Wednesday, 18 August 2010

ICICI Pru Life's Online Term Cover - I Protect

Dear friends, Earlier it was Aegon Religare's I- Term, the lone player in online Term cover Market but now it has a companion from the big daddy of private life insurers in India - ICICI PRU Life. The product is named as I-Protect. 

Product at a glance -

Minimum /Maximum Age at entry - 20 / 65 years

Policy Term - 10, 15, 20, 25, 30 years

Maximum age at policy expiry - 75 Years (Age completed Birthday)

Minimum Premium - 2000 Rs. (Excluding Service Tax & Education cess)

Accidental Death Benefit (Available with IProtectOption II only) - Equal to basic sum assured with maximum limit to 50L

Premium Payment term - Regular pay

Mode of Premimum Payment - Yearly only

Tax benefit - Prem. paid is eligible for Tax benefit under Section 80C of Indian Income Tax Act, 1961

Available Options - Option I Basic Life cover, Option II Basic Life Cover With Accident Death Benefit Rider

Death benefit - Option I - Basic Life Cover

Option II - Basic Life Cover + Accident Rider Sum  Assured equal to Basic Sum assured or 50L whichever is lower

Instant Life Cover - Policy 'll be issued immediately after realization of the prem. amount by the Ins. Co. for Non Medical Cases.

Maturity Benefit - Being a pure Vanilla Term Cover, there is no maturity benefit.

Offline Purchase - Yes allowed with a slightly higher prem. (To include the commission of Agent/Broker)

My take - I-Protect is a real competitor for Aegon Religare's I-Term. Actually it's better than I-Term. How here it goes - 

Max. Term - 30Y in I-Protect for 25Y in I- Term

Accident Rider - Yes for I-Protect no for I- Term

Offline Purchase - Yes for I-Protect no for I-Term

Maturity Age - 75Y for I-Protect  where as it's 65Y for I-Term

The major plus point with I-Protect, ICICI Pru Life has offices, agents, brokers, bankassurance channels in every nook & corner of India, Hence purchasing the cover online of offline is very easy as compare to Aegon Religare's limited presence.

In my view, if you are planning to purchase your first Term cover or want to increase one, go for this one.

For More info about the product click here.




Lloyd said...


Thanks for the detailed explanation. I already have a normal term plan from Religare which is due next month, i was thinking of going for iterm plan but now with icici iprotect, which one should i opt for. Also is it advisable to go for additional accident cover. Please advise.


Asan Ideas for wealth said...

Dear Lloyd, As per my view, Go for I-Protect option 1. For accidental Ins. needs I 'll ask you to opt a Personal Accident Ins. Policy from any Gen. Ins. of your choice.

Based upon your cover requirement, purchase online. The direct benefit in terms of I-Protect over I-Term is, Aegon Religare's reach is very limited & it does not have offices in every nook & corner of India where as Icici Pru life is available in remotest part of India.



Lloyd said...

Dear Ashal,

Thank you for your valuable comments. I took the plan for 50L for 25 years, the premium worked out to Rs. 7721 incl. taxes. I will opt for separate Accidential plan with National Insurance. With my birthday just round the corner I could save Rs. 500 per year on premiums. I think it will take some time for processing and there would be medicals too. Will let you know how it goes.

Kind Regards,


Vikas said...

Hi Ashal,

I have a query here.The ICICI i protect option 1 : Does this cover for deaths due to accident?
Doesn't Accident rider in option 2 with little premium doubles the insurance amount in case of accidental death?
Religare cutomer care told me I term covers accidental death. Is this not true?

Asan Ideas for wealth said...

Dear Vikas, Please understand, every Term cover provide the coverage from any type of death from the following -
1. Natural Death
2. Illness Death
3. Accidental Death
4. suicide after 1st year of policy

Now for your own query, you may understand that the basic cover of your term plan 'll be paid to your nominees in case of claim due to accidental death.

If the Accidental death rider is also taken (available with I-Protect but not with I-Term) & the death occurs due to accident, the nominee 'll receive the basic sum assured + Accident Rider sum assured.

Please note that in case of I-Protect, the max. Accident death cover is limited to 50L Rs.