ICICI Prudential Life Insurance: Give Yourself The Peace Of Mind You Deserve With The Perfect Life Insurance Plan: BimaKaro.in
                     ICICI Prudential Life Insurance
BimaKaro.in
Saral Jeevan Bima
Hard to imagine a world where we live without care and commitment. This is something that 
we take for granted. However the world is not what it is cut out to be and there are dangers all 
around. This means that we must protect our self – interests. The best way to do that is 
through getting the right insurance. Surprisingly only 3 out of 10 Indians are buying term 
insurance. This means that there are 90% out there who have nothing to fall back on when a 
loved one passes on. Especially if he/she was the main breadwinner of the family.
Uncertainty is the mother of all unknowns. Despite thinking you’re bulletproof; it is so easy to 
fall victim to uncertainty. Nobody is asking you to panic and buy one now. Although a good 
start would be to search for one in these uncertain times. At least you’re moving on the right 
path.
The only certainty from the uncertainty of death is misery, grief and sadness unless you have 
been a particularly non-likeable person (even if that is the case, this is a good way to make up 
after you’re gone!). Jokes apart, there are so many reasons to get life insurance – helping your 
loved ones financially after you’re gone, managing debt, great for tax saving, forced savings 
and most importantly what nothing else can give you – Peace of Mind!
For what reason is it significant?
Insurance till a few years ago was mostly opted for by individuals at critical points in their lives, who were at the threshold of a new stage 
in life – may be marriage, childbirth, or they were now in the twilight of their lives. Smart people buy Life insurance early as it is cheaper 
to do so. Getting insurance when you’re young, single and at your peak is the single smartest thing to do since you’re bound to get the 
best rates!  We circle back to uncertainty, what if you get something later? Isn’t it smarter to have something now which will hold good 
value going forward in life rather than being disqualified for it?
Getting insurance in the present time may seem like a waste of money, but think about the immediate positives – it helps you save on 
your taxes and more importantly it is a great tool for forced savings. Yes, we are speaking to you young millennial who is living the YOLO 
life!
The vagaries of modern living with increased work pressures, unhealthy lifestyles and stress-inducing activities has led to the 
development of a host of diseases of which cancer, paralysis, stroke are some life-threatening illnesses, just to name a few. Mental 
health too has assumed a new dimension for the wellbeing of the individual.
In the age of Corona, there is a monster of uncertainty that has reared its ugly head and is now at your doorstep. So while you think the 
odds are stacked against you, think again. There is a policy that you work to your advantage by ICICI prudential life insurance Company.
Why is it essential for an 
individual?
Saral Jeevan Bima could prove to be useful for those policyholders searching for plain vanilla term insurance plans. This product offers 
lumpsum payout as the death benefit, unlike other products in the market offering add-on features. In case of policyholder’s sudden 
demise, the beneficiary of the policy will get the higher of: 10 times of the yearly premium; 105 percent of all the paid premiums as on 
date of death, or outright sum assured. On account of single premium policies, higher of either 125 percent of all premiums paid or total 
sum assured.
But unlike other term insurance plans, Saral Jeevan Bima accompanies a waiting period of 45 days from the date of policy 
commencement. This policy only covers death due to accident during the waiting period. There is no maturity benefit if the policyholder 
survives the term of the policy. In case of policyholder’s death due to some other reason (apart from an accident) within the policy 
waiting period, then the insurance company will pay just 100 percent of all the premiums received to the policy nominee, excluding the 
taxes. While the plan features are similar, the insurers can decide on the premiums, and they can also increase the cover amount beyond 
the upper limit of Rs 25 lakhs.
IRDAI introduced Saral Jeevan Bima
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by ICICI Bank Limited and Prudential Corporation Holdings 
Limited. It began operating in 2001. It holds the prestige of the first insurance company in India to be listed on NSE and BSE. ICICI Prudential 
Life aims to build an enduring institution that aids in the protection and long-term saving needs of customers.
ICICI Prudential Life Insurance has been awarded the “Claims & Customer Service Excellence Awards” in the Life Insurance Category by FICCI 
and “Customer Service Company of the Year" by India Insurance Summit & Awards 2020. It has also been recognised as the Best Alternative or 
Digital Payments Program of the Year" by the Customer Fest Leadership Awards 2020 so you know that you’re getting into something that is 
recognized as excellent.
ICICI prudential life insurance has created the ICICI Pru iProtect Smart Term Insurance Plan, which has become their top-selling plan online. 
So why not get one for yourself?
Bimakaro.in
Let us go through the highlights of ICICI Pru iProtect smart term insurance plan to know why:
Eligibility: Earlier the better – It is better to opt for safeguards from an early age and ICICI pru iprotect smart term insurance 
plan is built, so that you can plan protection for your loved ones from very early in your working life. The minimum entry age is 
18 years and the maximum is 65 years. The maximum maturity age is 75 years and the minimum age for maturity is 23 years.
Policy term: One can opt for a policy term ranging between 5-40 years based upon the type of plan chosen and also the 
premium payment option selected. This plan provides coverage until the age of 99.
Premium payment options: There are various options for payment of premium. You may opt for Single Pay, Regular Pay or 
Limited Pay option where premium needs to be paid for a limited number of years. You need to pay only once as per Single Pay 
option; Regular payment option covers the entire policy term; and for the Limited Pay option, the premium payment term is 
Policy Term minus 5 years.
Premium payment frequency: You can opt for Single pay, annually, bi-annually or even monthly as per convenience and the 
size of your wallet.
Plans and features of ICICI pru 
iprotect smart term insurance plan:
A) Life – Under this plan, the nominee of the policy receive the sum assured under 
two conditions. The first condition is that upon the death of insured (policy 
nominee will receive the amount as a lump sum) following which the policy is 
considered terminated. Under the second condition, in case the assured is 
diagnosed with a critical illness or has suffered a permanent disability, then all 
future premiums are waived and the Sum Assured is paid.
B) Life Plus – This option takes into consideration the features of the Life option 
and additionally, the assured is also provided coverage for Accidental Death. In case 
the insured loses his life as the result of an accident then his nominee gets the 
Accidental Death Benefit as a lump sum. This option is available at an additional 
premium. Once the benefits are paid, the policy is considered terminated.
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C) Life & Health – This plan features all the benefits available under Life & Life Plus except for Accidental Death. Additionally, 
coverage is provided for 34 critical illnesses as a Critical Illness Benefit. This Critical Illness benefit is paid as a lump sum on 
diagnosis of a critical illness and the amount paid does not depend on any extraneous conditions such as medical expenses 
incurred for treatment. However, according to this option, the Death Benefit will remain, however it will be reduced 
proportionately to the amount paid as Critical Illness benefit.
D) All in one – Under this option, insured will be covered for every possibility that may put your life at risk. It will ensure Death 
Benefit as well as benefits for Terminal Illness, Accidental Death, Accelerated Critical Illness Benefit as well as a waiver of 
Premium on permanent disability.
E) Add on Coverage in the form of Life stage protection: You can opt to increase Sum Assured at different stages of life 
events such as Marriage, birth etc. without undergoing medicals. Of course, there will be an increase in the premium amount.
F) Flexibility for Payout options: ICICI Pru iProtect Smart provides flexible options to avail the Death Benefit. This can be an 
option for as a Single Lump Sum, Lump Sum and income where the nominee receives a percentage of the Lump Sum initially 
and balance Sum Assured paid in equal monthly instalments over 10 years. Thirdly you can opt for the entire Sum Assured to be 
paid in monthly instalments over 10 years and lastly, the Sum Assured can be paid in monthly instalments with a 10% increase 
annually.
G) Surrender Value: In case you have a change your mind and do not wish to continue with the policy, you can opt to surrender 
the policy and get your money back subject to conditions of the Underwriting Policy. This option is available with the Single pay 
policy.
H) Free Look Period:  A Free Look Period is available for this Policy. You may opt to cancel the Policy within 15 days if 
purchased through traditional options such as an agent and within 30 days if the Policy has been purchased online.
I) Grace Period:  A Grace Period of 15 days is available for monthly premium mode and 30 days for other modes of premium 
chosen for payment of Premium. Otherwise, the Policy lapses and coverage discontinues.
Benefits of ICICI pru iprotect 
smart term insurance plan:
J) Policy Revival: A lapsed policy can be revived within 5 years subject to the underwriting policy and certain conditions such 
as payment of interest on premiums due and/or Late Fee.
K) Tax Benefits:  There are no taxes payable on premiums paid under Section 80C. There is an additional 
tax benefit under Section 80D. Claim amount received by yourself or your designated nominee is also tax-free under Section 
10(10D). Tax benefits are subject to review and amendments and may change from time to time.
1. The Policy has added value if opted at an early age since longer-term coverage ensures larger benefits.
2. The current pandemic has had an impact on the insurance scenario. It has become increasingly important to have insurance 
cover which provides cover in this period of high uncertainty. 
3.The ICICI pru iprotect smart term insurance plan has changed to accommodate this sudden requirement effective 11th April 
2020 where cases will be processed faster.
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5. Life Cover for ICICI pru iprotect smart term insurance plan covers many terminal illnesses including AIDS.
. Accidental Death Benefit can be opted for even after the purchase of the Plan. Accidental Death Benefit Rider Coverage is 
provided until a maximum age of 80 years which is beneficial as it ensures a longer coverage term and serves as a mitigating 
factor for resultant financial strain due to a mishap.
7.If the Policyholder becomes completely disabled, all future premiums are waived immediately and the Sum Assured is paid.
8. There is an option to get your money back before the end of the Policy term in case you need to do so. This is of course, 
subject to the underwriting policy terms.
9. There is also an option to insure Joint Life.
10. There are premium discounts on offer to women and non-smokers
11. Till the age of 60, which is the maximum entry age, you may opt to transfer or assign other policy to ICICI pru iprotect smart 
term insurance plan and vice versa.
Conclusion
Online term insurance plans come with a host of benefits. As explained above, it is time to give equal importance to term 
insurance, as we give to health, motor, travel, or any other insurance form. Concerns related to trust and transparency are 
now addressed with the help of online insurance aggregators like BimaKaro.in If you are considering buying online term 
insurance plan, do not procrastinate. Just log on to www.BimaKaro.in now.