ICICI Prudential Term Insurance Review

ICICI Pru iProtect Smart Term Plan

This is one of the popular products of ICICI Prudential, which tends to offer great coverage at very affordable rates. In the event of death of the life assured, the nominee has the option of receiving a fixed monthly payment or a lump sum under the death benefit. Apart from the death benefit, the plan offers additional benefits such as critical illness and accidental death cover.


  • This plan comes in different forms like life, life plus, life and health and all-in-one.
  • The guaranteed options range from INR 50 lakh to INR 1 crore.
  • They offer full annuity which provides protection up to 85 years and life assured also has the option of getting lifetime protection up to 99 years.
  • One can also choose the type of insurance payment they want to have from four variable death benefit payment options such as total amount, monthly income, compounded by 10% every year and combination of total amount and monthly income.
  • They allow the policy holder to pay the premium in three ways: minimum, regular and single payments.
  • The pre-health screening is based on the health information you have provided.
  • The plans have a 30-day free look-up period which means that if a person is not satisfied with the plan, they can return it within 30 days of purchasing the plan.
  • They offer about 18% discount if women have life assured. There is also a way to deal with serious diseases like breast cancer and cervical cancer especially for women.
  • Additional death benefits are paid up to 50% in the event of a major event in the policyholder’s life such as marriage or the birth of a child.
  • Other benefits:

1. Critical Illness Cover: Provides protection against 34 specified critical illnesses such as cancer, heart disease, and others. This cover can be purchased for an additional fee with your basic points. If someone says that the rider then the policy will continue with the death benefit reduced by the amount paid for illness. The maximum reach for this extension is INR 1 crore.
2. Accidental Death Cover: This additional cover can be purchased by paying additional premiums, which provides financial protection in case of accidental death. The maximum reach for this extension is INR 2 crore. However, this benefit is valid until the age of 80.
3. Terminal Illness Rider: This rider provides the benefit of paying life insurance cover even before death, if the insured is diagnosed with a terminal illness like HIV/AIDS. This rider comes with a built in word policy at no additional cost.
4. Waiver of payments due to permanent disability: This rider waives all future payments if any disability occurs to the life assured. With this rider, the policy is effective even if the life assured cannot pay a large sum of money. This rider also comes in-built with the word policy at no extra cost.

Who is Eligible for ICICI Pru iProtect Smart Policy?

ICICI Pru iProtect Return of Premium

The ICICI Pru iProtect Return of Premium plan offers more protection than the basic plan. They provide monthly income or annuities paid in full, even if the person who is discharged survives after the maturity of the term plan, thereby protecting survival or maturity.


  • Life assured can choose any of the options according to their needs:

1. Return on Premium (RoP): The life assured receives the premium for his life till the end of the policy term. Also, they get 105% of the total amount at maturity.
2. Value for Money: The life assurance holder receives the premium for his life till the end of the policy term and also starts receiving monthly income from the age of 60 till the end of the policy term.
3. Premium Returns and Life-Stage Cover: The life assured receives the premium for his life till the end of the policy term as per the different life stages and also gets 105% of the total amount paid at the time of maturity.
4. Early return premium with Life-stage cover: The life assured receives the premium for his/her life till the end of the policy term as per the different stages of life and also receives 105% of the total amount at the age of 60 or 70 years.

1. Critical Illness Rider: This is a premium that provides financial protection against 64 specified diseases, which covers 60 major diseases and 4 minor diseases.
2. Accidental Death Rider: The life assured gets double the life cover in case of death due to accident.