ICICI Prudential iProtect Smart offers reasonably priced term insurance policies for most profiles, extends decent perks and boasts a life stage benefit, where you can extend the cover by a certain sum when you reach significant life milestones. The only downside perhaps is that the company’s processes (claims and the buying journey) can leave you frustrated at times.
If you are a smoker, you will likely find that the premiums here are extremely affordable
Decent Claim Settlement Ratio
ICICI Prudential settles 97.09% 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 92.1% 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?
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 offers accidental death benefit nonetheless.
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 extends this option.
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, you do have the option to receive the entire sum assured upon diagnosis of a terminal illness.
What's okay here?
Decent 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 extends critical illness benefit without too many restrictions and pays up to ₹1 Crore so long as you are diagnosed with 34 illnesses listed in the policy brochure.
In some cases, payouts for critical illnesses aren’t made immediately. Instead, insurers expect you to survive for a certain duration before they make the payment. iProtect Smart however will pay out the benefit the very moment your diagnosis is confirmed.
Payout from total cover 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 however only offers the accelerated option and pays out the benefit from the total cover available
Long waiting period:
Most policies impose a waiting period before they make the Critical Illness Benefit available. And iProtect Smart imposes a 180 days waiting period before they can process any claim related to critical illnesses. This is longer than the industry average.
Top-Up Option available (As Life Stage Benefit)
Some policies extend the option of increasing your total term cover even after you buy the policy. And while iProtect Smart doesn’t offer you a blanket option to increase your cover, it does extend the provision to increase your cover during significant life events i.e. when you get married, when you have kids etc. The feature is called life stage benefit.
You can 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 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 More
Premiums waived only after permanent disability (due to accident)
Some policies waive all future premium payments if you are ever disabled (due to accident) or diagnosed with a critical illness. And while iProtect Smart doesn’t extend the waiver-of-premium option if you are diagnosed with a critical illness, you have the option to waive off all premiums if you are disabled for life (due to accident).
What's lacking here?
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 doesn’t extend this option.
No 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 doesn’t extend this option.
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