Overview of iProtect Smart ROP
ICICI Pru iProtect Smart Return of Premium (ROP) is a term insurance plan by ICICI Prudential Life Insurance Company Ltd. that combines pure protection with savings. It offers a death benefit during the policy term and returns 100% of the total base premiums paid if the life assured survives till maturity. The plan comes with flexible policy and premium payment terms, multiple payout options (lump sum or income), an optional accidental death and disability rider, and a 15% lower premium for women.
Experts' Review of iProtect Smart ROP
Written by Monish Vora
Chief Editor
ICICI Prudential’s iProtect Smart ROP is built for buyers who want the psychological comfort of getting their money back while still maintaining life cover. If the policyholder survives the entire term, the plan returns 100% of the premiums paid, making it appealing for those uncomfortable with pure term plans that offer no maturity benefit. The option to convert death benefits into income payouts over five years also adds flexibility for nominees.
Pros
ICICI Prudential has a solid track record with a good Claim settlement ratio, high annual claims paid and high business volumes.
The plan offers a payout on accidental disability.
Cons
The plan is not very feature rich. Lacks a wide range of features.
Premiums are 60-100% higher compared to pure term plans.
The plan lacks terminal illness and cover increase options, and omits key add-ons like critical illness.
ICICI Prudential
Key Insights
Founded
2000
ICICI Prudential was established 26 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
99.3% CSR, calculated as a 3-year average
ICICI Prudential settles 99.3% of all claims it receives demonstrating strong credibility.
Complaints
8 complaints per 10,000 claims registered
ICICI Prudential maintains a low volume of complaints, reflecting strong customer satisfaction and effective service.
Amount Settled
95.94% of total claim amount settled
ICICI Prudential demonstrates excellent claim payout efficiency, settling over 95.94% of the total claim amount filed, reflecting strong financial reliability.
The aforementioned ratios have been averaged over three years (FY24-FY26)
Features of iProtect Smart ROP
Accidental Death Benefit
Some policies offer you the option of adding extra protection for accidental deaths. And while we recommend customers choose a comprehensive cover without worrying about the specifics of death, iProtect Smart ROP offers accidental death benefit nonetheless.
Customisable
This Rider pays out a lump sum in case of accidental total and permanent disability or death due to an accident.
Return of Premium
Some policies return your premium after the policy matures if you don't make a claim. However, we don't recommend this option actively considering the option can be expensive. In any case, iProtect Smart ROP extends this option to those considering it.
Add-ons of iProtect Smart ROP
Accidental death and disability rider
This Rider pays out a lump sum in case of accidental total and permanent disability or death due to an accident.
Exclusions in iProtect Smart ROP
Conditions or treatments that the policy clearly says it will not cover.
Death by suicide within the first policy year is not covered.
Deaths arising from participation in criminal or unlawful activities are excluded.
If the nominee is found responsible for the insured’s death, the claim will not be payable.
If a death claim is proven to be fraudulent, the insurer will not pay out the benefit.
Disclaimer: For illustration purposes only - exact terms are in the policy wording.
What's missing in iProtect Smart ROP
No Zero Cost Option
No Terminal Illness Benefit
No Top-Up Option
No Waiver of Premium
No option to increase your cover with inflation
No option to decrease your cover over time
No Critical Illness Benefit
No Special Exit Value
No Cover Continuance Benefit
No option to increase cover at life milestones
No Insta Payout Benefit
Frequently Asked Questions
What is the ICICI Pru iProtect Smart Return of Premium plan?
What are the key benefits of the ICICI Pru iProtect Smart ROP plan?
What riders can customers choose with the ICICI Pru iProtect Smart ROP plan?
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