ICICI Pru IProtect Smart Plan

• Enhance coverage against death, terminal illness, and disability
• Various payout options to choose from
• Option to boost the protection cover against accidental death and critical illness
• Flexible premium payment terms
• Premium discounts for non-tobacco users
• Special premium rates for women

Death Benefit Payout Options

Following are the death benefit options available under this plan.
 

1. Death Benefit -Option 1 (Lumpsum Benefit)
 

Under this option, the entire death benefit amount is paid as a lump sum.
 

2. Death Benefit -Option 2 (Income Benefit)
 

Under this option, 10% of the death benefit is payable annually for 10 years and equal monthly installment is paid in in advance @0.8333% of the total benefit amount. The beneficiary also has the option to receive the first year’s payout as lump sum. In this case, the monthly income will be paid from the following month for the next 9 years @0.80% of the total benefit amount.
 

3. Death Benefit -Option 3 (Increasing Income Benefit)
 

Under this option, the death benefit is payable in monthly installments for 10 years. Starting with 10% of the benefit amount annually, payable in the first year, the payout thereafter increases every year @10% simple interest annually.
 

4. Death Benefit-Option 4 (Lumpsum + Income Benefit)
 

Under this benefit, the insured has the flexibility to split the life cover amount for the nominee to receive as lumpsum and the remaining life cover will be paid in equal monthly payments for 10 years.
 

Note: The beneficiary has the option to receive the entire or any part of the monthly income as a lump sum. This lump sum amount will be the present value of the remaining payouts computed @4% per annum.

Other Plan Benefits

1. Life option
 

Under this option, the death benefit (equal to sum assured) is paid to the nominee/legal heir, on the first occurrence of death of the life insured, or diagnosis of terminal illness. The future premiums are also waived, in the event of diagnosis of Permanent Disability (PD) caused by an accident.
 

This plan offers Death Benefit + Terminal Illness + Waiver of Premium on permanent disability
 

2. Life Plus option
 

Under this option, you can avail the benefits as mentioned in the life option. Plus, you can also avail Accidental Death Benefit.
 

This plan offers Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Accidental Death Benefit
 

3. Life & Health option
 

Under this option, you can avail the benefits as mentioned in the life option. Plus, you can also avail Critical Illness (CI) Benefit.
 

This plan offers Death Benefit + Terminal Illness + Waiver of Premium on permanent disability + Critical Illness Benefit
 

4. All in One option
 

Under this option, you can avail the benefits as mentioned in the life option. Plus, you can also avail Accidental Death Benefit and Critical Illness Benefit.
 

This plan offers Death Benefit + Terminal Illness + Waiver of Premium on permanent disability +Accidental Death Benefit + Critical Illness Benefit

Surrender Benefit

The surrender value is available only for Single Pay policies.
 

Surrender Value = (Single Premium* Surrender value factor/100)

Life Stage Protection

This plan offers flexibility to increase the life cover amount at key life stages such as marriage, child birth, etc. This feature is available for life option.

Event	Additional Death Benefit	Maximum Additional Death Benefit
Marriage	50%	Rs 50 lacs
Birth of 1st child	25%	Rs 25 lacs
Birth of 2nd child	25%	Rs 25 lacs

The riders are inbuilt in the available plan benefit options.
 

Waiver of Premium Benefit on Permanent Disability (PD): On diagnosis of Permanent Disability (PD) due to an accident, the future premiums under your policy for all benefits are waived off.This benefit is inbuilt in all the variants of this plan.
 

Accidental Death (AD) Benefit: In case of death due to an accident, insurer will pay your nominee/legal heir Accidental Death (AD) Benefit as a lump sum.This benefit is inbuilt in Life Plus Option and All in one option of the plan.
 

Critical Illness (CI) Benefit: The CI Benefit offers protection against 34 critical illnesses. The company will pay you the CI Benefit, as a lump sum to meet your financial needs.The benefit is payable irrespective of the actual expenses incurred by the policyholder. This benefit is payable, on the first occurrence of any of the covered 34 illnesses. The CI Benefit, is accelerated and not an additional benefit which means, the policy will continue with the Death Benefit reduced by the extent of the CI Benefit paid. This benefit is inbuilt in Life & Health Option and All in one option of the term plan.

ICICI Pru iProtect Smart is eligible for Tax benefits as stated:
 

• Premiums paid, qualify for tax benefits as per Section 80C of the Income Tax Act, 1961.
• Death benefit(s) are entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

(Subject to the provision stated therein.)