Overview of iProtect Smart Plus
ICICI Prudential iProtect Smart Plus is a flexible term insurance plan designed to provide long-term financial protection with multiple customization options. Offered by ICICI Prudential Life Insurance, a joint venture between ICICI Bank and Prudential Corporation Holdings, the plan combines strong protection with practical features suited for evolving financial responsibilities. The policy offers three variants: Life, Life Plus, and Life Rebalancing. It includes built-in features such as Terminal Illness benefit, Life Stage Protection to increase cover during milestones like marriage or home purchase, Smart Exit (zero cost exit), Premium Break option, and instant claim payout support for immediate expenses. Coverage can extend up to age 85 or even 99 depending on the chosen option.
Experts' Review of iProtect Smart Plus
Written by Monish Vora
Chief Editor
ICICI Prudential iProtect Smart Plus offers flexible protection structures depending on the policyholder’s needs. The Life variant provides standard life cover with an accelerated terminal illness payout. Life Plus adds an additional accidental death benefit, increasing the payout if death occurs due to an accident.
The plan also allows policyholders to increase their cover during major life events through the Life Stage Protection feature. Practical benefits like Premium Break allow temporary deferment of premiums while maintaining coverage, while the Smart Exit option enables policyholders to exit after long policy durations and recover premiums under certain conditions.
Optional riders include Critical Illness cover for up to 60 illnesses, Waiver of Premium on critical illness or disability, Accidental Death Benefit, and Accidental Total and Permanent Disability cover. Policyholders can also choose death benefit payout structures such as lump sum, income payouts, or a combination of both.
Pros
While not groundbreaking, the features meet the basic requirements. It includes a critical illness rider.
ICICI Prudential has a solid track record with a good Claim settlement ratio, high annual claims paid and high business volumes.
Premiums are relatively well priced.
The Plan offers three variants and the flexibility to change the premium payment term anytime during coverage.
Cons
Conditions for waiver of premium rider are restrictive.
ICICI Prudential
Key Insights
Founded
2000
ICICI Prudential was established 26 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
98.03% CSR, calculated as a 3-year average
ICICI Prudential settles 98.03% of all claims it receives demonstrating strong credibility.
Complaints
11 complaints per 10,000 claims registered
ICICI Prudential maintains a low volume of complaints, reflecting strong customer satisfaction and effective service.
Amount Settled
95.94% of total claim amount settled
ICICI Prudential demonstrates excellent claim payout efficiency, settling over 95.94% of the total claim amount filed, reflecting strong financial reliability.
The aforementioned ratios have been averaged over three years (FY23-FY25)
Features of iProtect Smart Plus
Zero Cost Option
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.
Waiver of Premium
Some policies waive all future premium payments if you are ever disabled (due to accident) or diagnosed with a critical illness. iProtect Smart Plus doesn't extend the waiver-of-premium option if you are permanently disabled (due to accident), but you have the option to waive off all premiums if you are diagnosed with a critical illness.
Customisable
In case of diagnosis of mentioned critical illness or total and permanent disability due to an accident, subsequent premiums would be waived off while the cover continues uninterrupted.
Critical Illness
If you're ever diagnosed with a critical illness, you would want your insurance policy to pay a fixed sum that can help you deal with any monetary obligations and financially support your needs during treatment. iProtect Smart Plus extends critical illness benefit without too many restrictions and pays up to 1.5 Crores so long as you are diagnosed with one of the 60 illnesses listed in the policy brochure.
Customisable
In case of diagnosis of any of the mentioned critical illness, lump sum rider benefit is paid to the policyholder.
Special Exit Value
Some insurance companies will return all your premiums if you surrender your policy before maturity, but this can only be possible if you have a policy tenure above a certain number of years and maintain consistent renewals for a minimum period specified by the insurer. This means you get all your premiums back, while being protected under the term plan during this time. iProtect Smart Plus extends this option.
Terminal Illness
Certain policies will disburse the entire cover amount the moment you are diagnosed with a terminal illness. So you can still get the money when alive and use it any way you wish. iProtect Smart Plus gives you the option to receive the entire or a percentage of sum assured upon diagnosis of a terminal illness.
Add-ons of iProtect Smart Plus
Accidental Death and Disability Rider
This Rider pays out a lump sum in case of accidental total and permanent disability or death due to an accident.
Critical illness rider
In case of diagnosis of any of the mentioned critical illness, lump sum rider benefit is paid to the policyholder.
Waiver of Premium rider
In case of diagnosis of mentioned critical illness or total and permanent disability due to an accident, subsequent premiums would be waived off while the cover continues uninterrupted.
Exclusions in iProtect Smart Plus
Conditions or treatments that the policy clearly says it will not cover.
Suicides are not covered in the first year.
Death due to intoxication.
If the nominee is involved in the death of the policyholder, that would not be covered.
The policyholder dies with respect to his involvement in criminal activity.
Death by suicide within the first policy year is not covered.
Disclaimer: For illustration purposes only - exact terms are in the policy wording.
Variants of iProtect Smart Plus
Life
Recommended
Under this option, the life assured is provided with a death benefit coverage throughout the policy term.
Life Plus
Under this option, Death Benefit along with Accidental Death Benefit is paid out, where the Sum Assured on Death and the ADB Sum Assured are determined at the time of purchase and remain constant throughout the policy term.
Life Rebalancing
Under this option, the life assured is provided with a death benefit coverage throughout the policy term. Additionally, if the Life Assured’s death results from an Accident within the first 10 years of the Policy Term, the Company will also pay the Accidental Death Benefit Sum Assured applicable for that policy year as a lump sum. However, this variant is not yet live.
What's missing in iProtect Smart Plus
No option to increase your cover with inflation
No option to decrease your cover over time
You can't recover your premiums after policy matures
Frequently Asked Questions
What is the ICICI Prudential iProtect Smart Plus Plan?
What are the benefits of ICICI Prudential iProtect Smart Plus Plan?
What are the various riders customers can opt for with ICICI Prudential iProtect Smart Plus Plan?
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