I have always emphasized about having a term Insurance in your portfolio in my earlier post as it offers High Coverage at much lower cost as compared to any other Insurance products like ULIP and Endowment plans.
In the term insurance segment, you all must have heard about Aegon Religare I-Term Plan, a revolutionary product which was launched last year offering Online term insurance at really lower cost as compared to other products available in the market. Those who have not heard please refer to my Post Lowest Premium Term Insurance Policy in India
In the same line ICICI Prudential life insurance has recently launched ICICI Pru iProtect - a term insurance plan that you can buy online at your convenience. You can customise this term plan according to your insurance needs, by choosing from the following two options:
In the same line ICICI Prudential life insurance has recently launched ICICI Pru iProtect - a term insurance plan that you can buy online at your convenience. You can customise this term plan according to your insurance needs, by choosing from the following two options:
ICICI Pru iProtect Option I: Where the death benefit is equal to the sum assured
ICICI Pru iProtect Option II: Where an additional death benefit equal to the base Sum Assured or Rs. 5,000,000, whichever is lower, is payable in case of death due to accident
Again, the policy can be bought online only or by calling at the call center like Aegon Religare I-Term Plan and not through the Agents or Corporate agents as in.
Key features of the plan:
- Life insurance cover at extremely affordable premiums
- Special premium rates for non-tobacco users
- Instant life insurance cover1 with simple online application process
- Additional payout on death due to an accident, in case of iProtect Option II
- Avail of tax benefits2 as applicable on the premiums paid for this term plan.
How does this term insurance plan work?
- Visit the website http://www.iciciprulife.com/public/BuyOnline/iProtect/iProtect.htm
- Choose between ICICI Pru iProtect options, based on your insurance needs.The interface is very user friendly and easy to use. You may opt for accidental benefit rider.
- Fill in your personal details and answer some simple questions related to your health.
- Pay the premium via your internet banking account or your credit card. You will have to pay the premium regularly for the term chosen.
- Life insurance cover on your policy begins immediately(Subject to terms and conditions) on premium receipt for non-medical cases. In cases where medical examination is required, cover will commence from the date of issuance of the policy.
Eligibility and other Conditions
Minimum / Maximum age at entry | 20 / 65 years (Age completed birthday) |
Policy term | 10 / 15 / 20 / 25 / 30 years |
Maximum age at policy expiry | 75 years (Age completed birthday) |
Minimum premium | Rs. 2,000 (excluding service tax and education cess) |
Accidental Death Benefit (Only with iProtect Option II) | Equal to Sum Assured, subject to a maximum of Rs. 50 lacs |
Premium payment term | Regular pay |
Mode of premium payment | Yearly |
Life insurance cover will start as soon as the premium is realised by the Company in non-medical cases. However, post submission of the form, if it is found that the customer has existing policies which have not been disclosed and due to increased sum assured, medical examination is required, the Company will cancel the policy subject to the provisions of Section 45 of the Insurance Act, 1938.
How it Compares with other products in terms of premium
for a 30 year old male for Sum Assured of 50 lacs with the term of 25 years
Insurance Company and Plan | Premium | Service Tax | Total Premium |
Aegon Religare-Iterm Plan | 5600 | 577 | 6177 |
Bajaj Allianz- New Risk Care II | 11525 | 1187 | 12712 |
ICICI Prudential I-Protect | 5600 | 577 | 6177 |
ICICI Prudential- Pure Protect Elite | 9692 | 998 | 10690 |
LIC- Amulya Jeevan | 14600 | 1504 | 16104 |
Aviva-Life Shield Plus | 10300 | 1061 | 11361 |
Max New Yor Life-Level Term Policy | 15250 | 1571 | 16821 |
Reliance Life- Term Plan | 14674 | 1511 | 16185 |
SBI Life- Shield | 14570 | 1501 | 16071 |
TATA-AIG- Life Raksha | 13200 | 1360 | 14560 |
- In I-Protect, maximum term offered is 30 years as compared to 25 years offered by Aegon Religare I-Term Plan
- Option of Accidental Death benefit Rider upto Sum Assured or 50 lacs(Whichever is Lower) at fractional price of presently being offered.
