In recent years, the concept of financial security has become integral in everyday life. All of us need to ensure that our loved ones are financially protected in any unfortunate event leading to our demise. This is where term insurance comes in and offers a straightforward solution to this problem. It provides a pure risk cover that safeguards your family’s financial future at an affordable premium. 

However, securing such coverage can be quite complicated for people who do not have a regular income. This is because life insurance companies usually require evidence of regular earnings in the form of salary slips or audited financial statements. This is where the ICICI Prudential iProtect Super term insurance plan comes into play. They launched this plan specifically for people without a regular income, such as tuition teachers, gig workers, freelancers, contract workers, etc. In this article, I will explain all about this term insurance policy.

The actual “best” plan can vary based on individual needs, so it’s critical to do personal research or, better yet, speak to one of Ditto’s IRDAI-certified experts and get solid insurance advice. Book a 30-minute call with us today!

2025 Review: Quick Verdict on ICICI Prudential iProtect Super Term Insurance Plan

If you’re someone without a stable or documented source of income, the iProtect Super plan from ICICI Prudential is worth a serious look. Term insurance has often been restricted to salaried people or self-employed professionals with documented proof of income. But iProtect Super removes this barrier. The plan offers several built-in features such as a Premium Break, Smart Exit, Terminal Illness Coverage, and riders like Accidental Death and Disability. But more importantly, it allows alternative documents like mutual fund SIP statements, consolidated account statements (e-CAS), CIBIL scores, online payment history, and even your car’s insurance declared value (IDV) to be considered as proof of financial capacity.

This opens up access to a large segment of India’s informal economy and digital workers who traditional term plans may have turned away. It makes the policy especially valuable in a world where gig and freelance work are on the rise. This makes iProtect Super a compelling choice, if not one of the two choices for such people (the other one being Bajaj Allianz iSecure II).

Features of ICICI Prudential iProtect Super

ICICI Prudential Life Insurance Company, a joint venture between ICICI Bank (holding 51% shares) and Prudential plc (holding 49%), has maintained a good presence in India since its inception in 2001. The company’s metrics and range of product offerings have boosted consumer confidence in the brand. ICICI Bank itself is a leading private sector bank in India, while Prudential Plc is an international financial services group.

Over the past few years, ICICI Prudential has consistently increased its operating revenue, from ₹13,226 crore in the year 2021 to ₹18,678 last year. It has also maintained a good solvency ratio –  an important indicator of an insurer’s ability to meet its future obligations. While the IRDAI mandates a solvency ratio of at least 1.5, ICICI Prudential has maintained an average ratio of 2.0 over the last 3 years. This is certainly reassuring. 

Metric ICICI Prudential Life Insurance Company Industry
Claim Settlement Ratio (Avg 2021-24) 97.52% 98.13%
Amount Settlement Ratio (Avg 2021-24) 95.10% 94.17%
Complaint Volume (Avg 2021-24) 14.3 per 10,000 claims 71.7 per 10,000 claims (Avg 2021-24)
15 per 10,000 claims (Median)
Average Annual Business Volume (Avg 2021-24) ₹17,198 crores ₹16,037 crores
Average Annual Business Volume excluding LIC (Avg 2021-24) ₹6,672 crores

Now, let’s talk about the plan itself. Unlike traditional term plans, this does not require conventional income proofs like salary slips or income tax returns. Instead, the insurer will accept:

    • Mutual fund SIP statements showing regular investments.
    • Consolidated account statements (e-CAS) from NSDL or CDSL.
    • FD/RD Or bank balance records
    • Online transaction history
    • CIBIL score
    • Car IDV (Insurance Declared Value)

(Please note: IPRU's algorithm tracks digital spending, card transactions, and credit reports to estimate income with 85-90% accuracy, removing the need for income proof. In 10-15% of cases where it can't capture or estimate income, alternative methods may be used, wherein these above-mentioned pointers may come handy.)

This makes the plan ideal for informal workers, gig economy participants, tuition teachers, and even early-stage entrepreneurs who might have irregular but sufficient cash flows. ICICI Prudential has clearly built this plan to serve a market that traditional insurers haven’t yet addressed thoroughly.

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Features of ICICI Prudential iProtect Super Term Insurance Plan

Here’s a table highlighting some features and eligibility criteria for the iProtect Super plan.

Features Details
Variants No variants
Minimum Cover Amount ₹50 lakh
Maximum Cover Amount ₹1 crore
Entry Age Minimum: 18 years; Maximum: 55 years
Maximum Coverage Age 38 to 85 years
Documents Required Salary slips, bank statements, or ITRs are accepted if available. If not, mutual fund SIP statements, eCAS, Car IDV, or CIBIL scores can be used.
Available Riders Accidental Death &Disability rider ), which can be chosen individually or combined as needed.
Profiles allowed Salaried, Self Employed & Professionals only.
(Housewives, NRI, Student,s & Agriculturists are not allowed)
Medical Underwriting Would be compulsary for all applications

Should you buy the ICICI Prudential iProtect Super?

  1. ICICI Prudential as an insurer: Over the years, ICICI Prudential has built a solid track record in India’s private insurance sector, supported by healthy solvency ratios and consistent growth in operating revenue. Its diversified product portfolio covers everything from savings-oriented plans to pure protection policies. Given this track record, many regard ICICI Prudential as a trustworthy insurer.
  2. In-Built features of the plan: 
    • Premium Break: This feature lets you temporarily stop paying premiums for one year while the policy still stays active. You can start using this after 5 continuous years of paying premiums, and it can be used multiple times. However, there should be at least a five-year gap between each usage, and you cannot use this in the last 3 years of the policy period. It offers flexibility if you face temporary financial challenges or irregular income periods. Something perfect for freelancers or gig workers. Note: The deferred premium has to be paid along with next year's premiums together next year.
    • Smart Exit Benefit (Zero cost): The insurer offers the option to surrender the policy and receive base plan premiums minus GST after 25 years of the policy in force. However, you cannot use this feature in the last three years of the policy term. You should also be over 60 years old when you avail yourself of this benefit, and you should not be in the ‘premium break’ duration.
    • Terminal Illness Cover: Provides an early payout of the policy’s death benefit if you are diagnosed with a terminal illness. This helps alleviate financial strains arising from expensive medical bills and loss of income, ensuring that funds are available when you need them the most.
  3. Additional Rider Available with the ICICI Prudential iProtect Super:
    • Accidental Death and Disability Rider: The Accidental Death and Disability Rider pays out a lump sum if you experience an accidental death or accidental total and permanent disability (ATPD). In the case of accidental death, the amount is disbursed only if death occurs within 180 days from the date of the accident. You can opt for a minimum cover amount of ₹10 lakh and extend it up to ₹1 crore. You also have the flexibility to add both the Accidental Death Benefit (ADB) and the Accidental Total and Permanent Disability (ATPD) options together or choose them individually, depending on your specific needs.

Unique Features of the ICICI Prudential iProtect Super

What truly sets this plan apart is its inclusiveness. While many term plans are designed with salaried or formally self-employed people in mind, iProtect Super fills a significant gap, which addresses people with non-traditional sources of income.

Another unique offering is the accumulation of lifetime discounts. Unlike the standard one-time promotional rebates offered by many insurers, the ongoing discount structure in this plan ensures you get discounts over the policy’s entire duration. Here is the list of discounts available:

    • 8% lifetime discount for customers living in certain tier 1 cities like Mumbai, Delhi, Bangalore, etc.
    • 15% lifetime discount for female policyholders because of their lower mortality rates and to encourage their participation.
    • 7% discount on the first-year premium for existing ICICI Prudential customers.
    • 5% first-year discount for online purchases.

And the best part is that these discounts are not mutually exclusive. If you meet multiple criteria, you can stack these discounts together, making the overall premium far more reasonable than it first appears.

Why Should You Buy Term Insurance Plans Through Ditto?

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Conclusion: Who should consider the ICICI Prudential iProtect Super?

If you're someone without traditional income documents, such as a freelancer, informal worker, early-stage entrepreneur, etc., with income sources that aren't documented, then this plan is likely one of the best available options (the other being Bajaj Allianz iSecure II). Admittedly, iProtect Super is not the cheapest term plan in the market. It is more expensive than other plans, such as the iProtect Smart from ICICI Prudential. The plans also lack Waiver of Premium and Critical Illness riders, which can be a significant letdown considering the kind of value these riders offer. 

On the other hand, if you have a regular salary or documented business income and don’t need flexible underwriting, you might want to compare this with other term insurance plans from ICICI Prudential or other leading insurers such as HDFC Life or Axis Max Life.

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