Life Insurance

ICICI Pru ICICI Pru iProtect Smart



One has an option to pay the premiums either yearly, half-yearly or monthly.

Product Snapshot
Premium starts from Rs. 2,400 (under Life Option)
Critical Illness Benefit 34 critical illnesses covered (Life+Health & All in one
Get life cover upto 75 years (under Life Option)
Claim settlement ratio 96.2% in FY16
Death Benefit Monthly Increasing Income
Survival Benefits No
Income Tax Benefits Premiums paid: Tax Benefits under section 80C of the Income Tax Act; Death Benefit: Tax Benefits under section 10(10D) of the Income Tax Act
Single Premium Option Yes
Cover Increment 50 percent or maximum of 50 lakh of death benefit upon marriage, 25 percent or maximum of 25 lakh of death benefit upon 1st child and 2nd child each
Payout form of Death Benefit for 10 years
Additional Benefits Covers female organ cancers such as breast cancer and cervical cancer, On diagnosis of Permanent Disability (PD) due to an accident, the future premiums under your policy for all benefits are waived
Premium Payment Frequency Monthly, Quarterly, Half Yearly, Yearly, Single
Exclusions Suicide: Suicide in the First Year, Sexually transmitted diseases


Minimum Entry Age 18 Years
Maximum Entry Age 60 Years
Maximum Maturity Age 75 Years
Policy Term (Years) 10, 15, 20, 25, 30, 35, 40 Years
Premium Paying Term Equal to policy term for regular pay


Critical Illness It covers 34 critical illness. The CI benefit for Angioplasty is subject to a maximum of 5 lakh. On payment of Angioplasty, if the CI Benefit is more than 5 lakh, the policy will continue for other CI
Accidental Death Rider sum assured paid to nominee
Accidental Disability/Dismemberment No
Waiver of Premium No
Hospitalisation Benefit No

Key Features:


Lump Sum

The Life Cover will be paid together as a fixed lump sum. For example, if you choose a Life Cover of Rs. 1 crore, your nominee will receive the same lump sum amount, which is also the Sum Assured.



You can choose this option if you want your family to receive a regular monthly income. With this option, 10% of the benefit amount is payable every year for 10 years. This will be paid in equal monthly instalments, in advance, at the rate of 0.8333% of the total benefit amount. This means, for a Life Cover of Rs. 1 crore, the monthly income paid will be Rs. 83,333.

Your nominee can also choose to receive the first year’s income, equal to ₹10 lakh, as lump sum. After this, the monthly instalments will continue from subsequent month for 9 years at the rate of 0.80% of the total benefit amount, which comes to Rs. 80,000 per month.


Increasing Income

You can choose this option if you want your family to receive an increasing regular income. Your nominee will receive monthly instalments for 10 years. The income amount will increase by 10% p.a. simple interest every year.

This means that if your Life Cover is Rs. 1 crore, then your nominee will receive Rs. 10 lakh in the first year, Rs. 11 lakh in the second year, Rs. 12 lakh in the third year and so on.


Special benefits:


Death and Terminal Illness

Your nominee receives the Life Cover amount in case of an unfortunate event such as death. Moreover, on the first diagnosis of a terminal illness, you will receive the entire lump sum. Terminal Illness refers to the high likeliness of death within the next six months as diagnosed by medical practitioners that specialise in the same.


Permanent Disability

ICICI Prudential Life Insurance pays all due premiums on your behalf in case of permanent disability caused due to an accident. Permanent Disability will be triggered if you are unable to perform 3 out of the 6 following activities permanently and consistently for 6 consecutive months:

  • Mobility
  • Bending
  • Climbing
  • Lifting
  • Writing
  • Blindness

Accidental Death

In case of death due to an accident, your nominee receives a lump sum amount called the Accident Cover.


Critical Illness (CI)

On the first occurrence of any of the covered 34 critical illnesses, you receive a lump sum pay-out.

Which Benefit Option covers the above mentioned events?

You can choose your level of protection by selecting one of the four benefit options to suit your need. The benefit options are Life, Life Plus, Life & Health and All-in-one.


Additional pay-out in case of an accident

In case of death due to an accident, the company offers to pay-out double the life cover opted by you to a maximum of Rs. 2 crore.