ICICI Prudential IProtect Smart

This feature allows the policyholder to cancel the policy and receive the Smart Exit Benefit, which equals the total premiums paid. It can be exercised after 25 policy years (provided the insured is 60 or older) but not in the last five years of the policy​.

In case of total permanent disability due to an accident, all future premiums are waived while the policy remains active for the Death Benefit, Accidental Death Benefit, and Accelerated Critical Illness Benefit.

The Life Stage Protection feature allows the policyholder to increase the sum assured at key milestones such as marriage or childbirth. The additional coverage requires paying an extra premium​.

The policy offers various payment options, including Regular Pay, Limited Pay, and Single Pay. The user can choose between annual, semi-annual, or monthly premium payments based on their financial convenience.

Lump Sum – Full amount paid at once.

Income – 10% of the sum assured paid yearly for 10 years in monthly installments. First year’s income can be advanced.

Increasing Income – Starts at 10% per year, increasing by 10% annually for 10 years.

Surrender value is applicable only for Single Pay policies. You can surrender your policy and get the surrender benefit as stated below from year 1.

There is no maturity, paid-up value or survival benefit available under this product.

Tax benefits under the policy are subject to conditions u/s 80C and 80D of the Income Tax Act, 1961. Service tax and cesses, as applicable will be charged extra, as per applicable rates. The tax laws are subject to amendments from time to time.