ICICI Prudential
iProtect Smart Plus
ICICI iProtect Smart Plus is the refreshed version of the insurer’s long-standing term plan, iProtect Smart, with all the core benefits retained and several valuable upgrades added. It introduces inbuilt features like Premium Break, allowing policyholders to defer premiums for a year without penalty, and Insta Payment, which ensures a ₹3 lakh advance payout on claim intimation (for sum assured of ₹1 crore or more after a 3-year waiting period) and the flexibility to shift from regular to limited pay after 3 years. The revamped Critical Illness rider offers two variants (covering 20 or 60 illnesses) with payouts independent of the base cover. There’s also a Life Stage option that now extends to home loan disbursal, and salaried individuals can avail of exclusive discounts. A Waiver of Premium add-on is on the cards but yet to launch.
Decent Claim Settlement Ratio
ICICI Prudential settles 97.52% of the total number of claims it receives as compared to the industry average of 97%. It’s not great, but it’s not bad either.
Good Complaints Ratio
ICICI Prudential receives 14.3 complaints (per 10,000 claims registered) as opposed to the industry median of 17 complaints. Pretty good figure overall.
Good Amount Settlement Ratio
Some insurers pay out the smaller claims while declining to pay out the few higher-value claims in a bid to improve the claim settlement ratio. So you will need to look at the total amount settled as a percentage of the total amount claimed. ICICI Prudential meanwhile has an amount settlement ratio of 95.1% as opposed to the industry average of 87%. Pretty good figure overall.
The aforementioned ratios have been averaged over three years for every insurer and the industry as a whole.
What's good here?
Good Critical Illness Benefit
If you’re ever diagnosed with a debilitating illness, you would want your insurance policy to pay a fixed sum so that you can deal with any monetary obligations you may have. iProtect Smart Plus extends top notch critical illness protection and pays up to undefined so long as you are diagnosed with 60 illnesses listed in the policy brochure.
Delayed Payouts:
Payouts for critical illnesses may not be made immediately. Instead, insurers expect you to survive for a certain duration before they make the payment. And iProtect Smart Plus will pay out the benefit 15 days after the diagnosis is confirmed.
Payout on top only:
Some policies will pay out the critical illness (CI) benefit from the total term cover available, i.e. Accelerated payout, while also offering you the option to avail it on top of the total term cover available. iProtect Smart Plus however doesn’t offer the accelerated option and pays out the benefit on top.
Short waiting period:
Most policies impose a waiting period before they make the Critical Illness Benefit available. And iProtect Smart Plus imposes a 90 days waiting period before they can process any claim related to critical illnesses. This is shorter than the industry average.
Accidental Death Benefit Available
Some policies offer you the option of adding extra protection for accidental deaths. And while we recommend customers choose a comprehensive cover without worrying about the specifics of death precisely, iProtect Smart Plus offers accidental death benefit nonetheless.
Good Terminal Illness Benefit
Certain policies will disburse the entire cover amount the moment you are diagnosed with a terminal illness. So even in the absence of death, you can still get the money and use it any way you wish. And with iProtect Smart Plus, you do have the option to receive the entire sum assured upon diagnosis of a terminal illness.
Zero Cost Option Available
Some insurers will return all your premiums if you forego your policy before maturity, during a period specified by the insurer. Meaning you get all your premiums back, while also being protected under the term plan during this time. And iProtect Smart Plus extends this option.
Top Up Option Available
Some policies extend the option of increasing your total term cover even after you buy the policy. And iProtect Smart Plus offers this benefit.
What's lacking here?
No Waiver of Premium
Some policies waive all future premium payments if you are ever disabled (due to accident) or diagnosed with a critical illness. Unfortunately, iProtect Smart Plus does not extend the waiver-of-premium option.
No option to increase your cover with inflation
Some policies automatically increase your cover by a certain amount (usually inflation) to always provide you with the necessary protection. Unfortunately iProtect Smart Plus doesn’t extend this option.
You can’t recover your premiums after policy matures
Some policies return your premium after the policy matures if you don’t make a claim. And even though iProtect Smart Plus doesn’t extend this option, it shouldn’t worry you too much since we don’t recommend this option actively considering it can be expensive. But if you want to consider this option anyway, there is another variant from ICICI that extends this feature.
Learn MoreNo payouts in the event of total permanent disability
Some policies offer you a monthly income or a large lumpsum in the event you are disabled totally for life. Unfortunately iProtect Smart Plus doesn’t extend this option.
Talk to IRDAI-certified experts
If you want help with selecting the best term policy that ticks all the boxes, book a FREE call with our experts today. Limited slots only.