifetime premium discount due to their higher life expectancy, which insurers want to encourage.
• Tobacco users/smokers can get relatively lower premiums than other insurers offer for similar profiles due to lower loading charges.
• Accelerated Critical Illness Coverage
  Covers 34 major illnesses, including cancer and heart conditions, helping you manage medical expenses without depleting savings. This is only available under Life & Health and All-in-One variants.
• Smart Exit Benefit
  The Smart Exit Benefit (IPRU) enables policyholders to exit the policy after completing 25 years, provided they are at least 60 years of age. On exit, they receive a refund of all premiums paid (excluding rider premiums and GST). Once exited, the term insurance cover ceases.

Benefits of ICICI Pru iProtect Smart

ICICI Pru iProtect Smart isn't just about life cover; it’s a comprehensive protection plan designed to adapt to your evolving life needs. Here’s what makes it a solid pick:

• Financial protection for your familyThe plan ensures your loved ones are financially secure in your absence, helping them manage daily expenses and future goals.
• Flexibility to add critical illness coverYou can opt for accelerated critical illness coverage for 34 major illnesses, offering financial support during a health crisis.
• A wide range of riders is available.Choose from optional benefits like Accidental Death Benefit and Critical Illness cover for added protection.
• Tax benefits under Sections 80C, 80D, and 10(10D)Premiums paid toward the base plan qualify for tax deduction under Section 80C (up to ₹1.5 lakh), while premiums for critical illness cover qualify under Section 80D. Additionally, the death benefit received by your nominee is completely tax-free under Section 10(10D).
• Option to enhance life cover at life milestones You have the option to enhance your life cover at key milestones such as marriage or the birth of a child, without undergoing fresh medical tests. This feature, known as the Life Stage Benefit, allows you to increase your sum assured by 50% or ₹50 lakhs (whichever is lower) at the time of marriage, and by 25% or ₹25 lakhs (whichever is lower) per child for up to two children.
  
  For instance, ICICI Pru iProtect Smart caps the total life cover enhancement under this benefit at ₹1 crore. To avail of this feature, you must inform the insurer within 6 months of the life event.

So whether you're just starting out or planning ahead for your family, ICICI Pru iProtect Smart offers the flexibility and benefits to grow with you.

Riders Available with ICICI Pru iProtect Smart

ICICI Pru iProtect Smart offers a combination of built-in and optional riders that enhance the overall protection offered by the base policy. These riders allow you to customize your plan according to your specific health and lifestyle needs.

1. Accelerated Critical Illness Benefit RiderThis optional rider provides coverage for 34 major illnesses, including cancer, heart conditions, organ failure, and permanent loss of limbs. If the insured is diagnosed with any of these covered illnesses, a lump sum is paid out immediately. This amount is deducted from the overall life cover, and future premiums are reduced proportionately. This rider is available with the Life & Health and All-in-One variants, and you can opt for coverage of up to ₹1 crore.

2. Waiver of Premium on Permanent DisabilityThis benefit is automatically included in all variants. Suppose the insured suffers a permanent disability due to an accident and is unable to perform certain daily activities as defined by the policy (such as walking, climbing stairs, or writing). In that case, all future premiums are waived off. The policy continues to provide full coverage without any payment obligations. The disability must last for at least 180 consecutive days and be certified as permanent by a medical practitioner appointed by the insurer.

3. Accidental Death Benefit RiderThis optional rider provides an additional payout in case of death due to an accident. It is available with the Life Plus and All-in-One variants. The death must result from visible, external, and violent means and occur within 180 days of the accident. Coverage is available for up to ₹2 crores. However, deaths caused by self-inflicted injuries, war, criminal activity, or hazardous sports are not covered.

Ditto’s Take: We generally do not recommend getting this rider, as accidental deaths are already covered under the base plan. Instead, the policyholder may opt to increase their base plan coverage.

4. Terminal Illness BenefitThis benefit is included across all variants. If the insured is diagnosed with a terminal illness where survival is unlikely beyond six months, the full life cover is paid out immediately, offering financial support during a critical time.

These riders collectively make ICICI Pru iProtect Smart a comprehensive and customizable term plan, ensuring that the policy offers not just life protection, but also support during medical and accidental emergencies.

Eligibility Criteria of ICICI Pru iProtect Smart

Before purchasing any term plan, it is essential to determine if you are eligible for it and what type of flexibility it offers. Here's a breakdown of who can buy ICICI Pru iProtect Smart and under what conditions:

• Entry Age: You can buy this plan between the ages of 18 and 65. This means it’s available for young professionals just starting out and those closer to retirement age as well.
• Policy Term: The policy term ranges from 5 years to a maximum of 81 years (which is 99 minus your entry age). For example, if you buy the plan at 35, you can stay covered till 99.
• Sum Assured: The minimum life cover starts at ₹50 lakhs, and there’s no upper limit. The maximum sum assured is decided based on your income, health profile, and underwriting guidelines.
• Premium Payment Options: You can choose between single, limited, or regular premium payment modes. This gives you the flexibility to pay as per your financial planning.
• Payment Frequency: Premiums can be paid monthly, half-yearly, or annually. However, quarterly payment is not an option in this plan.

In short, ICICI Pru iProtect Smart caters to a wide range of buyers with flexible terms, large cover options, and payment benefits, making it one of the more accessible term plans in the market.

How Does ICICI Pru iProtect Smart Work?

Understanding how a term plan functions helps you make the most of its features. With ICICI Pru iProtect Smart, the process is quite simple and flexible. Here’s a breakdown:

1. Choose Your Coverage:
   You start by selecting your sum assured (life cover), policy term, and any optional riders. 

Ditto’s Take: The sum assured should ideally be at least 10–15x your annual income to ensure adequate protection.

2. Pick a Premium Payment Mode:
   You can pay premiums in three ways—
   1. Regular Pay: Pay throughout the policy term.
   2. Limited Pay: Pay for a shorter period, but enjoy full coverage for the entire term.
   3. Single Pay: Pay a one-time premium upfront and be done with it. This flexibility enables you to align your payments with your financial objectives.
3. Benefit Payout Options:  
   ICICI Pru iProtect Smart offers multiple payout formats to suit your family's needs:
   1. Lump Sum: The entire claim amount is paid in a single payment.
   2. Income: Monthly payouts for a fixed duration.
   3. Lump-Sum + Income: A mix of both—part paid upfront, rest as monthly income.
   4. Increasing Income: Monthly income rises every year to beat inflation.
4. Discounts for Committed Payers:
   ICICI offers premium discounts to salaried individuals with a cover of ₹1 crore or more—15% for limited pay plans and 10% for regular pay plans, making long-term planning more cost-effective.

In essence, ICICI Pru iProtect Smart lets you tailor the plan around your needs. Think, how much you want to be covered for, how you want to pay, and how your family receives the benefits.

Pros and Cons – A Balanced ICICI Pru iProtect Smart Review

Like any insurance policy, ICICI Pru iProtect Smart has its strengths and trade-offs. Let’s delver deeper into them to help you decide if it suits your needs:

Pros of  ICICI Pru iProtect Smart Review:

• Comprehensive Protection with Multiple Benefit OptionsYou can choose from Life, Life Plus, Life & Health, and All-in-One options—covering everything from death to disability to major illnesses.
• Flexible Payout ModesThe death benefit can be received as a lump sum, monthly income, or a mix of both, offering financial flexibility for your family.
• High Claim Settlement RatioICICI Prudential has a solid legacy and brand backing. Moreover, its claim settlement track record is stellar, which adds a layer of trust and reliability. The CSR for ICICI Prudential Life Insurance stood at 99.20% in FY 2023-2024.
• Wide Critical Illness CoverageCovers 34 major critical illnesses, including cancer, heart attack, and kidney failure, ensuring broader protection against health shocks.

Cons of  ICICI Pru iProtect Smart :

• Partial Payout for AngioplastyNot all illnesses get the full benefit under the Accelerated Critical Illness benefit. For instance, angioplasty pays only ₹5 lakhs, regardless of your total rider sum assured.
• Waiver of Premium Only on DisabilityIf you're diagnosed with a critical illness but not disabled, your premiums won’t be waived, limiting financial relief when it's needed most.
• No Payout in Case of ATPD (Accidental Total Permanent Disability)There is no option or add-on to provide a payout in case of ATPD; only the future premiums are waived.
• No Inflation Adjustment in CoverThe plan doesn’t offer the option to automatically increase your coverage over time, except during life events like marriage or childbirth (via Life Stage Benefit). This could reduce real value over the long term.

Weigh these pros and cons carefully to see how well the policy aligns with your long-term protection goals.

Customer Service and Support by ICICI Prulife

• Branch network across India.

ICICI Prulife offers extensive customer service and support through a nationwide network of 471 branches and over 59,800 partner branches across India.

471 branches,  over 59,800 partner branches.

ICICI Pru iProtect Smart Review - Ditto’s Verdict

ICICI Pru iProtect Smart is a strong contender in the term insurance space, especially if you're looking for a policy that offers both life cover and critical illness protection in one plan. Here's a quick summary:

• Great for long-term planners: Ideal for salaried individuals, business owners, or anyone looking to secure their family’s future with a trusted insurer. The plan offers coverage up to age 99 with flexible payment terms.
• Includes critical illness protection: You can enhance your life cover with critical illness and disability riders—this makes it a comprehensive option for dealing with life’s medical uncertainties.
• Flexible payout options: Choose how your nominee receives the death benefit—either as a lump sum, monthly income, or a combination—based on what works best for your family's needs.
• Life Stage Benefit is a significant advantage: You can increase your life cover at major milestones, such as marriage or childbirth, without undergoing a medical re-evaluation—ideal for evolving responsibilities.
• Backed by a strong insurer: ICICI Prudential has a solid claim settlement ratio and market reputation, adding credibility and peace of mind to your purchase.

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Conclusion

We’ve walked through all the key aspects of the ICICI Pru iProtect Smart plan, from its flexible policy term and payment options to its critical illness riders. It is evident that the plan is a feature-rich term insurance option from one of India’s most trusted insurers, designed to adapt to your changing needs over time.

This plan provides solid value if you're seeking a single policy that evolves with your life stages. Its features, like the Life Stage Benefit, make it an attractive option for individuals at different stages of life, but it may not be the best fit if you're prioritizing coverage for specific minor illnesses or seeking larger payouts for critical conditions. However, if you're looking for inflation-adjusted cover or more liberal critical illness payouts, you may want to explore alternatives that offer greater flexibility or higher benefits for specific conditions.

Above all, ICICI Pru iProtect Smart is a wise choice for salaried professionals, housewives, NRIs, entrepreneurs, and individuals seeking long-term financial protection combined with critical illness coverage.

Frequently Asked Questions (FAQs)