Overview of iProtect Smart
ICICI Prudential iProtect Smart was a versatile term insurance plan offering four benefit variants: Life (death and terminal illness), Life Plus (adds accidental death), Life & Health (includes accelerated critical illness for 34 illnesses), and All-in-One (combines all benefits including waiver of premium on disability). It featured flexible payout options (lump sum, income, or both), optional whole-life coverage till age 99, and perks like life stage upgrades and premium discounts for salaried and non-smoking individuals.
Experts' Review of iProtect Smart
Written by Monish Vora
Chief Editor
The ICICI Prudential iProtect Smart is a premium, feature-rich term insurance plan from a reputed insurer with a strong long-term track record in claims and product expertise. The plan’s flexibility extends to death benefit payouts, allowing lump sum, regular monthly income, or increasing income options, ideal for families managing ongoing expenses.
It provides riders like Accelerated Critical Illness and Accidental Death that must be selected upfront, with no mid-term additions. While the critical illness benefit is accelerated, reducing the base cover on payout, this aligns with industry norms and ensures affordability. Premiums for comprehensive variants or whole-life cover (up to age 99) are higher but justified by extensive benefits.
While premiums were competitive, especially for smokers and high sum assured, the plan lacked some modern features like Insta Claim Payout and broader waiver of premium coverage (limited to permanent disability only). Its accelerated critical illness rider paid no extra benefit on diagnosis.
Overall, iProtect Smart is ideal for those seeking trusted, long-term, customizable protection with family-focused payout options. Though discontinued and replaced by iProtect Smart Plus with enhanced features, this plan remained a solid choice for those seeking long-term protection with a trusted brand and a focus on core benefits.
Pros
While not groundbreaking, the features provided meet the basic requirements.
ICICI Prudential has a solid track record with a good Claim settlement ratio, high annual claims paid, and high business volumes.
Provides premium waiver on accidental total permanent disability and allows cover enhancement later through Life Stage benefit.
Cons
Does not offer any disability benefit.
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
98.03% CSR, calculated as a 3-year average
ICICI Prudential settles 98.03% of all claims it receives demonstrating strong credibility.
Complaints
11 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 (FY23-FY25)
Features of iProtect Smart
Zero Cost Option
Some insurers will return all your premiums if you forego your policy before maturity, during a period specified by the insurer. Meaning you get all your premiums back, while also being protected under the term plan during this time. And iProtect Smart extends this option.
Waiver of Premium
Some policies waive all future premium payments if you are ever disabled (due to accident) or diagnosed with a critical illness. iProtect Smart doesn't extend the waiver-of-premium option if you are diagnosed with a critical illness, but you have the option to waive off all premiums if you are permanently disabled (due to accident).
Critical Illness
If you're ever diagnosed with a critical illness, you would want your insurance policy to pay a fixed sum that can help you deal with any monetary obligations and financially support your needs during treatment. iProtect Smart extends critical illness benefit without too many restrictions and pays up to ₹1 Crore so long as you are diagnosed with one of the 34 illnesses listed in the policy brochure.
Customisable
The Accelerated Critical Illness Benefit in IPRU pays a portion of the sum assured on diagnosis of a covered critical illness.
Special Exit Value
Some insurance companies will return all your premiums if you surrender your policy before maturity, but this can only be possible if you have a policy tenure above a certain number of years and maintain consistent renewals for a minimum period specified by the insurer. This means you get all your premiums back, while being protected under the term plan during this time. iProtect Smart extends this option.
Terminal Illness
Certain policies will disburse the entire cover amount the moment you are diagnosed with a terminal illness. So you can still get the money when alive and use it any way you wish. iProtect Smart gives you the option to receive the entire or a percentage of sum assured upon diagnosis of a terminal illness.
Add-ons of iProtect Smart
Accelerated Critical Illness Benefit
The Accelerated Critical Illness Benefit in IPRU pays a portion of the sum assured on diagnosis of a covered critical illness.
Exclusions in iProtect Smart
Conditions or treatments that the policy clearly says it will not cover.
Suicides are not covered in the first year.
Death due to intoxication.
If the nominee is involved in the death of the policyholder, that would not be covered.
The policyholder dies with respect to his involvement in criminal activity.
Death by suicide within the first policy year is not covered.
Disclaimer: For illustration purposes only - exact terms are in the policy wording.
Variants of iProtect Smart
Life
This variant provides comprehensive protection with a death benefit, coverage for terminal illness, and waiver of future premiums in case of permanent disability.
Life Plus
This variant includes all the benefits of the Life variant, along with an additional payout in case of accidental death.
Life and Health
Includes all the benefits of the Life variant, along with an accelerated payout in case of critical illness.
All in one
The All-in-One variant includes all core protection benefits, along with accidental death coverage and an accelerated critical illness benefit.
What's missing in iProtect Smart
No option to increase your cover with inflation
No option to decrease your cover over time
No payout on disability
No Cover Continuance Benefit
No Insta Payout Benefit
Reviews for iProtect Smart
C
Chaitanya W. Bajaj
Chose iProtect Smart payout choice lump sum or income feels practical and whole life cover makes long term planning easy Worth it In short for
S
Smita Yadav
Opted for iProtect Smart terminal illness cover se family ko peace mila and whole life cover se long term tension kam Worth it For me ok so far
I
Ishaan Pandey
Signed up for this plan payout choice lump sum or income feels practical and whole life cover makes long term planning easy Feels reliable good
T
Tanya Z. Prasad
Picked this plan terminal illness cover adds real peace of mind but premium is a bit higher on some options Would recommend with care ok helps
N
Niraj Jha
Went with iProtect Smart whole life cover makes long term planning easy and rider options are solid for CI and disability Feels reliable felt
Frequently Asked Questions
What is the ICICI Prudential iProtect Smart Plan?
What are the benefits of the ICICI Prudential iProtect Smart Plan?
What are the various riders customers can opt for with the ICICI Prudential iProtect Smart Plan?
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