ICICI Pru iProtect Return of Premium Plan Online - IndusInd Bank

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Overview

You plan to give a future full of happiness and comfort to your loved ones. However, life isn't always predictable. These uncertainties of life may pose a hurdle to your plan of a perfect future for yourself and your loved ones.

Our ICICI Pru iProtect Return of Premium provides security to you and your loved ones against all such eventualities, safeguards your future planning while simultaneously also ensuring that you get a survival/maturity benefit.

Here's a plan which understands that change is the only constant and changes with your changing needs.

Key Features

  • Choice of 4 plan options customized for your protection needs:
    a. Return of Premium
    b. Return of Premium with Life-stage cover
    c. Income Benefit
    d. Early Return of Premium with Life-stage cover
  • 3600 Protection:
    a. Smart protection with 'Life-stage cover2': A smart life cover1 which adapts to your changing life-stages and responsibilities.
    b. Safeguards against 64 Critical Illnesses(optional)5 : Get an additional and instant payout on diagnosis of 60 major and 4 minor Critical Illnesses.
    c. Enhanced protection against accidental death(optional)6: Get up to twice the life cover1 in case of death due to an accident.
  • Survival Benefits:
    a. Regular Income4: Start getting a guaranteed7 monthly Income4 from the age of 60 till the end of the policy term with 'Income Benefit4' plan option.
    b. Return of Premiums3: Get 105% of your premiums back* at the end of the policy term with 'Return of Premium' and 'Return of Premium with Life-stage cover' plan options.
    c. Early Return of Premiums3: Get 105% of your premiums back at an early age of 60 or 70 with continued coverage till the end of the policy term with 'Early Return of Premium with Life-stage cover' plan option.
    *Premium back refers to the total of all premiums received, excluding premiums for optional benefits i.e. Accidental Death Benefit6, Critical Illness Benefit5, any extra premium, any rider premium and taxes, if any.
  • Tax# Benefits:
    Tax# benefits may be applicable on premiums paid and benefits received as per the prevailing tax laws.

How the plan works

Step 1: Choose your Plan Option

a. Return of Premium: Get life cover1 throughout the policy term. Also, get 105% of your premiums back* on maturity.
b. Income Benefit: Get life cover1 throughout the policy term and start getting Monthly Income4 of 0.1%, 0.2% or 0.3% of initial life cover1 from the age of 60 till the end of policy term.
c. Return of Premium with Life-stage cover: Get life cover1, which changes as per your changing life-stage throughout the policy term. Also, get 105% of your premiums back* on maturity.
d. Early Return of Premium with Life-stage cover: Get life cover1, which changes as per your changing life-stage throughout the policy term. Also, get 105% of your premiums back* during the policy term, when you turn 60 or 70 years of age.

Your premiums will vary depending on the plan option chosen.
*Premium back refers to the total of all premiums received, excluding premiums for optional benefits i.e. Accidental Death Benefit6, Critical Illness Benefit5, any extra premium, any rider premium and taxes, if any.

Life-stage cover2 in “Return of Premium with Life-stage cover” and “Early Return of Premium with Life-stage cover” is a smart life cover which changes with your changing life-stage and responsibilities.

Please note:

  • “Return of Premium” plan option has life cover1 which remains constant throughout the policy term.
  • “Income Benefit” plan option has life cover1 which remains constant till your income start date. Once the income starts, the life cover1 keeps reducing by the extent of the income payouts.

Step 2: Choose your Benefit Options:

Under each of the above plan options, you can choose to avail additional benefits such as protection against 64 Critical Illnesses or additional life cover1 in case of accidental death by choosing any of the following benefit options:

Benefit Options

Coverage Life Life Plus Life and Health All-in-one
Death ✔ ✔ ✔ ✔
Accidental Death X ✔ X ✔
Critical Illness X X ✔ ✔

Your premiums will vary depending on the benefit option chosen.

Step 3: Choose the Death Benefit payout option that meets your protection needs

Payout Option Details
Lump sum All benefits paid as lump sum
Income 20% of the benefit amount is payable every year for 5 years. This will be paid in equal monthly instalments in advance at the rate of 1.66667% of Death Benefit Amount. The beneficiary can also advance the first year's income as lump sum. The Monthly Income will start from the subsequent month for 4 years at the rate of 1.34% of the Death Benefit Amount.
Lump sum and Income The percentage of the Sum Assured to be paid out as lump sum is chosen at inception. The balance Sum Assured will be paid out in equal monthly instalments in advance at the rate of 1.66667% per month over 5 years.

Step 4: Choose your policy term, premium payment term and frequency and get started

Once you have chosen your Plan Option and Benefit Option, select a premium payment term, frequency and policy term most suitable to you.

  1. Suicide clause: In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the Claimant shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force. The Policy will terminate on making such a payment and all rights, benefits and interests under the Policy will stand extinguished.
  2. Free look period: If you are not satisfied with the terms and conditions of the policy, please return the policy document to the Company with reasons for cancellation within
    • 15 days from the date you received it, if your policy is not purchased through Distance marketing*
    • 30 days from the date you received it, in case of electronic policies or if your policy is purchased through Distance marketing*

    On cancellation of the policy during the free look period, we will return the premium subject to the deduction of:

    • Stamp duty under the policy
    • Expenses borne by the Company on medical examination, if any
    • Proportionate risk premium for the period of cover

    The policy shall terminate on payment of this amount and all rights, benefits and interests under this policy will stand extinguished.

    *Distance marketing includes every activity of solicitation (including lead generation) and sale of insurance products through the following modes: (i) Voice mode, which includes telephone-calling (ii) Short Messaging service (SMS) (iii) Electronic mode which includes e-mail, internet and interactive television (DTH) (iv) Physical mode which includes direct postal mail and newspaper & magazine inserts and (v) Solicitation through any means of communication other than in person

  3. Tax benefits#: Tax benefits are subject to conditions under Sections 80C, 80D, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services tax and Cesses, if any will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for more details.
  4. Grace period: A grace period for payment of premium of 15 days applies for monthly premium payment mode and 30 days for other modes of premium payment, without any penalty or late fee, during which time the policy is considered to be inforce with the risk cover without any interruption, as per the terms and conditions of the policy. Please refer to the policy document for more details on Grace Period.
  5. Loan: Loans may be granted on proof of title to the Policy. Please refer to the policy document for more details on Loan.

    The Death benefit shall not apply or be payable in respect of any death other than death due to accident during the first 90 days from the Date of Commencement of Risk

    • In case of a death claim during the waiting period, the Company will refund all premiums paid (including modal loading but excluding Goods and Services Tax and Cesses, if any) and the policy will terminate with immediate effect.
    • No waiting period applies where death is due to accident.
  6. Policy revival: A policy which has discontinued payment of premium may be revived subject to underwriting and the following conditions:
    • The application for revival is made within 5 years from the due date of the first unpaid premium and before the termination date of the policy. Revival will be based on the prevailing Board approved underwriting policy.
    • Waiting period for Angioplasty, Carcinoma-in-situ, Brain Aneurysm Surgery and Small Bowel Transplant illness under Critical Illness Benefit5 of 180 days will be applicable for any revivals after 180 days from the due date of the first unpaid premium and no waiting period will be applicable for any revival within 180 days of the due date of the first unpaid premium. For other than Angioplasty, Carcinoma-in-situ, Brain Aneurysm Surgery and Small Bowel Transplant illnesses under Critical Illness Benefit5, waiting period of 90 days will be applicable for any revivals after 90 days from the due date of the first unpaid premium and no waiting period will be applicable for any revival within 90 days of the due date of the first unpaid premium.

    Any change in revival conditions will be subject to prior approval from IRDAI and will be disclosed to Policyholders. Please refer to the policy document for more details on 'Policy Revival'.

  7. Modal loadings: Loadings for various modes of premium payment are given below
    Mode of Premium Payment Loading (as a % of Premium)
    Monthly 2.50%
    Semi-Annual 1.25%
    Annual NA
  8. The bases for computing unexpired risk premium value factors will be reviewed from time to time and the factors applicable to existing business may be revised subject to the prior approval of the IRDAI.
  9. The product is available for sale through online mode.
  10. Nomination Requirements: Nomination in the Policy will be governed by Section 39 of the Insurance Act, 1938 as amended from time to time. For more details on this section, please refer to our website.
  11. Assignment Requirements: Assignment in the Policy will be governed by Section 38 of the Insurance Act 1938, as amended from time to time. For more details on this section, please refer to our website.
  12. Section 41: In accordance to the Section 41 of the Insurance Act, 1938 as amended from time to time, no person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.

    Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to ten lakh rupees.

  13. Section 45: Policy shall not be called into question on the ground of misstatement after three years in accordance with section 45 of the Insurance Act 1938, as amended from time to time.

    14. In case of fraud or misstatement, the policy shall be cancelled immediately by paying the surrender value subject to the fraud or misstatement being established by the company in accordance with Section 45 of the Insurance Act 1938, as amended from time to time.

  14. In all plan options, guarantee is in the form of ‘Guaranteed income’ as regular income and ‘Sum assured on maturity’ as a part of Maturity Benefit. Additionally, in ‘Immediate Income with booster’ plan option, the ‘Guaranteed booster’ also forms a part of guaranteed benefits. Guaranteed returns are payable subject to all due premiums being paid and survival of the life assured.

  1. Life cover is the death benefit payable on death of the Life Assured during the policy term.

    For ‘Return of Premium’ plan option, Death Benefit will be the highest of a) Sum Assured on Death b) Basic Sum Assured to be paid on death c) (Applicable only for limited pay and regular pay) 105% of the Total Premiums Paid till the date of death. Where Sum Assured on Death is 7 X Annualised Premium for regular pay and limited pay and 1.25 X Single Premium for single pay;

    For ‘Income Benefit’ plan option, Death Benefit will be the highest of a) Sum Assured on Death b) 105% of the Total premiums Paid till the date of death c) Basic Sum Assured to be paid on death, less total Survival Benefit paid till date of death. Where, Sum Assured on Death is 10 X Annualised Premium.

    For ‘Return of Premium with Life-stage cover’ & ‘Early Return of Premium with Life-stage cover’ plan options, Death Benefit will be the highest of a) Sum Assured on Death b) 105% of the Total premiums paid till the date of death c) Absolute amount assured to be paid on death Where Sum Assured on Death is 7 X Annualised Premium.

  2. Life-stage cover:

    For ‘Return of Premium with Life-stage cover’ & ‘Early Return of Premium with Life-stage cover’ plan options, Death Benefit will be the highest of a) Sum Assured on Death b) 105% of the Total premiums paid till the date of death c) Absolute amount assured to be paid on death Where Sum Assured on Death is 7 X Annualised Premium.

    In case of Life-stage cover, Absolute amount assured to be paid on death will be based on age of the Life Assured as provided below.

    1. In the first policy year, Absolute amount assured to be paid on death will be the same as Basic Sum Assured as chosen by You at inception.
    2. From the second policy year till the policy anniversary after the Life Assured attains age 55, 5% offer Basic Sum Assured gets added on every policy anniversary to the Basic Sum Assured. This amount cumulatively shall be the Absolute amount assured to be paid on death. The Absolute amount assured to be paid on Death remains constant till the next policy anniversary. In case the Absolute amount assured to be paid on death becomes twice the Basic Sum Assured during this period of increment, it stays constant at that level, till the policy anniversary after the Life Assured attains age of 56 years.
    3. iii. On the policy anniversary after the Life Assured attains 56 years of age, the Absolute amoun assured to be paid on death shall revert back to Basic SA. This will continue till the policy anniversary after the Life Assured attains 60 years of age.
    4. On the policy anniversary after the Life Assured attains 60 years of age, the absolute amount assured to be paid on death shall be 50% of Basic Sum Assured and continues at the same level till end of the policy term.

     

  3. Return of Premium: Return of premiums is available on survival under three of the Plan Options: ‘Return of Premium’, ‘Return of Premium with Life-stage cover’ and ‘Early Return of Premium with Life-stage cover’ and refers to 105% of total of all premiums received, excluding premiums for optional benefits i.e. Accidental Death Benefit, Critical Illness Benefit, any extra premium, any rider premium and taxes, if any. The plan options ‘Return of Premium’ and ‘Return of Premium with Life-stage cover’ provide maturity benefit on survival of the Life Assured till the end of the policy term. The plan option ‘Early Return of Premium with Life-stage cover’ provides survival benefit on survival of the Life Assured till the policy anniversary immediately after the Life Assured turns age 60 or 70, depending on the return of premium age chosen by the customer at inception. The fourth plan option ‘Income Benefit’ provides regular monthly income from the policy anniversary after the Life Assured attains age 60 as a survival benefit till the end of the policy term. Please note that the sum of monthly incomes paid under this plan option can be higher or lower than the total premiums paid by the customer, and may not be return of premium.

  4. Monthly Income: Monthly income is available under “Income Benefit” plan option and starts from the policy anniversary after the Life Assured turns 60 years of age till the end of the policy term. Please note that the monthly income is 0.1%,0.2% or 0.3% of base Sum Assured depending on the monthly income percentage chosen by the customer at inception and the sum of monthly incomes paid under this plan option can be higher or lower than the total premiums paid by the customer, and may not be return of premium.

  5. Critical Illness Benefit: CI Benefit is an additional optional benefit chosen at inception and is available with ‘Life and health’ and ‘All in One’ benefit options. The CI Sum Assured is paid as a lump sum upon the Life Assured being diagnosed on first occurrence of any of the covered 60 major Critical Illnesses within CI Benefit term. 25% of the CI Sum Assured or INR 500,000.00 whichever is lower is paid as a lump sum upon the Life Assured being diagnosed on occurrence of any of the covered 4 minor Critical Illnesses within CI Benefit term. CI Benefit is available for Single Pay and Limited Pay and is lower of (15 years, policy term). For regular pay, the CI benefit term will be lower of (policy term, 40 years) subject to maximum cover ceasing age of 85 years. CI Benefit can be less than or equal to the Basic Sum Assured chosen by You at inception for Return of Premium Plan and Income Benefit Plan. CI Benefit can be less than or equal to the 50% of the Basic Sum Assured chosen at inception for Return of Premium with Life-stage Cover Plan and Early Return of Premium with Life-stage Cover Plan. CI Benefit is a pure risk benefit and does not have Survival or Maturity Benefit. Premiums paid corresponding to CI Benefit shall be excluded from Survival or Maturity Benefit.

  6. Accidental Death Benefit: ADB Benefit is an additional optional benefit and is available with ‘Life Plus’ and ‘All in One’ benefit options. In the event of the Life Assured’s death due to an Accident, ADB will be payable as a lump sum. ADB is available for the policy term or till the age of 80 years, whichever is lower. For Return of Premium Plan and Income Benefit Plan, ADB can be less than or equal to the Basic Sum Assured as per plan option. For Return of Premium with Life-stage Cover Plan and Early Return of Premium with Life-stage Cover Plan, ADB can be less than or equal to the 50% of the Basic Sum Assured chosen at inception. ADB is a pure risk benefit and does not have Survival or Maturity Benefit. Premiums paid corresponding to ADB shall be excluded from Survival or Maturity Benefit.

  7. In all plan options, guarantee is in the form of ‘Guaranteed income’ as regular income and ‘Sum assured on maturity’ as a part of Maturity Benefit. Additionally, in ‘Immediate Income with booster’ plan option, the ‘Guaranteed booster’ also forms a part of guaranteed benefits. Guaranteed returns are payable subject to all due premiums being paid and survival of the life assured.

  8. © ICICI Prudential Life Insurance Co. Ltd. All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Regn. No. 105. CIN: L66010MH2000PLC127837. Reg. O‑.: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600. Customer helpline number - 1860 266 7766. Timings – 10:00 A.M. to 7:00 P.M., Monday to Saturday (except national holidays). Member of the Life Insurance Council. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license ICICI Pru iProtect Return of Premium UIN:105N186V01 . Advt. No.: W/II/0374/2023-24

    BEWARE OF SUSPICIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
    IRDAI CAUTIONS PUBLIC AGAINST SPURIOUS CALLS AND FICTITIOUS OFFERS

    The plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance. INDUSIND Bank Limited (CA Registration no:CA0001) is the Corporate Agent of ICICI Prudential Life Insurance Company Limited and does not underwrite the risk or act as an insurer. INDUSIND Bank Limited, 2401, Gen. Thimmayya Rd., (Cantonment), Pune – 411001. Participation by the Bank’s clients in the insurance products is purely on voluntary basis. Call us on: 1860 267 7777.