Review of ICICI iProtect Term plan

ICICI Prudential has recently launched its online Term Insurance Plan called iProtect . iProtect is extremely affordable online Term Plan whic has some very good features. Last year Aegon Religare launched its online Term Plan iTerm , but it had some limitations like no riders attached and the company didnt had much trust factor . However iProtect comes with some really great features like Accidental rider, Term upto 30 yrs , wide coverage of cities and apart from being completely online, it can also be bought by agents, corporate agents and brokers , So it you are not net savvy or dont like pure online product, you can still buy iProtect Term Insurance through offline means , however the premiums in that case can be higher compared to when you buy online,because of agents commission involved in between.

The best thing I liked about iProtect was the user interface . It was easy to operate , asks less things in the starts and you come to know about your premium just by providing basic information like Age , Term , Sum Insured etc in the start, unlike iTerm from Aegon Religare where you had to provide all the medical details and finally after some hard work it shows you your premium. Personally for me (age 27 , policy for 30 yrs) , the iProtect premium for 1 crore was just Rs 9,400 .The ICICI iProtect comes with two different Plans, one with accidental rider and one without accidental rider

Why Term Insurance is not a waste of Money

iProtect Premium Calculation Interface

Two Different Plans under iProtect

  • iProtect Option I : In this option there is pure life cover without any rider, you get the sum assured only when you die, else not .
  • iProtect Option II PLUS : In this option , along with pure life cover , you also have accidental rider , which is equal to the Sum Assured (subject to a maximum of Rs. 50 lacs) will be paid out in the unfortunate event of death of the Life Assured only if due to an accident

Other Features of iProtect Life Insurance Plan

iProtect Term Plan features

More at Document Brochure

When does the Life Cover Starts in iProtect?

The best part of the policy is that your life cover begins immediately once company receives the premium in case of non-medical cases (incase there is no need of medical examination) , However,  In cases where medical examination is  required, cover will commence from the date of issuance of the policy. Calculate your Insurance cover

Freelook up Period

A period of 15 days is available to the policyholder to review the policy. If the policyholder does not find the policy suitable, the policy document must be returned to the Company for cancellation within 15 days from the date of receipt of the same. On cancellation of the policy during the freelook period, They will return the premium paid  subject to the deduction of:

a) Insurance stamp duty paid under the policy,

b) Expenses borne by the Company on medical examination,if any

iProtect Premiums Illustrations

A) The table below provides annual online premium (exclusive of service tax and cesses, as applicable) for various combinations of Age and Sum Assured for a healthy male (non-tobacco user), opting for a policy term of 25 years.

iProtect Term Insurance premium exmaple from ICICI Prudential

B) The table below provides annual premiums (exclusive of service tax and cesses, as applicable) for various combinations of Age and Sum Assured for a healthy male (non-tobacco user), opting for a policy term of 20 years, where policy is sourced by tied agents, corporate  agents, brokers or direct sales.

iProtect Term Insurance premium exmaple from ICICI Prudential

iProtect vs iTerm Comparision

I Let us look how iProtect fares in comparision to iTerm plan. I found out that iProtect beats iTerm in all the areas.

ICICI iProtect vs Aegon Religare iTerm Comparision

What is covered under Accidental Death ?

Accidental Death Benefit: This benefit is payable subject to the conditions mentioned below:

1. The death due to accident should not be caused by the following:

a) Attempted suicide or self-inflicted injuries while sane or insane

b) Engaging in aerial flights (including parachuting and skydiving)

c) By the Life Assured committing any breach of law

d) Due to war, whether declared or not or civil commotion;

e) By engaging in hazardous sports or pastimes

2. Death due to accident must be caused by violent, external and visible means.

3. The accident shall result in bodily injury or injuries to the Life Assured independently of any other means. Such injury or injuries shall, within 180 days of the occurrence of the accident, directly and independently of any other means cause the death of the Life Assured. In the event of the death of the Life Assured after 180 days of the occurrence of the accident, the Company shall not be liable to pay this Benefit.

Premium Comparision with other Cheap Insurance Policies

Who Should Buy ?

If you dont have Term Insurance : If you havent bought term insurance till now and were still waiting or I must say “delaying” because of your laziness , this is the time to act and finally buy term insurance online .

If you are UnderInsured : You know that you are underinsured , who still not taking the additional cover, now its your time to go and buy additional cover .

If you already have sufficient Cover : Situation changes , and so does in Personal Finance, even if you are adequately insured , It would be a good idea of explore an option of shifting fully or a part of your cover into iProtect term plan , as its a cheap plan .

Open Question, This is a new plan , we are not sure of the customer care support and how well its service is, What do you think about it ?

Comments , Do you like this iProtect Plan ? Please let me know your reasons and what you think about this plan . Are you going to take this policy ?

955 CommentsAdd Comment

  1. Phani

    How can I trust ICICI for my insurance needs? a firm which might is very soon might be deemed as a foreign bank. Are there similar policies from other National banks and insurance corporations? I prefer to get my insurance policy only from an Indian companies not from these Foreign cos. Correct me if i am wrong. Thank you.

    • Phani

      As of now there are no products like these from other National Banks , but they will come for sure . Why do you say that ICICI would become foreign Bank, can you elaborate on that ?


    • Dhawal Sharma

      ICICI bank and ICICI PRUDENTIAL LIFE INSURANCE are two all togehter different entities..It has got nothing to do with their origin..Even in case of SBI LIFE Insurance, their foreign collaborator is with BNP PARIBAS..and you might be under the impression that SBI is a government company..Dont hesitate and go ahead with full confidence..Even if still thinking otherwise, go for Kotak’s PREFERRED TERM PLAN..Its the cheapest TERM PLAN as of date..One more thing Phani, at your age, the LIC’s JEEVAN AMULYA (LIC’s TERM PLAN) will cost you AT LEAST 3 times more than any other company’s premium quote..Please bear this fact in mind too while deciding the policy..

      • john

        Atleast LIC will give back the money to our nominees.
        We do not now how icici gives,some have really bad experiences in getting the claims they have gone to courts also,
        LIC guarentees and thats why it is costly and realistic , It is easy to make false promises.

          • Gaurav

            Well, LIC has the Sovereign guarantee no doubt. But what Happened to US 64, din UTI have sovereign guarantee when the scheme was launched. LIC is high under capitalised. Rs 5 cr capital infusion when to be technically sound it must be somewhr like Rs 50,000 Cr to Rs 85,000 Cr. Even with an IPO it is difficult to garner such money. I recently purchased iprotect from ICICI Pru after looking at their credit rating which is iAAA for highest claim paying ability and IRDA says that ICICI’s claim repudiation is lowest at 0.7% among pvt insurers when SBI life’s is around 4.5%. What if there are huge scams underneat the mammoth LIC. Anyways ICICI was started by Govt of India only in 1955 later on they became private.

          • anil


            You r a very good salesman , when it comes to lic your comments very negative and icici is very positive, what is aim of your blogs, to fool the investor or awake, i taken term from LIc it is more then what private people charge, but it is worth, please provide valueble advise m i attached Laps rate ICiCi laps is 53% , and other is worst, be clear your are sales man then why you put your website name as Jagoinvestor, you misleading the people,

        • dew

          lic is alos making one run from pillar to personal exp with my dads claim which was widely reported in tv and paper still lic took 1 yr after numerous visits.

  2. Anand

    I came to know about this policy on CNBC Awaaz recently and was about to ask Manish about his views. A timely article!

    The policy is cheap and I might go for this and I believe if your case is straight, no company can deny the claim.

    Thanks Manish for the article!

    However, I found that yesterday their link was not working (page not found Error). So they need to work on availability 24 hours a day and their toll free number works only from BSNL. They must provide another number for non-BSNL customers.

    PS: I found that ‘notify-me-of-followup-comments’ flag on this site does not work.

      • Anand

        I checked with ICICI and as per their response

        “There was a technical error due to which some users may have experienced difficulty in accessing the product information. However, this has been identified and rectified.”


  3. Madhav

    Dear Manish

    I am a regular follower & fan of your blog… Nice postings and very knowledgeable even to the financial professionals like me…

    With regard to the current article – analysis is nice.. however, the main concerns on private insurers in the public eyes is still remains questionable – which is related to ‘service during claims settlement’. Especially number of new private small players are entering into this field – who don’t have any previous record on service matters is main concern. When any guy is taking Term Insurance – which is only a pure insurance cover – claim settlement should have more weigtage. Like Mr. Phani expressed – most of the people are concern about this point and willing to pay higher premium for the service history. I think IRDA/any other insur company associations- have to clear these doubts.. otherwise this concern will remains & their products may not be popular as required..

    • Madhav

      I agree on that , However most of the claim rejection happen because of mistakes in form filling and are client enduced , If one makes sure that he gives exact and pure info while taking the policy , There should not be much issue in claim time .


      • Manish

        Hi Manish,
        I agree that most claim rejections happen due to customers mistake,But mistakes or not reporting of trivial issues with health is common.

        There are many cases where in claims have been rejected based on a disease 10-15 yrs earlier. If one had a minor fall from a bike and was treated 10 years before his death, can the claim be rejected based on non disclosure? Is it logical and reasonable. But there are cases like this you can find.

        Some private insurers have claim rejection ratio of almost 23% (they reject 23 claims out of 100). This isnothing but cheating customers.

        Please dont side with the Insureres who care least about their customers.


        • Dhawal Sharma

          I’ll take it as teething trouble for private insurance companies whom i consider as in formative stage if compared to LIC..LIC clerks asking for CHAI-PAANI before releasing the maturity/claim cheque was not uncommon in the 80s and 90s..Its only when competition is there that LIC is working overtime and other private companies are also doing their best..Nobody knows what was the LIC claim settlement ratio when it was just 10 years old..So we all should stop taking side of LIC ONLY on every issue and think subjectively..Moreover, there is always IRDA to look into aggreived party’s concerns..

        • Manish

          I am talking about major issues and only at the time of taking policy . Many people miss that or dont care to take some pain and give more details , they think its “chalta hai” , but it does not .


        • Gaurav

          Manish the whole concept of insurer is based on 3 laws and the Law of utmost good faith is absent when small issues of health are ignored while filling up application. The insured needs to divulge all details and as long as they dun do it why should the insurance company pay? if they go on payin wrong claims because of no divulging of info what is the point of some insured person who has paid extra premium because he has informed the company like he smokes drinks etc… Insurers care about customers as much as customers care about insurers. Insurer cannot reject your claim if you are 100% right. The problem is our population is least bothered about utmost good faith when it comes to insurance. they are always bothered about paying lesser premium

        • Vanraj

          Please kindly note my analysis about anomalies of private life insurance companies.
          The private insurance company say that
          1. They have to provide a reserve credit to IRDA (about 200 crores) so that in case company is in loss or become defaulter the money will be paid by IRDA to their customer.
          2. If above is true then according to IRDA annual report 2010-11 some companies like Aegon Religare have individual death claim settlement ratio of 54% only. How is it Possible? Why IRDA keep its eyes closed. It is a completely cheating to the cutomers by such companies.

            • vanraj

              If we make generalized statement, LIC is providing individual death claim settlement of 97% while private companies have such a low death claim settlement ratio as low as 54%. It means that If we take random sample from population, probability of false claim would be as low as 3% according to LIC while according to private companies it would be as high as 46%. Means these big companies think and prove that half of their customers are cheaters. They even know that IRDA (Dhrutrashtra) is not going to make any harm to them. They are just collecting money from the market. They have nothing else other than to keep premiums low to attract people. You can look at unit-linked policies of private companies, they gave NOTHING to customers.

      • Kunal

        Hi Manish,

        can i know the claim settlement ratio for i insurance firm either from IRDA or Insurance Firm Web site?

        I want to compare this ratio for different firm. If you know any site please update me.

        Thanx for your valuable postings.

  4. Manu

    The link will not work if you directly go on URL
    But if you go through this link and then select Iprotect in Term plans and then select calculate premium it worked.

  5. Karsudha

    Argh..I have taken Birla term plan few months ago (not available online) and the premium is almost 80% more than what I could have paid for iProtect….anyways, I will check next year.

          • Minesh

            What do you think so ? I guess an agent gets any commission only when a policy is sold through him , else not :)
            But ICICI may have paid you to write such article…as I have seen there is not a single point against ICICI in this article…
            And few months back there was an article in local newspaper regarding claim rejection ratios…most of the private companies had rejection ratio of more than 30-50 % while LIC had only 1 %…
            1) the victim was traveling by luxury bus..we pass the claim if the victim is traveling by ST bus
            2) the vehicle in which the victim was traveling was not registered
            3) the vehicle in which the victim was traveling was having more no of passengers than allowed
            and so many..
            One of the best one is..the victim did not disclose in his hobby that he like mountaineering or swimming or !!!!!!!!! AND THE CLAIM REJECTED…..

            • Minesh

              “ICICI might have paid you to write such an article” , may be :) , Its your choice to assume whatever makes sense for you . At the end , you are going to take the decision


      • ujjwal

        this comments clearly shows mainsh is paid handsomely by ICICI….this bank is robber…everything is fake….and they are looting urban stupids…

        • Ujjwal

          As I said in the comment above, Its upto you to conclude , One cannot have any control in above way of thinking . I would encourage you to take learnings from the article


  6. A good strategy would be to split/diversify your term insurance needs across insurers. Suppose you need a term insurance cover for Rs 1 crore. You could — for example — split this as follows: 50 lacs in LIC’s Amulya Jeevan, 25 lacs in Aegon Religare’s iTerm, and 25 lacs in ICICI Prudential’s iProtect.

    This way you also spread your “risk of trust.”

      • amol


        one question here,
        If one buys insurance from two different company(say LIC and ICICI of 20 Lacs and 30 lacs). Now, tomorrow when it comes to claim settlement as we know LIC is better than anyone the claim will go smoothly. With ICICI, being private insurance company(and for a moment we will go with everyone’s worry to go with private insurance company about claim settlement), they raise any issue with settlement. Now in this above scenario, since LIC has cleared the settlement with any issues can’t it be treated as solid stand to fight with ICICI. In short when a giant company has settled the claim for a person wouldn’t it be used as a valid proof by IRDA to help the victim in his claim settlement with other private insurance company.

        This way splitting your insurance among 2 or more insurance companies would be more beneficial. One can go for coverage like 10 lacs from LIC and 50 lacs from private insurer.

        • vijay kubagiri

          Hi,interesting discussion,just wanted to add here is that whether it is LIC or any other private insurance company, the re insurers are the same .If you take 2 different plans from 2 insurance companies the re insurers are same .Most of the Indian insurance business is re insured by Swiss re and Munich re.So I really don’t think its a good idea to insure from 2 players. 99% of the LIC claims are smaller endowment policies where the average sum assured is less than 2 lakhs. But if you see the private players they are promoting larger sum assureds through term plans . So it becomes important for them to validate and investigate claims.Finally I think insurance is all about peoples money for people.No insurance company will pay the claims from their own pockets. If the material information is rightly mentioned in the proposal no claim can be rejected.If you are so confident about Govt aided companies why would we insure 90% of our cars through private players only

          • Vijay

            I agree that its people money for people . But regarding your point about reinsurers , Is it not the case that reinsurers come into picture only when some major event happens and a company is nto able to fullfill the claims themselves ?


            • vijay kubagiri

              Hi Manish , Every insurance company has a ceding limit of cover ,over and above the ceding limit it has to go to the re insurers. Let me give you a small example. max new york life has a ceding limit of 10 lakhs. if you apply for a 50 lakhs cover with them, they cede 40 lakhs sum assured to the re insurer. Then the re insurer accepts the cover based on the medical insurability and the financial eligibility of the customer.Re insurance is a phenomena to spread the risk globally to minimize the impact of claims on insurance companies .It is mandatory to re insure the policies after the ceding limit . So it doent make sense to get insured by 2 companies who go the same reinsurer. To make it simple 90% of the claims that the companies repudiate are because of the customers ignorance about how to put the material information on proposal.Otherwise I dont see any difference between LIC and the private players.Finally How many of us know to use the Ombudsman services if insurance company rejects a claim for no reason

      • ujjwal

        understood what is going on…i will go for LIC only…at least i will contribute to the govt….and LIC agent is a general public…and he/she handles his/her livelihood based on this…i will better contribute to them rather than all these marketing guys who are also mis-leading the investors in the name of jagoinvestor….

        • Ujjwal

          Can you share again why you want to go with LIC ? I am not against LIC , but want to understand your thought process of why you want to go with them ? and its such a great thing that you think about LIC or any kind of agent , Its shows that in this world , still we have people who care for those who are generally not entertained , Kudos to you .

          Btw, I would suggest do not get carried away by jagoinvestor or anything else in life . You need to apply your own thoughts and judge things based on that . Good luck


          • ujjwal

            recently, i have some bad experiences with ICICI ….what i have learned that they (read all private players) are not dependable….ultimately they do business…and what i have observed, they change the marketing guys frequently so that the new guy does not know you ( also may be, the older guy have lied so much that it is better to give him new faces to cheat )….so, at least myself can not get peace of mind that after my death, they will give payment to my family ( my family is not that smart)…..also, what i have learned, their first aim is how to reject your any claim when they are loosing….
            so, now they are luring you with low premium and sending lots of paid up agent to glorify their product.
            and in case of LIC, the agents also do business and keeps their livelihood ( same as the ICICI employes), but their is more human touch to it….the guy is your friend, your neighbour, not that smart or not heartless mba passed out…they do not know so much marketing secret….
            there is far more chance that you will get your claim… in my case, the agent will do his best to give the claim to my wife….my wife donot have to go or inform or fill -up the form tensly so that any mistake in filling up the form will end up nothing…the agent will come and do all the things..( the agent will not change unless he dies )
            ultimately, insurance is for peace of mind….i will rather skip 1-2 drinking session per month to give the extra premium to the LIC and their agents….also i can pamper myself by thinking i am doing social service in doing so….i am paying back 1000 rs per month to the soceity as commission to the low-intelligent, less educated agents.
            may be my language is not polished….
            but these are my thought processes and thats why i am giving double premium to LIC….and the term policy document have been kept with the LIC agent, as in case both me and my wife dies before my daughter gets grown-up, the agent will make sure that my daughter gets the money.

            • Dominic

              Very sorry to say. Like YOU SAID, you are talking like the “low-intelligent, less educated” LIC agent. Nobody here asking anyone to go with “XYZ” company.
              There are so many insurance companies available I dont know why you all banging only ICICI and crapping them.
              Couple of weeks back I went with a Term insurace where the agent quoted 16K for 50 Lac (age 42). After all the medical test my preminum become 13K. I am happy and even they have given me all the medical report along with the pocliy document and I know for sure if I die they just cant hold the claim.

              • ujjwal

                its ok….may be you are true…regarding your query why i am banging only icici, because this article is only about icici …it is specific….and the author is totally biased towards icici in his response….and if you are comfortable with them it is ok….but i am not comfortable….i am expressing my views only…. i am sure, if there is lots of death-claim, then they will find innovative way to reject your claim and of couse existing user have to give absurdly high premium….there is no doubt about this in my mind….whereas this will not be there in LIC because less-educated and low-intelligent peoples like me are the customer base of lic….
                i pray to god that my family need not claim my term insurance….this will be desirable for me, my family and also for the company,…..

            • Ujjwal

              Good to know that you have a good agent who will really be helpful . I am sure its on trust because trust me , you will never ever come to know what happened once you are gone .

              Regarding you choosing LIC, no one should comment ,because its your trust and your reasons for choosing it and no one can argue on your thinking ,its always right :) .

              all i would like to say is there are good experiences and bad one’s and as a human we tend to believe that what worked for us is “good” and something which didnt work for us is “bad” . There are tons of people who are very happy with ICICI , Kotak and didnt face any issue . Overall I would say ICICI , Aegon Religare etc service for online term plan is very bad because most of hte people faced it .

              Good to get your views. Keep sharing .


              • ujjwal

                i really appreciate your attitude….keep it up….actually, nothing suits to all….as @ dominic is very confident about claim….but simply i donot trust the pvt…may be i am wrong or right…..but i have to go according to my view-point….and you are damn right, in case of term insurance, all that matters is trust….i trust LIC although after my death, i myself will not be able to verify but i can verify for others who have already dead…..and trust can not be earned easily….it requires dedicated and fixed service and long time performance…..any-way i think both of us cleared our view to each-other…and i appreciate you…..

  7. Shantharam


    I have already taken a term policy with SBI Shield ( increasing cover) which will cover me for 30 lacs at the max limit. According to you, will it be better to take additional cover with iProtect or discontinue the SBI Shield and take iProtect for the whole amount ?

    Moneywise, i have to go for iProtect for the whole amount as it would be a lot cheaper. Claim settlement wise, i have to take additional cover with iProtect may be for 25-30 lacs.

    Your views pls…

    btw, the links or both are not working here either on IE or chrome . Any alternate link available ?


  8. Jagbir

    What a timely article. I was about to ping you about a review of iProtect :)

    I’m also thinking to bump up term insurance, already have one with Tata-Aig and willing to buy one from LIC/SBI but I dont think LIC will offer such online policies as their agent sales force is so huge, they dont bother and reduce margins. any thoughts?

    ICICI offered better product than iTerm and I think other also like HDFC will join the race and match or launch better products. So in my case, I can wait few more weeks. :)



    • Jagbir

      LIC would definately one of the last one’s to come up with online term plan , they have not even alligned them self for reducing agents premium , Agents are the life of LIC , so they wont play with it :)


  9. Anil

    Dear Manish
    I am a regular follower & fan of your blog… Nice postings and very knowledgeable. When i see the analysis of this term insurance , eeverything looks good. But let me tell you my exp in the past with ICICI.

    When i contacted the ICICI ( i myself…no agents) they quoted me some “x” amount for the premium. But soon after the medicals done, they sent me revised letter (up by 25%) saying ” based on the age /term /health we are incresing your premium to this amount. Kindly send us the cheque for this amount to issue the policy.” they never bothered to mention teh exact reason. i contacted customer care, personally went to the office. But no one was giving the reason. Frustrated with that , i cancelled the application.

    However, i got the term insurance for the same premium double teh coverage from Birla ( after thorough medical checkup). I believe, this is one way of cheating customers. If they say, based on medical reports, they might be thinking that customer will pay the quoted premium. they just not bothering to give the specific reason and at the same time they are causing more worry to the customer.
    This is my personal exp. Not sure whether they are deliberately doing this or not. But it happened in my case.

    • Anil

      May be thats a bad experience , but that happens with all the companies, there are many bad experience with Birla and many good experience with ICICI . So its a personal decision , I have never faced any issue with ICICI till now , I hope you were not talking about iProtect policy in your comment .


      • Anil


        I do agree with you. May be thats a bad experience for me. But my concern is not about the products offered by them. But with the customer support they are giving and the way of avoiding the answer to the customer queries.
        When i met them personally and asked one simple question. ” If you are making so many points to increase the premium when person is alive infront of you, how can i believe the claim process would be smooth when something happens to me.” But no answer from them and even then they did not give the exact answer why they are incresing the premium.
        Don’t know much about Birla. Fortunately or unfortunately ,my exp is good with them so far. Some might have had bad experience with Birla also and they can raise their points. This way we get to know about all the insurance companies and about their customer support.


  10. Rakesh


    Thanks for the article. I have a normal term plan from Religare, was planning to switch to iterm but now with iprotect plan i am in dilemma. Not sure what to go for. Any comments.


    • Rakesh

      You can make the change ,I cant claim on claim settlement , but just that ICICI has some record and overall the policy has some other small features which are better than ICICI iProtect .

      However wait for some time to pass :) . Also you can look at bumping up your insurance .


  11. Rakesh


    At the top of the page you have put a link to “Why Term Insurance is not a waste of Money” but that page is not found, can you please do the needful.


  12. Tushar Khirwadkar

    Hi Manish,

    Very timely article indeed! I am great fan of your articles (particularly Insurance related). I am also looking for a suitable Life Insurance for myself and would surely consider iProtect (was mulling between LIC – Amulya Jeevan, Aegon Religare – iTerm and Bharati AXA – Elite Secure)

    One thing I observed that the difference between policy taken online versus offline (thru agent) is significant! Almost double in case of 50L policy for a 50 year old!! Why so much difference?

    As far as Insurance needs are concerned, I believe a Permanent Total Disablement (PTD) / Temporary Total Disablement (TTD) perhaps carries more importance than Life Insurance and this type of insurance needs are not only for the breadwinner but for whole family.

    I have done some analysis on such policies (usually referred to as Personal Accident) available in market place for whole family, that provide decent cover amount (10Lacs to 3 or 5 crores) from following Insurers:
    1. Apollo Munich (Personal Accident – Standard or Premium variants)
    2. Cholamandalam MS (Cholamandalam Accident Protection Plan)
    3. Tata AIG (Income Guard, [only upto 80Lacs])

    I think it would be very helpful, if you can do some analysis on such policies. I believe you are best suited to do this, given your depth & understanding of Insurance, as well as the popularity of your Insurance related articles (just look at the number of comments posted for an article that appeared today !). I am sure a lot of folks would be looking for such information and would benefit all!!

    Best Regards,

  13. Gopal


    I am 23 years old and just started working. After reading some of the articles on your blog I came to a conclusion that I don’t need any insurance cover right now. But I might need it 3-4 years down the line. So is it better to take a term insurance right now or after 3-4 years?


  14. k m sudhakaran

    i am confused. any term insurance providing life cover should be paying the sum assured in any case of death except suicide cases or in case of a hazardous sport undertaken willingly. so why this rider which mentions accidental death

      • Meena Shivram


        I agree with Sudhakaran. While everybody is appreciative of the low premium offered by ICICI iProtect or Aegon Religare, one key point is being missed in this debate. What is the use of a Term plan if it offers claims only for accidental death. Even if we discount death by suicide or adventure sports, an untimely death or disability can happen due to various reasons: critical illness, accidents, permanent disability, non-critical illness. All these wreaks havoc on the finances of a family. A person may think that he has covered all the risks by taking a cheap term policy of 50 Lac plus but when the probability of the family getting the claim is not guaranteed due to any of the above unforeseen incidents, I would consider it a waste of money.
        Can any one tell me about any Term policy which offers the following claim benefits : Death due to any cause other than suicide or adventure sports, permanent disability due to accident.


  15. Sathya

    Gud to have competition on insurance. I will personally wait for more companies to launch online insurance.
    Agreed on splitting the insurance amount.


  16. Srinivas

    Thanks Manish for the detail review of iProtect v/s iTerm.

    1. Certainly, iProtect is cheap and ICICI has better claim settlement % than SBI.
    2. I liked it’s online feature, cheap, max term of 30 years and riders.
    3. I feel going forward if DTC stick to pure term insurance in 80C, we can see more competition and cheaper products from peers.

    4. There is a mistake in this statement “If you have done bought term insurance till now”….should it be “If you haven’t bought term insurance till now…..” ?

    • Srinivas

      If DTC does not have pure life cover in 80C , are you saying you will not buy term insurance , why ? Is tax saving more important or Safety of family ?

      I have changed the mistake you mentioned :) . Thanks


      • Srinivas

        Ofcourse term insurance is needed and family safely is more important than 80C. What I meant was people hunt for tax saving products without understanding the financial planing.
        If DTC mandates tax exemption only on pure term insurance, this would probably decrease the people who are opting for endowment plans and companies may start pushing term plans.

        I doubt Govt takes such a bold step…….

  17. What if someone discontinue the policy say after a year and opt for another one…that should be fine, right?

    And what if person is permanently disabled ..and cant earn?

    And iTerm policy only matures when you die a natural death?

    • Ujjwal

      Yes, in term insurance you can discontinue anytime. Your cover will finish and there is no other implication. Thus if you find a cheaper plan in future you can always close your old policy and go for the new one.

      If you have disability adder then you will get the disability adder benefit. In iTerm this is not available.

      In Iterm if you die a natural death your family will get the sum assured. But in iProtect, if you buy the accidental death adder then your family will get the sum assured Plus the sum in accident death adder.

      • Gaurav

        Hi Manish,

        I have visited this page first time and let me start by congratulating you on the vast and witty knowledge on Insurance. I foremost liked your unbiased views and neutral opinions. You are right in saying the decision eventually lies on us.
        I am 31 years old working professional and have few ULIP’s which in total provides life cover for around 20 lakhs. I am pondering to sign up for iProtect for a 50 lakhs life cover and equal amount of Accidental rider however going through the series of post, have started thinking the following with reference to the views put in by various folks.

        1) Sharing the cover with couple of policies – In this case, please suggest if 50 lakhs should be shared and if yes which could be the 2 best service providers for this beside iProtect, if possible names of the product too.
        2) Disability (Permanenet/Temporary) – This specifically caught my attention as disability does not seem to be covered under life or accident either? For this how should I cover myself and again 2 best service providers along with policy names if you could help with? I have found this very important so will appreciate your feedback.
        3) Settlement procedure if the applicant dies – Here I have a basic query-If I have mutiple life term cover, can I get paid for all or the one with highest cover is paid? e.g. 2 policies from LIC and ICICI for 20 and 30 lakhs- Will I be paid 50 for both or 30 the higher one.


  18. Deepak

    Hello Manish,

    Many thanks for the brilliant website that you’ve created and for the wonderful community that you’ve nurtured here at Jago Investor. I am delighted by the detailed review of the iProtect term plan. I have a couple of question that I would kindly request you to clarify.

    One of the primary purposes of buying accident insurance is for the purpose of disability payments. Disability insurance can be of great help where the insured survives the accident but is left fully or partially disabled. After reading the product brochure, it is not clear to me if the iProtect plan actually offers any form of disability insurance. For example, the SBI Life-Shield plan actually provides for both accidental death and permanent disability insurance along with a rider for premium waiver in case of disability.

    Considering the above analysis, what would you recommend to someone looking to invest in a term insurance policy that covers life risk and also provides for some form of disability insurance? Further, is there any good term policy that also provides cover for critical illnesses?

    Thank you for your help and looking forward to learning more every day from Jago Investor.

    • Deepak

      iProtect or iTerm both do not provide disablity protection , You should look at it as pure term insurance which provides only death benefits . For critical illness cover , better take some good health insurance policy which you can check at


  19. vinay

    Hi Manish,

    Nice review. My Pure Protect proposal got approved yesterday and now have 15 days review period in which I can change product. Now not sure if I should change it with iProtect as there is no disability rider. Also looks like accidential benefits are having more fine prints compare to pure protect!!! In premium iprotect is 30% cheaper. Please suggest earliest!!! Thanks.

  20. Mervyn

    Hi Manish, after reading your blogs (they are really good), I purchased 2 term Ins from Kotak (30lacs riders) and ICICI iProtect no rider online 30 lacs, the best part about ICICI iProtect is – after paying the premium by CC, I got a call after 15 min from them in Mumbai asking a suitable date to collect the relevant documents and also repeated all the details I entered. As per date and time set by me, their representative landed at my doorstep and took the documents… waiting for the policy to be issued now… hope not long waiting… maybe i need to go for medicals since i have kotak term ins also?

    • Mervyn

      Great to hear that, you are among the few who told me that they bought this one , I am sure you had nice experience , Just want to say that review that the info which you provided to them is 100% correct , and it would make sure that your claim is not rejected :) .

      Keep it up


      • Mervyn

        oops Manish… i spoke too soon about ICICI iProtect, i had submitted in writing to the agent who came to collect my documents some rectifications to be made in my name, father s name, wife name, nominee details and medical update along with proof, he promised me it would be done, the reason i had to do this is because this plan is new and hence icici website i think had some glitches which did not enable me to enter the right details (spacing not allowed, nos of characters in medical summary less etc)… after a week when i got no reply i mailed their customer support who replied back directing me to approach their branch with new set of documents which i refused as i had already given to their agent and collecting documents again it would have taken time… but the customer support manager is not helpful and tells me to provide details of the agent to track my documents… imagine they are asking me to give details of their agent whom they have hired…. ridiculous… anyway i think i will cancel the policy now, at inception only so much problem what will happen to my wife and kid after i die…. am sure they will harass them… btw i have written to their grievance cell so lets see… if not satisfied will invoke ombudsman to find out atleast where my documents are… lol….
        btw Kotak insurance no problem I got my policy today couriered to me by Blue Dart… I think with feedback from so many readers on Kotak…. I think it is safe to conclude its one of the cheapest and more reliable co. … I had absolutely no issue with Kotak… their sales manager Mr. Sridhar (south end road branch bangalore) came to my house entered each and every detail in the form, read terms and conditions to me, made me read the filled form and then told me to sign, medicals were smooth clinic was near my house, he followed up by calling me after the medicals, and again called me after my policy was issued telling me it will reach in a few days… i got it today…. so overall readers of this blog, KOTAK it is…..

          • mervyn

            Hi Manish,
            My documents were found, medicals done last saturday, as per website application tracker, only urine sample document awaited, i think policy will be issue by next week. But now I am in dilemma – SBI has come out with a super low cost term ins plan, check out their site for smart shield – though the basic SA is higher than Kotak or ICICI i protect, the SBI Critical illness is only rs. 935 compared to 2500 for kotak, this makes SBI smart shield cheaper than kotak when combined with CI, Accident and Disability rider. And giving SBI more weightage than Kotak or icici, I think there is now a clear shift to SBI as the cheapest and reliable term Ins company….. will review my term ins next year when my premium renewal for kotak and icici comes up… what do you think?

            • mervyn

              I would say as you are in look up period , you can give SBI a try if you think it would make more sense . no harm .

              Is SBI providing exact same thing in 995 in Critical illness cover ? Make sure there is nothing less or of lower quality . Just make sure .

              Also incase you have more coverage to take , you can look at SBI for additional cover ?


              • mervyn

                Hi Manish,
                Actually by taking 30 lacs each from Kotak n ICICI iprotect i feel i am adequately insured for now, as for 935 +tax CI cover of SBI yes this info is correct and covers 10 illness including coma while Kotak and ICICIiprotect covers 9 illness.
                Why dont you do a review of SBI Smart and Saral shield term insurance, am sure a lot of viewers will benefit….
                also wanted you to review my financial planning if its ok with you can i send you my details to your mail….

                let me know… thanks


                  • Amit

                    I have enquired about the SBI Smart Sheild.This plan have all necessary riders.Critical illness,Permananant disability and Accidental insurance.They have revised the rates also.Here is an example for 25 L sum assured –

                    SA- 2500000
                    Term 30 years
                    Accidental Benifit – 1000000
                    Permanant disability benifit- SA- 2500000

                    Total Anual Premium – Around 7700.The SBI officer also showed me the evidence that they have Successfully settled the claim of 80 Carores.

            • Raj

              Atleast you are going to get the policy issued from ICICI. I applied online for the IProtect. I got a call saying some one will come and pick up the documents, but still no one turned up. Even after repeated mails and calls, I get the answer that some one will contact me, but then no one does it.
              Intially I got a mail stating I have to get medicals done in one lab which is 35Km from my home. Since fasting is needed for the test I asked them to give some other lab nearby. for that too no response.
              Since there is only BSNL toll free number to contact them you will be doomed if you dont have bsnl in your home. No body responds properly to the mail id. If you call the regular customer service of ICICI prudential they say this is online policy and they will not take the complaint or service for this policy.
              So I dont have any proper channel to communicate with ICICI prudential.
              I mailed them asking to cancel the policy and refund my prmium, but for that too there is no response. I even written that I will take them to IRDA but still there is no response. I am planning to lodge a complaint with Insurance Ombudsman.
              I have decided not to go with ICICI prudnetial for any insurance needs.

        • Thangavel

          Guys, after reading several post in this page I found that majority of users struggle with ICICI iProtect and some recommended Kotak-life. So I chose to Kotak e-preferred online term plan. But I had really bad experience with Kotak e-preferred online term plan after applying through online. No one came and collect my documents even after I escalated three times(in a week time) through their customer service. Finally I decided to cancel my application and I wrote a letter to them, then I got call from Chief marketing manager and he gave a promise that my documents will be collected the next day. But I’ve not opt for it and asked him to cancel my application and request to refund the money. If I have to go through such forestations just for applying the policy itself, then assume how much struggle my family will face in case of of claim. I’m still looking for a good company who provides good customer care for insuring myself.

          • Dominic

            Couple of months back I took a Term from a Kotak agent and it was an excellent service (might be same with ICICI). All these issues are related to online product and we all know the reason. Here no one is getting any commission and hence the bad service.

              • Shirish

                I think, in India, online trading or e-commerce is still in underdeveloped status. It will take some time. The general public, especially youth is keen on using these e-tools. They expect ideal experience. But the companies have started implementing e-tools very recently. So there is a lag in process. And also, this is India. All is not always well everywhere.

          • Thangavel

            UPDATE: Finally I got my money back which I paid for Kotak e-preferred term insurance through online. I received within 7 days from the date of my request for cancellation of the policy at the proposal stage. If they would have shown the same speed while issuing the online policy I wouldn’t cancel it.

          • Thangavel

            I understand the frustration you have gone through, but I think you should be more patient and should have given more time , Online term plans take more time than offline term plans and even offline term plans take close to 1-1.5 months in total for the whole process . So expect this delay and take it as the part of the process, If you have waited for several years for taking a term plan , what big issue it is if it takes couple of weeks now .



    Hi Manish

    I have already ageon i term plan for 50 Lacs. Now can i go for this ICICI Iprotect plan for another 50 lacs and what precautions do I need to take while filling up for for ICICI iprotectplan

    What u suggest?

    • Amit

      I am not sure what exactly to tell you , while filling up the form , make sure you dont assume things , if something is not clear, ask it and fill correctly . Also there will be things which if told correctly might increase the premium , but thats fine, its fair .

      Also additional insurance can be given or not will be decided by insurance company . You cant take 10 crore premium if you earn 5 lacs a year .


  22. Ujjwal


    Nice article . Is there any site which shows the comparsons of several term policies. Can be very useful to check various policies at one go.

  23. yogesh

    Hi Manish,

    Nice article.

    What is ur opinion shd we opt for accident rider or not? Mostly all things are in exclusion shd we go for it or not ..

    As per me its waste of money to take accident rider with such exlcusion.

    What things we need to consider while filling form ? How putting wrong information reg. our health history can put in trouble? how they will know
    tht we have filled wrong information ? Plz elaborate more in this area?


    • srini

      Option-ii seems to be complete waste.

      If somebody needs higher coverage, Instead of option-ii, one can directly choose approx 1.5 times of more coverage in option-i itself, without any exclusions for the approx same premium.

      I also have this question – what are the better insurance options for getting permanent disability coverage..

      • Srini

        Depends on how you look at it . For me 9400 is the premium for 1 crore in option 1 and 10600 for option2 , which means that If I die because of Accidental death i will get 1.5 crores , so 50 lacs for an extra premium of 1k . I am comfortable with that , so it works for me .

        Dont you like this thing ?


    • Yogesh

      I checked with ICICI on your doubt and here is their response

      “1. Accidental Death Benefit under the plan provides another layer of protection at a very nominal cost. For example, if a 30 year old healthy (and non-smoker) male is looking for insurance coverage of Rs 50 Lacs for a policy term of 30 years. Under Option I the premium is be Rs 6,150 and in Option II is is Rs 8,550 thus you get an additional coverage (on accidental death) of Rs 50 lacs for just Rs 2,400. Further if we look at the exclusion list the exclusions, mention there, are only the extreme scenarios. Therefore, given the nominal extra cost for such an high additional coverage one should opt for it. Moreover, people with younger ages should go for option II as the probability of accidents in the current fast paced lifestyle is more.

      2. While filling up the form for any insurance product, one need to ensure that all questions are answered correctly with the supporting documents being with you in case the Company asks for detail with any of the health and income related questions. Since insurance is a contract of utmost good faith requiring of the Proposer / Life Assured not only to disclose all material facts but also not to suppress any material facts in response to the questions in the proposal form. Any mis-statement or suppression of material information the Company has the right to decline the application/repudiate the claim under this policy in accordance with Section 45 of the Insurance Act.”


  24. ANUJ

    You may also add what all documents are required at the time of claim settlement.. and all the members of family must be updated about that becoz whenever any unfortunate incident happens, the close relatives undergo trauma and they are not in the best of health to enquire about medical certificate and other doucments required for claim settlement… and since the person is no more, all these paper formalities have to be done by family members… so in my view, it is of utmost importance that everyone in the family must know what all care is to be taken at the time any unfortunate incident happens….

    • Dhawal Sharma

      Dear Anuj, there is an exclusive list of documents required at the time of claim, which is given at the end of the policy documents..Usually, they include death certificate of the policyholder, original policy document, ID proof of the policyholder as well as that of the nominee..During such time of crisis, i think the best person to help is the AGENT from whom the policy is purchased..moreover, in such cases the concerned branch from where the policy is issued will also be helping the needy..

  25. mynameisnotkhan

    anything related to ICICI is big NO. Dont fall into ICICI or AEGON for saving few thousands of money. Always stick with LIC.

    • Dhawal Sharma

      @mynameisnotkhan – Actually, it is not a matter of saving A FEW THOUSAND…I’ll give you my example..For my age at 35, for a sum assured of Rs 50 lakh, the chepeast term plan is from KOTAK life, costing Rs 8,603 whereas in case of LIC, it would cost me upward of Rs 26,000, which is more than 3 times..(Plz check the link it is NOT ALWAYS PRUDENT to stick with LIC..

      • Manish Chandra

        Have you checked the tenure of policy. If you buy term insurance for shorter tenure, its much cheaper. Longer the tenure, higher the premium

        • Manish

          Thats logical , it will be less for small tenure , as they are not taking the risk for longer tenure, but you cant take it for less just because the premium is less for small tenure, what will u do after that smaller tenure if you need the cover even after that, pay much higher premium at time .


  26. Anoop

    Hi Manish,

    I feel it is better NOT to take Accident Insurance Rider. Instead taking a Accident and Disability Insurance with loss of pay etc for whole family from some PSU/Private company will be a better idea.

    This gives more flexibility and control over feature selection over the policy. Secondly when because of some cheaper term insurance, we want to cancel the existing policy and buy new one, then we don’t have to think about Accident insurance as the new policy may not have that feature.

    What is your opinion?


  27. Prakash

    Hi Manish , any idea if these iTerm & iProtect & other health plans which companies are selling online , are for NRI’s ?

  28. Hi Manish,

    Nice review. Aegon Religare iTerm is still the cheapest plan. While the premium for Aegon Religare iTerm is cheaper than iProtect; as you have pointed out in the review iProtect has some advantages over iTerm like maximum term is 30 years and maximum age at maturity is 75 years. Also one issue lot of people have with Aegon Religare is that they are still a relatively new company with just 2 years being in the Indian Market. But IPru has been in the market since 9-10 years.

    As far as adding riders goes you can check Aviva LifeShield Plus. In this you can double up your cover by adding an accidental death rider for a little addition in the Premium which comes very close to comparison with iTerm and iProtect and in some cases even lesser.

    Best Regards
    Gopal Gidwani

  29. Rakesh

    Manish & Fellow Members,

    After reading everyone’s review I took the plan today. Its under process now.
    Will keep you posted.


  30. pattu

    I have a 60 lakh cover from Amulya Jeevan (LIC) for which I pay close to Rs. 36,000 per anum! (I have a Rs. 30 lakh cover in a group term policy with my employer). I got this a year back when I was 35. I am a hypertensive so I have to pay about Rs. 5500 more. I had a choice to buy iterm from AR but chose not to simply because I don’t trust private insurers.

    In my view online term policies are simply tapping into the Indian mindset: reluctance to invest in life insurance. So buying cheap seems best of both worlds! (satisfying mindset and commonsense!)

    Anyway to each his/her own

    1. Can someone with a health problem please tell us how much premium they had to pay in this policy or any other? What is cheap for someone in 20s need not be so for someone in 30s.

    2. Shubra made a curious comment

    “I know of companies buying stupid general insurance policies which do not pay when the event happens. L O L. All the premium paid is a waste. Same is true for people who have bought term insurance from a company which has a clause of 5 year premium review IN TERM insurance. L O L. Buy cheap repent later”

    He has still not told us about companies which change rates. In any case
    I believe in buy cheap and repent later.

    Everyone should give the address of the Ombudsman to their nominees!
    I have made a document in which I have written detailed steps for my wife to make a claim.

  31. Bikash Ghosh


    I have been apprised by an insurance advisor on a particular difference in benefit between the term plans iTerm from Aegon Religare and iProtect from ICICI Pru as stated below.

    There is an edge in iTerm over iProtect with respect to “Terrorism Cover”. The “Terrorism Cover” is not there in iProtect, whereas in iTerm “Terrorism Cover” is there. I would like to have an apple to apple comparison between these two plans as far as benefits are concerned. Please throw some lights on it with authenticity.


    • Bikash

      Thanks for mentioning this point , I think its a personal decision if it matters to some one or not , many people would not be too much excited about this difference


    • pattu

      iprotect brochure says nothing about terrorism. With respect to main plan death is death and once should get sum assured in any case. When riders are included then a company is free to put additional exclusions. But I dont find this in the brochure.
      Riders are always problematic. I think its best to get cheap accidental cover from PSU liked united India. If I am not wrong premium is not linked to age.
      CI cover also depends on the situation. For example if I get a critical illness I don’t need to worry about loss of income since I am govt employee and I wont get kicked out because I am sick. This may not be true in corporates so you may need it. But if there has been a precedent in your company you could check how they give settlement. If the settlement is equal to CI cover then why take it!?

  32. yogesh

    Hi Rakesh,

    Was there any medical test for U ? this premium is after or before medical test..?

    Hi Manish,

    If we opt for plain life insurance ..then if any one die by accident then his family won’t get any benefit ? is it?


    • Srinivas

      If any one has plain life insurance (without any Accident cover rider) and he dies in an accident, family would get only the sum assured.
      This should be natural death.

      if has accident cover and died due to accident, family would get basic sum assured + accident rider sum assured.

      • yogesh

        Hi Srinivas,Manish & All,

        Then I think its better to take pure life insurance(without accident rider) at least by this we r sure that we r insured for that much amount and in case of happening tht particular amt will be received by family member.

        Where as if we opt for accident rider we r not sure our family will be benefited by tht additional amt or not..

        Its better to increase sum assured of pure coverage.

    • Rakesh


      This premium is before the medical test. They will contact me if i have to undergo a medical test. Will keep you posted.


  33. Roopesh Majeti

    Hi All,
    After going through the above reviews, iam little confused :) [ forgive my small brain ].
    My question is that :
    Can we take a pure insurance plan with one company [ lets say iProtect ]
    and take an accident death benefit by taking from a diff company [ say X ].
    Though ICICI and X are not related to each other.
    If not, if we combine pure protect and ADB, do you all suggest iProtect ?

    Currently, iam on 30 in age, and planning to go with 50 Lacs cover for 30 years. For which, i saw that iProtect is very good one to choose [ not sure about ADB top-up provided by them ].

  34. Sachin


    Personal accident and disability policies are also provided by general insurance companies (New India etc.). The maximum amount of the policy depends on your income tax return. These policies are quite cheaper than the riders of the term life insurance policies.
    Is there anything wrong with these general insurance policies? There has not been any mention of these policies except for the Subra’s comment to your post. Is there anything wrong with their payments?



  35. maya sudhakaran

    thanks a lot for your feedback. i have a doubt though. my husband is a sailing master and he is on board ships for six months in a year. so he is an nri. what would you best suggest for him. is there a special online insurance scheme for nris. i remember while taking an lic policy he had to get all his papers verified from their ho at chennai, precisely because his job profile is riskier than other nris. could you suggest where to look for policies meant for nris.

    • Dear Maya, For your husband, most of the companies operating in India. ‘ll provide Life Insurance But due to the nature of his job, there ‘ll be a Prem. loading. This Prem. loading may be different from Co. to Co. So take your own pick on that count.

      Regarding the authentication of papers from Chennai, all I can that underwriting practices do vary from Co. to Co.

      Please quote all the details clearly while applying for the policy.

      In between, to get a taste of Prem. loading, you may contact various Ins. Co. in India & ask their prem. for your husband’s case. This home work ‘ll provide you the guideline what to do when he ‘ll be back in India to purchase a right policy for him.



  36. Manish, on “The best part of the policy is that your life cover begins immediately once company receives the premium in case of non-medical cases (incase there is no need of medical examination) , However, In cases where medical examination is required, cover will commence from the date of issuance of the policy.”

    Isn’t this the case with almost all insurers who issue term insurance ?

    • Radhey

      I think it was not the case with iTerm , they used to start cover when they issue the policy only . Online term insurance is a different ballgame and should not be compared with normal term insurance , here company is providing you cover instantly when you pay the premium (incase medical is not required)


  37. Balbir

    One thing I would like to confirm whether the Life insurance company coverage is on abroad also. I took SBI life shield term insurance and there customer care confirmed that it only cover if death/causality happens in India though I do not find this info on my policy document or on their website.

    I would like to know the stand of other life insurer company in this regard.

    • Balbir

      I am not sure on this, different companies may have different answers , also dont trust customer care , they might not provide complete or right information (unintentional sometimes)


  38. Manjeet

    Hi Manish,
    I bought the iTerm plan from AR last year after your article and after consulting you. Now that iProtect has come up, does this mean that iterm is not good enough (As commented by you above).
    I would also like to know more about the ‘rider’. By reading your article I now feel that a normal term policy without a rider does not include accidental death. Do I understand correctly? Please explain. If this is correct, does this mean that we need to insure ourselves separately for different types of deaths. That’s ridiculous!

    • Asif

      “this mean that we need to insure ourselves separately for different types of deaths. That’s ridiculous!”
      and then you can decide accordingly which type of death u want 😉

      • Srinivas

        Yes. your understanding is correct that “a normal term policy without a rider does not include accidental death”.

        These riders come under double indemnity clause in insurance terms, Double indemnity is a clause or provision in a life insurance or accident policy whereby the company agrees to pay the stated multiple (i.e. double) of the face amount in the contract in cases of accidental death. An accidental death is a death that is neither intentionally caused by a human being, such as murder or suicide, nor from natural causes, such as cancer or heart disease.

        This is to get more sum assured in case you die due to most possible type of deaths. I mean natural death is basic so normal term insurance is basic thing to have. next probable death could be due to accidents. like wise permanent disability, terrorist attack these are just riders and keeping adding.

        You can get the insurance cover for which you are exposed. As, only god knows how we die, we can only do permutation and combination.

        • Anand

          What ???
          A normal term policy does not include “accidental death” ?

          Manish, are you listening?
          People are using your blog to spread financial illiteracy….

          • Srinivas

            Sorry, it was a mistake “a normal term policy without a rider does include accidental death” but it does not give double indemnity benefits.

            What I meant was if you take accident cover rider then you get basic assured + accident rider sum assured (double indemnity).

            For example, you take normal policy without any rider, if you die due to accident then you get only sum assured, but if you have accident cover rider also you get basic sum assured + accident rider sum assured…

        • Ajay

          A death is a death buddy… Accidental or natural, murder or suicide… With a accidental rider you (rather your nominee) gets an additional sum of money…

      • Manjeet


        Thanks for the above information. But you skipped my first question.
        I bought the iTerm plan from AR last year after your article and after consulting you. Now that iProtect has come up, does this mean that iterm is not good enough (As commented by you above). Should I switch over to iprotect now?

        Please Comment.

  39. yogesh

    Hi All,

    Confused with such exclusion shd we go for accident rider or not..

    Premium Without accident rider With accident rider
    25L 50L 100L 25L 50L 100L
    Rs. 3,850 Rs. 5,600 Rs. 9,900 Rs. 4,875 Rs. 8,150 Rs. 12,400 ..

    With accident rider if we go for 100L then will get 1.5 crore with 12,400
    Without accident rider if we go for 100L then will get 1 crore with 9,900.

    For accident rider need to pay 75K extra and will get 50L diff.

    But not sure with such exclusions extra 50L will cme in picture and may be they never cme in picture that why insurance
    company are putting such consitions..

    All other policies also got such exclusions..?

    Is there any policy which has All
    a)normal term pla
    b)accident rider
    c)criticial illness

    If not atleast first three..
    Lets say I opt for accident rider

    • Bikash Ghosh

      Hi Yogesh,

      You may please refer to a product of Bajaj Allianz Life Insurance Company in which you would get all those as desired. The plan is “New Risk Care II” and there is optional “Additional Rider Benefits” for enhanced protection. But the premium is more as compared to iTerm or iProtect.


      Bikash Ghosh

      • yogesh

        Hi Bikash,

        Do u have idea how much will the premium for 50lachs..My age is 30 yr and want to take for 30 yrs..

        I checked in brochure for 5lach & 25 term coverage its arnd 2K per how much will be for 50lach coverage & 30 term


  40. kiran

    Friends, I live in Tripura. there is only one branch. but i m thinking for bye iprotect . is it possible from here? my annual income is 2 lacks. how much insurance i hv need? plz. anybody suggest me. thanks.

    • Kiran

      If they are not providing in your city , it would be tough to get insurance because they would require documents/address proof and all those things . You should check another article to understand your insurance needs , with your salry being 2 lacs per year, a wild guess would be 30-40 lacs .


      • kiran

        15 days ago i purchased a policy from aviva . but company’s advisor not fill up my previous insurance record which r taken from LICI. is it any problem in future?

        • dhawal sharma

          All the policies detail should be filled up, primarily if its TERM PLAN..Cuz if policy holder dies, the claim is to be settled by every company and each company needs ORIGINAL DEATH CERTIFICATE (And unlike birth certificate, authorities issue only ONE DEATH CERTIFICATE)..So if everything is mentioned in one policy, then its easy to submit documents to other policy company..Its a standard practice that if claim is settled by one company, the other company generally accepts their verdict, PROVIDED IT WAS DISCLOSED TO THEM BEFOREHAND THAT ANOTHER POLICY IS ALSO INFORCED WITH OTHER COMPANY/COMPANIES..So you should get the information regarding your other policies instilled..

          • prabeesh

            if its depend on history..let me say that i have ULIP plan from bajaj and i am going to close it after 5 years ,should i include this? or its only the history of term plans?

            if i take first iTerm 25L second iProtect 25L and third lets say after a year Lic 50L for my 1C term plan and should i inform other 2 insurance of the new term with LIC? and if i close iTerm after 3 years and start a aviva i need to update other again right?

            i am just trying to get clear of these things :)

            • Prabeesh

              In Kiran case , we are talking about updating the new company about the Old Insurance cover because thats an important information for the new company , but old company does not have to do anything with this new policy which you have taken , While cancelling , I dont think you have to tell everyone about it .


  41. Ningthemm

    Now a days ,we keep hearing that X man was shot dead by some Y groups/murdered by enemies/terrorist/undergrounds/militants etc and very scare some times.To cover such deaths , what are the raiders I have to take ?

    • Dhawal Sharma

      @Ningthemm – Death by terrorist attack is coverd by some companies in their TERM PLAN..I am an agent for KOTAK LIFE INSURANCE so i can say that KOTAK is COVERING this for sure…Please check the link

      Its a statement by our MD, Mr Gurang Shah in 2008 and quite evident as KOTAK settled a claim of Rs 2 crore of an individual who died in TAJ HOTEL attacks..

      Go ahead and get the life cover from KOTAK if you are looking for TERRORIST ATTACK COVERAGE :-)

      • Tarun


        I believe death by any means is covered by the basic term policy from any company.Like someone said above “death is death” I think Ningthemm was asking about extra raider.

        As per the link you provided, it itself kind of says that its coverd by most life insurance policies.

        “Most of the life insurance policies in the industry cover death due to all causes including death due to terror attacks (but excluding death due to suicide in first year). In India, there are no
        specific policies for protection against terror attack deaths as an individual’s regular life insurance policy itself is capable of providing cover in case of death under any circumstances (except


        Thanks a lot for the post. Please confirm if this understanding is true.

  42. madhu

    i would like to take the plan but it is available in only 54 big cities, i am living in remote town PUNGANUR in andhra pradesh . How can i take it ? any advice for me ?

  43. Balbir

    Whatever premium is mentioned that would be EXCLUDING the service tax (10.2%), so please add also while calculating the cost :-)

  44. yogesh

    Hi all,

    Service Tax is 10.30% in icici iprotect plan..

    For 30 yr old person(non-tabacoo) in option I for 50lach coverage for 30 yr premium will be 6783.45RS yearly.

    Remember service tax is not same every yr.

    In kotak life insurance premium is 8134.63 RS yearly
    kotak got 3 riders need to pay seperately for them..If u opt for accident and permanet disability it will be 9458RS(including service tax)..accident and permanet disability rider can be max 10Lachs only individually.

    kotak got critical illness rider if u take tht also then 14K permium ..

    Hope it helps..

    Looking to this it looks ICICI iprotect is less expensive.


  45. Ankit Thakker

    I did a quick cross reference of iprotect premium rates with a couple of other leading online insurance products namely Aegon Religare’s iTerm and Max New York Life Insurance’s Platinum Protect and found out that the premium rates for iprotect are by far the lowest across different parameters:

    For a person aged 30 years going in for iprotect the policy premium for 25 years term comes to Rs. 3850 for a sum assured of Rs. 25 lakhs. For iTerm, on the same parameters it is Rs. 4300 and for MYNL it is Rs. 5075

    Similarly I have come up with a comparison chart for all three products for a term period of 25 years capturing the premium rates that a buyer aged between 30-45 will have to pay for a sum assured of Rs. 25 lakh- 5 crore.

    Check it out, let me know your thoughts on the same.

    ICICI Pru iProtect
    Age/ SA 25 lak 30 lak 50 lak 75 lak 1 cr 5 cr
    30 3850 3900 5,600 7,725 9,900 44,000
    35 5450 5190 7,500 10,425 13,300 59,500
    40 8175 7590 11,000 15,225 19,500 87,500
    45 12600 11550 16,750 23,325 29,900 134,500

    Aegon iTerm
    Age/ SA 25 lak 30 lak 50 lak 75 lak 1 cr 5 cr
    30 4300 5160 5600 8400 10400 52000
    35 6000 7200 7500 11250 14500 72500
    40 8875 10650 11100 16650 21600 108000
    45 NA NA NA NA NA NA

    MNYL Platinum Protect
    Age/ SA 25 lak 30 lak 50 lak 75 lak 1 cr 5 cr
    30 5075 6090 9400 14100 18800 94000
    35 6825 8190 12900 19350 25800 129000
    40 9900 11880 19050 28575 38100 190500
    45 14850 17820 28950 43425 57900 289500

  46. yogesh

    this above fig is pre sale tax…For sale tax is 10.30% for this yr.. u know why its is cheapest ?we can compare and know which is cheapest but how to know why its cheapest ?

    Is it cheapest becuase there is medical test

  47. yogesh

    Correct one..

    this above fig is pre sale tax…For ICICI iprotect, sale tax is 10.30% for this yr.. u know why its is cheapest ?we can compare and know which is cheapest but how to know why its cheapest ?

    Is it cheapest becuase there is NO medical test

  48. Jig

    Hi Manish,
    Its showing on icici site premium is different.
    for 29 year age, 1 Cr premium is 14400 and if include tax ( service & cess ) it is arround 15883.

    How it should come to 9400?

  49. Jig

    Hi Manish
    Sorry as i hve calculated with Tobacco user so giving different premium amount. Thanks a lot for sharing such good info. Only one query that can Nri buy this online iTerm plan?


    Keep posting good info.


      • Jig

        Thats simply great dear. Thanks for reply
        Waited for your reply so i can put iTerm in my plan.
        1. Out of Religare and ICICI which one is better? further I have one plan recieved from Kotak and need math studies on that. i thought i should put this to expert. :)

        2. What is exact benefit of iTerm plan all we have discussed. Do we need to take seperate accidental death benefit /critical illness? if it is not provided in normal iTerm plan then what is they meant for death benefit?

        3.Kotak offer 1.5 Lac per anum to pay for 5 years. They are providing 25 Lac insurance for next 20 years from day 1 and fund value at the end of 14 lac considering only 6% growth.

        Expecting the best logical answers from you as usual to take any decision on this.
        thanks a lot once again for providing good information



        • Jig

          1) ICICI seems to be better at this point , as they have same pricing with better features and it comes from ICICI which has move confidence among public compared to Religare

          2. With iTerm you need to take seperate accidental benefit , in iProtect the meaning of accident death is when you die , then you get extra insurance money apart from normal sum assured.

          3. which plan is it ? if its a ULIP , then avoid it


          • jig

            Yes bro, it is ULIP bases plan given by Kotak.

            Well, Now its very clear that if ICICI allowing NRI to take term plan, i am going for the same sure.

            thanks and wish you just keep it up posting such unbiased information. I knw u were never biased before . :)



              • Jignesh

                Dear Manish,
                I am very surprized with the reply of ICICI. I have asked for iProtect Details and they replied NRI are not eligible to get iProtect.
                Alsmot most of companies are denied to provide Term Plan to NRIs . ( specially middle east )

                Whats your suggested plan for this matter?

                In this condition, how we should plan our insurance requirement?
                Hope you can show some way for this.



                • Jignesh

                  I feel what they mean is they cant provide you insurance if you want to sit outside india and take it from there. You can always come to India , take the insurance in the city and then mention to them that you are now residing outside as a workaround .


                  • Jig

                    I am ready to come down to india and that all things i have mentioned when ask.

                    but they are not replying the same way as you have written here. well now i can confirm it only when i will be in india.



  50. Jayant

    Hi manish,

    I genuinely appreciate your effort in educating people but here i have difference experience.

    With my prior experience in home loan with ICICI bank i have NO trust at all in ICICI bank. those days I had literally lost my peace of life. THEY NEVER KEEP THEIR WORDS AS THEY COMMIT IN THE START. How can we buy a sensitive product like life insurance from them?


    • Jayant

      Can you share your experience in detail . I am not sure how much can we relate ICICI Prudential with ICICI Bank because they are seperate things even though coming from same Family .


  51. Rakesh

    I have decided to cancel my application. Worst customer service. I had taken the insurance over a week back and someone from customer service called me and did a verification and arranged to collect the documents form my place the next day. However no one turned up nor called me. I have been following-up with their customer service all this week. Their service is very pathetic.
    If before taking the policy i have to undergo such hardships, imagine what my family would have to go if there is a claim in future.
    I will not advise anyone to opt for ICICI PRU Life Insurance co.
    I have also made a complaint to IRDA.


    • Tushar Khirwadkar

      I have also enrolled for this policy on Friday and got a call from their customer service on Sunday confirming all details and promised to send someone to collect docs next day.

      Till now nobody has called up! I then called up their customer service and I am told that they will check this and get back to me asap. When I provided my application number, they are not able to find the details, which is VERY STRANGE.

      I too echo your feelings and plan to complain if I things do not work out in a day or two…

      Regards, Tushar

  52. Biju Balan

    Hi Manish,

    If I go in for iProtect-II for 30 years term, & say after few years, i become a NRI & settle in another country & die in an accident. Will my nominee eligible for insurance money? Coz someone told me that, death in India is only accounted. also Term Insurance policies are applicable for resident Indians only. Is this true?

      • Dhawal Sharma

        for this, the policyholder has to declare to the company that he is moving out/settelling abroad..There are a few countries which are market dangerous by all insurance companies (For eg Pakistan, Burma, Somalia etc.) and so if the policyholder is moving to these countries, the policy will stand cancelled..But if the policyholder is moving to some other place, like US or UK after informing the company, he can continue to avail the insurance facility..but yes, claim will be settled only in INDIAN CURRENCY 😉

        Its not like if someone has taken cover of 2 lakhs and he died in Europe, then company will pay 2 lakh EUROs to the nominee..Company will pay 2 lakh rupees even if the nominee is in europe..

        • Biju

          Payment in indian currency is fine. But my question is more towards, whether the accidental death in a foriegn land (either by immigration, employment or tour) is covered or not?
          And whether NRI can buy this i-Protect Insurance or not? (agreed to travel to india for medicals, incase needed)

          • Jig

            I have asked this question to companies also and fed up with ICICI replies. they never replying to the point. I dont know why manish is keeping mum specially after asking this question.

            I request manish again n again , that this situation is there for so many guys/personnels. Manish can you please start a fresh blog with subject NRI INSURANCE PLANS and in that you can review the available plans for NRIs.

            I am very much sure there is huge blog members are from out of india, Middle east who has tax free income but they dont have proper investing planning due to lack of awareness, lack of availibility of options and so have to invest in direct equity.

            We are looking for Proved information and considering you as a socially knowledge sharing guy, request you again to do something on this.

            i hope soon we will get answers on this.



                • Here is the answer


                  A person has to be RESIDENT in india to take up insurance policy from an INDIAN COMPANY in INDIA..Reason being the documents required by the company like ADDRESS PROOF/AGE PROOF are to be for some place in INDIA..Moreover, if the SUM ASSURED required is more than 50 lakhs or so, CUSTOMER is required to submit his financial papers such as last 3 years ITR or FORM-16 which again should be done in INDIA only…Last thing, medicals would be done at some medical center affiliated to the insurance company near the address of the client which again should be in INDIA…So these are reason why insurance might have been declined to some NRI..

                  I think this NRI guy, when visiting india next submit his proof of RESIDENCE – AGE – LAST 3 years ITR etc and get his medical done at his indian address, can get his policyh issued very easily..

                  Moroever, according to JIG’s concern, i believe there must be some INSURANCE COMPANY out there in middle east he can take a TERM PLAN from there for a smaller amount and then when he is back in india, can take a big amount from indian company…

                  • Jig

                    This is the reason i was expecting answers from you as i knew it will be a firm answer. Your work is highly apprciated specially because you are doing this for social education.

                    thanks a lottttt
                    a little query, if i am earning tax free salary, do i need to submit ITC?

                    with warm Regards


  53. Hemant

    I have a query regarding accident cover feature being available in i-protect vis-a-vis iterm which does not provide such option.
    When you say Accident Cover is available in the policy, what does that excatly mean? Does it mean that in case of death due to reasons other than accident, normal amount applicable for the term isurance shall be paid whereas in case the death is due to accident, the amount payable shall be equal to the term insurance amount plus an additional amount due to accident cover feature ?
    Can somebody kindly enlighten me on this?

    • Dhawal Sharma

      @Hemant – Lets get this thing clear once and for all…Accident cover means a rider by the name ACCIDENTAL DEATH BENEFIT..which means if a policyholder has this rider, his nominee will get extra amount if the policyholder dies in an accident..Lets take this example..Mr A has taken a Sum assured of 50 lakhs as basic cover plus Rs 10 lakhs as Accidental Death benefit in Term plan from any xyz company..In this case, if Mr A dies a natural death or died because of any reason other than accident, his nominee will get Rs 50 lakhs..But if he dies in car accident or accident of any kind, he will get Rs 60 lakhs (Rs 50 lakhs basic sum assured + Rs 10 lakh on account of Accidental Death rider)..

      Hope this will clear your doubt..

      • kumar

        Hi Manish,

        I have taken a term insurance from LIC & HDFC already. I would like to buy the i-protect to increase the sum assured.
        The query I had is that, in case of an unfortunate event of death of the insured, since one copy of the death ceritificate will be issued and I assume that all the companies require the original copy of this ceritifcate, how can the nominee claim the policy from all the insurance companies.


          • Dhawal Sharma

            Very first thing for these types of cases is to declare in the proposal form that you already having a policy from such and such company..(There is a column in every company’s proposal form asking the client that if he is having any insurance from same company or any other company)..Once such information is provided, then at the time of claim, the usual practice is to submit DEATH CERTIFICATE to the insurance company with which the policy is running since the longest period..Other companies are then informed of the procedure due and acknolwedgment from the FIRST company are provided them and it is accepted by the other companies..Moreoever, of late, it has been reported that generally Insurance companies do not ask for Original Death Certificate to settle claims, even photocopies will do..So be alert while filling the form and sharing all the information about previous policies to prevent even a small discomfort problem later on..

  54. Hi Manish,

    First of all, I would like to congratulate you for building up such a wonderful blog on financial matters from Indian perspective. I am an IT guy, and the only thing I have been natural at is computers. So, your very lucid blog comes as a great relief for me! I have been reading a lot of posts on this blog and now I don’t feel like a financial n00b!

    By the way, I am a blogger as well and so can appreciate the hard work you must have done to build up a blog with over 4.5k RSS subscribers! :-)

    Just wanted to inform you and your readers that I have bought this IProtect Plan from ICICI (Option II – Accidental Rider of 50 lacs included). I am 23 years old, have gotten myself a 50 lac cover for a period of 30 years. The premium came out to Rs. 8438/-. As yet, only the online part has been done. I am yet to hear from an ICICI representative for further processing of my application. Also, I have mentioned YES to occasional consumption of alcohol and NO to everything else. So the premium might shoot up.

    Will keep you posted of further developments as and when they happen. :-)

      • Update of my policy status:

        After about 25 days of buying the policy online, I got an email with details of the hospital where I had to go for medical tests (6 test in all). I called them up and asked them to conduct the test at home, but they didn’t look keen to come to my residence (gave lame excuse of not enough doctors!), so I went to the hospital. They took urine sample, did blood test and ECG only and no other tests. Guess they are trying to save money there!

        The only thing remaining is to submit the documents. I have decided to personally submit the docs at their office instead of waiting for their courier guy to collect it.

        Will update next when I get the policy.

  55. Vikas Khanna

    I have purchased an Iprotect policy on 25 aug and since then there has been no reply from the ICICI staff. Whenever I call the customer support, they say that they would respond in 24 hours and in the end it is me who is calling them again and again.

    Anyone planning to by this policy should think twice before investing there money.

    Vikas Khanna

  56. Narasimha

    Thanks Manish, i was looking for Term Insurance for last 1 year, i thought of taking LIC’s Amulya Jeevan. After reading your articles i decided to take iProtect for 50L and Amulya Jeevan for another 50L.

    I submitted iProtect application online and next day ICICI Pru Life has sent a person to collect documents and get signature on application.

    NOTE : To submit iProtect application online one need to have Internet Explorer 7.

    • Narasimha

      Great, I think its a good idea to split it between LIC and other . thanks for IE point , many people dont know it , but i browsed it through firefix , got my premium , but never went for submission of forms , not sure :)


      • Narasimha

        Today i got medical test details, There are 2 types of medical tests
        – Lab tests => Some Lab people come and do tests at home
        – some other tests i need to goto some hospital in JayaNagar.


  57. Sandeep

    Hi Manish,

    I will be traveling to Europe for long term with family. Will this or any term insurance would be helpful during abroad stay.


    • Sandeep

      U can always take travel insurance for abroad which will cover you , but if you are going for some years , better take term insurance and disclose that you are going out of India whenever you go


  58. Madhu

    Hi Manish

    In iTerm plan of AR, they told me that it covers accidental death also, even they are saying that it covers all kinds of death.
    But you are mentioning that in this plan accidental death is not covering.
    Clarify your thought on this.

    Thanks in advance.

  59. Dharmin Maniar

    Dear Maniash,

    i am 40 years old. based on the online calculator i had decided to go for I-PROTECT but i came to knowthat I-PROTECT is not cheapest for sum assured of 25 lacs. for me Kotak Prefered term plan premium is the cheapest.
    my birth date is 03 feb.1970 and for 30 years with 25 lacs sum assured KPTP premuim comes to 9431/- inclusive of all. for the same period and same sum assured I-Protect premium is Rs. 10506/- i gone for that and i have still chance to invest balance 1075/- in good MF as SIP.

    i think one should check other company’s web site to calculte the premium before going to buy for I-Protect.

  60. Sir, it is Very good article. I read ur article on iterm. I want to take two term insurance of 50 lack each for 25 years term. My date of birth 30. 07 .1977. From iterm , iprotect ,and kotak .which r two best not cheapest option ? And please tell detail of annualy premium of each with rider and without rider.

      • Dharmin


        i think instead of going for 25 years you should have to go for higher terms. you are currently 33 and you want to go for 25 years terms that means risk cover is up 58 years. if you servive more than 58 years your faimily will not get anything.
        one must take term plan if he is the main earnning member and till the maximum age.
        you can take one term plan now for term of 30 years for 50 lcas so you will have a cover up to 63 years of age and after 5-7 years (at the age of 40) you can go for one more term plan whcih can take care up to 70 years.
        also side by side invest some money in to very good divesifide Mutual fund through SIP to beat the inflation and wealth creation.

        • Dharmin

          While you are correct that one should opt for the highest tenure . Still getting cover till 58 would not hurt that much . life insurance is mainly security against the risk of future earnings and by 58 yrs a person would have earned most of his money and just 2-3 yrs of more income is suppose to come, so if a person dies family is just loosing that part and its not significant , so even 25 yrs of cover is not that bad , however depends on the insurer how much he wants .


  61. Kiran

    Friends, aviva life insurance has lunch its new premium back term plan. i found it cheaper than all premium back term plan provider in india.

  62. Amit

    Hi Manish,
    I have been silent observer of your blog, i admit you are doing nice job. I never took opinion from any SO called Financial advisior as they most time tried to push me for ULIP. Further i felt i knew more than those people. I like reading about finance articles. Just a hobby… Before i ask you a question, let me give you breif about my financial background….

    Me and My wife both working in software. Both earn close to 10 lakh each. Me around 34 and wife around 28. Can say dont have any loan. Dont have credit cards. Recently blessed with a daughter. Parents are self sufficient.

    We can save upto 60 k per month. Tax savings are either PPF of ELSS.
    In my case i prefer investing upto 70k per year in ELSS. This year i may opt for PPF as the market appears to be pretty high.

    Never felt the need for insurance as nobody was dependent on me. Today i feel me and my wife both should go for Pure Term Plan. I feel easy settlement is one of the topmost priority, settlement shoud be hazzle free in case if something happens to me. So i thought i should go with LIC.

    In my wife’s case, i wish to go with Termplan that is chepest. I might be biased towards SBI after LIC.

    Please tell me should we split our term plan with two Insurance companies?
    Your inputs will help me a lot.


    • Amit

      Thanks for your comment .

      U seem to be doing well overall and your clarity is good over the financial matters . You can consider spliting the Insurance between two insurers . As you are not price sensitive, you can take an approach called “priority spliting” (term coined by me) . What you can do is that if your Insurance requirement is X+Y . Where X is the minimum cover which you need in any case and you cant take any chances , you can take that X amount of cover with LIC , and rest Y with SBI or Kotak or Whatever , That will ensure full cover with high chances of atleast getting the minimum cover you wanted along with some price optimization .

      Go for ELSS or (non-elss) aggressively right now as you are in the start of the career . Also while I beleive more in rent , still you might want to consider buying an affordable flat incase your situation allows it .

      Keep in touch .


      • Amit

        Thanks for your Response Manish. Your inputs have made my decision more firm. I would Opt for LIC and ( SBI or Kotak).

        Regarding buying a flat : I am very happy to pay a rent of little less than 10 k for my flat that would cost me 32 lakhs. Well its not i am against buying a flat but dont want to make the ALREDY RICH BANKS more RICHER. The day i have atleat 50% money to buy the flat i would go for one.

        Apart from me not a guy who belives in big loan or paying huge interest to banks, i also felt HRA worked out better for me instead of availing tax benefit for having my own house.

        I have brought a pice of land to consturct a house down the line. This land has appreciated to decent extent after my purchse. lets see how things work in future.

        Once again… Thanks for taking our your valuable time for me….

        • Amit

          Nice to hear that , which city are you in ? Can you share the appreciation in your land price , that will help us understand what kind of numbers are there in real estate on pliot side .


  63. Biju

    Hi Manish,

    Need some suggestion on Endowment Insurance.
    I’m 3o yrs old, married, & have 5 1/2 yrs old daughter.
    Currently i have
    a. ICICI ULIP life insurance promptly paying since 2004, SA-5 lakhs, Annual premium – 28000/- policy still active
    b. ICICI ULIP based Pension Plan paying since 2004, annual premium – 10000/- policy still active

    Now i’m Planning to go for a pure term insurance for 50lakhs or 1 crore, most likely only with ICICI iprotect (or equally split between iProtect + any other companies term insurance) to safe guard the future of my heirs.

    Apart from this, i would like to invest about 2000 per month (~ 25k per annum) on some kind of guarantee towards my child’s future. So here i need your suggestion on whether i should go for endownment insurance or traditional, (non-ULIP) Child insurance. (I don’t want to use this savings towards Mutual funds, instead i prefer to increase my existing ULIP’s premium after a few years or use the cushion income from bonus towards mutual funds, etc)

    Basically here i’m sort of not clear, which is more beneficial between traditional endowment & Children’s plan? And which company would you suggest to go with for hassle free service & good returns?

    Or would you suggest on any other savings idea – PPF, etc??

    Many thanks in advance.

    • Sharwan

      But it is my opinion only.
      Mr. Manish will guide u proper. Because saving and investment are diff. And insurance is totally diff. From saving and investment. Ulip is not good option 4 should take two term insurance plan instead of one.and one health insurance for family.after it there is no need any type of insurance. then u may focus on investmet like m.f. , p.p.f.

    • Biju

      The first thing is to cover yourself adequately with Term insurance , thats the first step.

      The next step would be to plan for investments , You can use your existing ULIP’s , but the question is are you using them well with switching option , if not then whats the point of being in ULIP ? Then you can go for direct mutual funds . Also you dont need to go for increasing the premiums , you can just top up them , that would lead to less cost , not sure what happens after new regulations apply to Ulips’s .

      Why are you not comfortable with MF ? If you are not ok with pure equity option , then atleast go for Balanced funds or at best debt oriented mutual funds with lower equity exposure .


  64. Raajeish S Agrawal

    I tried 2 – 3 times, but could not proceed from page 1 itself?

    I think just to fool Indian public this site is there!!!!

  65. narasimha

    There is no END to their processing/document collection.
    I applied online on 25th Aug, on 27th somebody come and collected some docs. On 30th Aug, they sent me a letter which has some medical tests need to be conducted at specified hospitals(some of them they came to my house to collect samples).
    They received test reports on 8th/9th Sept.
    Today(16th Sept) they are asking for some other documents. Where as their Application Tracker page showing even more proofs required than what they asked today.

      • Narasimha

        No end to their document collection, still no idea when they can send Policy.
        No responses to emails, they say they revert back after 6 working days.


    • yogesh

      Hi Manish,

      Who has to take care of medical test cost ? Insurance company or to us ?

      SUppose if person has already gone through full body check and had report in that case will this test be skiped or still need to do ?

  66. Rakesh

    Just to update all member, its been over 1 month that i have canceled the policy but i have still not received the refund. Two weeks back they said they had done an electronic transfer but i have still not received it. I have been following daily with them but no luck. Just plain advise don’t go for this policy, instead opt for LIC and pay higher premium atleast you will have a peace of mind that your family will get the claims.
    The private players are blood-suckers. Wish we could take some legal action?


    • Rakesh

      You can now call IRDA helpline number and complain about any un-professional behaviour of these Insurance companies . There is a call centre started by IRDA for registering grievances on policy-related matters. The call centre will provide an easy and convenient way to bring complaints to the notice of the IRDA. the Toll Free Number is 155255 and Email for complaints is .

      Keep us updated on what was the result . The next action you should take is to mail company once again , cc it to and threaten them to teach them a lesson if they take you granted .


  67. Ashwin

    I have applied for iProtect on 12th Sept. Today on Sept 22nd i got a call and an email for the medicals. Not sure when the documents will be collected. Also they are saying that i need to submit an ECS form since i have to do medicals. Any one has come across this? I find this as ridiculous that coz of medicals you need to fill a ECS form. What is the intent behind it?

      • dhawal sharma

        i think i know the answer…Because all these online policies do not include AGENTS, company dont want to take the risk that policyholder might forget to pay the renewal premium next year..Also, because they have started this online system to avoid any type of administrative cost, they dont want to spend money on sending reminders or calling the policyholder next year for RENEWAL..So what these companies doing are asking for ECS so that renewal premium will automatically be transferred to them 😉 i have heard this logic by many companies, issuing dictates to their sales managers and agents to get ECS from the client to avoid the hassels of RENEWALs…

  68. Krishna

    Hi Manish

    Really nice post. I recently started following all of your blogs. I must say they are as earlier tagged ‘eye openers’. Compliments to you.

    I want to ask you if this term policy of ICICI pru also for NRIs?


    • Krishna

      Thanks :) . I am coming up with a post on term insurance where i talk about Term Insurance for NRI question , just like you asked .

      You can always show your indian address in documents , come to india and take the insurance .


      • Jig

        Hope Now you confirmed you have lot NRI blog readers :)
        congrates & best luck Manish :)

        In this blog i have read so many views of people. Just one place i found it was worth to reply by you but you didnt. Person has asked that claims where rejected for silly reasons in which best one was Customer didnt mentioned he had hobby of mountaining and tracking. Customer had travelled by non registrered transport vehicle.

        Whats your view on that comments?

        this can be done with anyone and defenately the claim process will not be smooth.

        Keep sharing , Great work.



        • Jig

          Actually you cant say that all reasons are nonsense . Insurance provider will not provide you insurance if you have some unusual hobby which can be dangerous . So if you are regular mountainer or hiker , who does it regularly , then you have higher chances of risk dying from those activities , this infomation should be disclosed so that company can tell you if they can provide you cover or not or if they can give you on higher premium .

          But that will be applicable if you have died from those activites , if you die normally than whether you are hiker or not, it should not matter .

          Companies do make a lot of fuss sometimes and it has to be taken to ombudsman


          • Jig

            Hello Manish,
            You are very true as mountainer is the profession also, but as someone earlier mentioned here that the person travelled by bus and claim rejected as trasnsport was not registered… So are you supporting this kind of rejection?
            As per my thinking, whatever the clouse upon which they can reject the claim , they should mention in form. just like all comapanies have mentioned that if you are usually or professional sky skipper/ mountainer you hve to mention in the form..

            For your info, i have approached the kotak and for my view they are better in customer service for providing term plans. even they call to NRI for getting plans and providing complete info / medical tests requirement with details. and i have decided to go with kotak with 50 lac. just give me one suggestion that should i go with rider or not?

            ICICI doesnt have time to even mail so forget about they call you for selling the products. Normally we call customer service to get updated info but when i call them, they asked me to check website. :) ( for wat purpose they are there then )they are saying they have all info regarding NRI but i am surprised they are not aware with their own site? they need to update if it there so keep it meaningfull. well you may understand when you will go on site and check for NRI. you will find that all products normally available for Residents.

            I am expecting soon a blog on new ULIP PLANS.

            In sept 208 ULIP policies called back by IRDA. who has bought earlier than this period , what will happen to them?

            Thanks a lot for all your support and information shared herewith.

            keep growing & sharing.

  69. Narasimha

    Hi Manish,

    I am 32 yrs old, married (no children yet), working as a Software Engineer, making monthly take-home of 40,000 Rupees. My wife is a Home-Maker and I have my dependent mother, aged 60yrs. We live in a rented apartment. My savings per month amounts to 8,000Rs to 10,000Rs Max.

    To date, I do not own any Insurance or Mutual Funds, Equity etc.

    At present, I want to invest 3000Rs each every month over 5 Yrs period for my Mother and Wife benefits / credits, and also reduce tax burden. Please guide me suitable / appropriate Investment route which has good returns and profits. I appreciate if you could let me know the names of specific Investment plans. What should my necessary Investment Portfolio look like ? I want to gain some returns in the Short term (3 to 5 yrs) as well as Long term (15 to 25 yrs).

    Further to the above, I also plan to obtain a Life-Insurance Term Policy for my Wife and Mother which covers Health benefits, Permanent Disability, Critical Illness, Risk coverage such as Accident, immediate Hospitalization etc ….. Please suggest the same. Is Family/Group Mediclaim Policy covered under Life-Insurance term plan?

    Is it recommended to go for SBI PPF for self and my wife?
    Also, I wish to increase my income level by bettering my career options down the line in 2 to 3 years.

    Child Education / Funds, Gold ETF and Retirement Plans are my next level of interest.

    Should you need any details, please let me know.
    Looking forward to hear prompt and favorable response,


  70. Sharwan

    I lived in nilokheri distt. Karnal haryana. Our town is not included in list of cities reffered for i term and i protect. Both company asked me i have any relative in concern city . I think their purpose behind it to show me resident of that particular city. After receieve policy bond they will change my adress to my home city. Is it fair deal ? It is risky if our relative cannt inform us about mail of insu. Companies. Should i giveup idea of online term insurance ?please suggest me some term insu. Product other than i term and i protect.

  71. Sharwan

    I lived in nilokheri distt. Karnal haryana. Our town is not included in list of cities reffered for i term and i protect. Both company asked me i have any relative in concern city . I think their purpose behind it to show me resident of that particular city. After receieve policy bond they will change my adress to my home city. Is it fair deal ? It is risky if our relative cannt inform us about mail of insu. Companies. Should i giveup idea of online term insurance ?please suggest me some term insu. Product other than i term and i protect.

    • Ashal Jauhari

      Dear Sharwan, in your case, you may opt for offline mode of I-Protect. The Prem. in offline I-Protect is more than online I-Protect but still it’s a lot cheaper than the other normal offline term plans from Icici Pru as well as others.

      As you are purchasing in offline mode, the loading in prem. is done to compensate the agent who is doing the legwork in this case (in other words the agent’s commission is loaded up).



      • Ashal

        So people residing in other cities have the option of taking it offline with a higher premium , Its more clear to me now . But in that case One can go for Kotak or SBI new term plan . Is that not better ?


        • Ashal Jauhari

          Dear Manish, I specifically answered for the query of the person not able to get I-Protect in a remote town of Haryana.

          Yes based upon personal choices, People may opt to SBI or Kotak or any other.



      • Sharwan

        Thanx sir for ur valuable advice.
        is offline iprotect same as pure protect of icici prulife ? My age 33 yrs ,i want cover of 50 lakh for next 30 years. Term plan of icici has nearly 15000 yearly premium f or above cover. Can u suggest me some better insu. Or i final this deal. In wait of ur answer.

        • Ashal Jauhari

          Dear Shrawan, The offline mode prem. is higher than online mode but still it’s a lot cheaper than other products. Please contact IPru agent in your city for the same.



          • RAJPAL SINGH

            Bhai sahab, are u a ICICI Pru agent or getting any commission from ICICI. You don’t know the fact about companies product selling than why misguiding people. You know the ICICI group is the worst group in India in term of banking, insurance, finance etc. They will never care you after selling the product. but upto product selling, they will call you dad, “mybaap”.

  72. Jayakumar

    what is difference between option 1 and option 2 in i Protect?
    whether in option 1 will cover accidental death?

    most of the customer care executive in icici dont have enough information about iprotect…i dont have confidence in taking the policy in icici

    • Jayakumar

      May be you have not read the article properly , its clearly mentioned there.

      option 1: Regular term insurance ,accidental death is also covered .

      option 2 : You get an additional money if you die from accident , you already get the regular cover money .



    I-Protect plan by ICICI Pru not for the people who are smoker, Alcohol user and had any disease in past whether it is treated successfully. They are thinking the person who is smoking, drinking alcohol and any health problem will die soon after getting this policy and company will not able to pay the claim. Company will offer insurance only healthy & wealthy persons. If someone is financially strong, non-smoker and non-alcohol user can contact them. They will immediate insure you upto selling the plan, because they are thinking the healthy person will not die soon, and all his/her premium will put in pocket.


        Dear Manish,

        Around 25 days ago, I have bought this policy online and fill up all the information as per available options in the online form. After that I have 2-3 communication they have confirm the application form in the proposal stage. Finally today I received the confidential mail letter of rejection of application due to medical assessment by doctor and their team. I got surprised that without any medical test how they can assess my health risk as every 2nd person in India are smoker and drinker. Even I disclosed the I had tuberculous in past but I have cured successfully and this would not be major health risk in future as by doctor. And as per my knowledge every 7th person in India having T.B. problem either chest T.B. or throat infection related.

        • Rajpal

          Sad to hear that .. But its not a general case , there are many people who are smoker and have health issues , but they were issued policies for more premium . So I would say there is some reason for rejection which was not communicated properly from company

          Try to consider offline options like Kotak or SBI , I am sure you wont be disappointed .


  74. Anil Jain

    This is Anil and I want to buy a onlice policy but i dont have credit card . So please let me know how can i purchased online without Credit card???

  75. vikrant

    hi manish,

    wanted a small suggestion from you. i have taken ICICI Prudential Pure Protect Elite for 50Lakh, the annual premium is 12K, i am 29 years old and would be 30 in november and taken this policy when i was 29 years in December10.

    I read this and saw that the premium cost for 1crore is 15k, fro my age for 30 years, shall i close my existing policy and take this one for 1 crore, i would be paying 3 thousand extra but will get 50L additional sum assured? what would you say? by the way i am a smoker.

    • Vikrant

      First of all , is this current premium of 12k for 50lacs is considering your are a smoker ? have you disclosed the fact to company or not ?

      Yes it would make sense to close it and take online term plan for 1 crore , as right now u are also paying agent commission . Split into 2 companies


      • vikrant

        Yes manish, i did disclose. one more question if i split into two companies then i wont get this special rate ? also would be i paying more cause this one is the cheapest?

        • Sekhar

          hi manish
          Thank you for posting this nice article.I am 29 Y old. I had taken term plan from icici for 50L & 12k as premium. Now i want to close this and go for iterm policy. is it a good idea? can you eloborate on “split into 2 companies”. Which 2 companies?.


          • Sekhar

            Yes you can go for iterm , but better thing would be to take more insurance in iTerm rather than closing the icici term plan (is it iprotect) , see how much difference is there in premium . Two companies should be one which you feel should be the best in claim settlement .


  76. Sekhar

    Dear Manish,
    Thanks for the quick reply.
    I had taken ICICI pure protect elite (offline ) with ADB, Critical illness riders last year in nov.
    i checked at icici iprotect & religare iterm. for 5oL the premiums are 5600 & 5050 respectively + service tax. however the poilcy years are 30Y & 25Y, adv. ICICI.
    I am thinking of going with ICICI, it is better known in the market and stop the one purchased offline.

  77. sandeep dayal

    Is I protect gives money back if on the maturity of policy the insurer is alive? If yes than how much? or it is pure term plan which returns nothing at the end.

  78. vijay

    I don’t know much about the policies. but i just need to know in iprotect term plan what will happen to the premium. can it be withdraw in the middle or at the end of plan?

    Please clear.


  79. Ravi Shankar S


    At last after going through your blogs, I’ve decided to purchase a term insurance of 25L (25L is available through group term insurance at office). I’ve narrowed down between iTerm and iProtect. Since Religare is new to this business it’s a bit scary to enter iTerm. I would like to know if the following things are covered in both these policies or whether I need t
    o get some riders to avail these..

    1. Natural Death – Covered in both
    2. Death due to Accident – Rider required?
    3. Suicide – iTerm is providing insurance cover after one year, not sure about iProtect
    4. Death due to Natural Calamities like Tsunami
    5. Death due to Terrorist attack
    6. Permanent Disability – Rider required?

    Once again thanks for your wonderful blog and I’d come up with more questions if I have.


  80. mangesh

    Metlife has come up with a similar product now. The product name is metprotect. When I compared the premium, it is slightly on the higher side compared to iprotect. But I guess Metlife has a better name compared to ICICI Prudential.

  81. yogesh

    Hi Manish & All,

    Met-Protect is cheaper than ICICI _Protect for 25 lachs sum assured and for 50 lachs is bit more than icici.

    Met_protect has another benefit ..U can get insureance 35 yrs but in icici its only for 30 years.

    In term of claim settlement Met-protect ranking seems to below ICICI.
    Met-protect is not in even top seven.
    1 LIC 591097 95% 1% 2%
    2 MaxNYL 3938 90% 8% 2%
    3 Birla SunLife 2757 89% 10% 1%
    4 HDFC Std 2898 88% 5% 7%
    5 Bajaj Allianz 12011 87% 8% 4%
    6 Reliance Life 3701 87% 6% 8%
    7 ICICI Pru 10753 87% 5% 8%

    Manish is my analysis correct ?

    • Yogesh

      Yes you are correct ,but those are features only , is there a case where you need 35 yrs of insurance ? You have to take insurance for the remaining years in your retirement .


  82. yogesh

    As claim settlement is low for Metlife ..i think till now ICICI protect looks best if any one is looking for online term insurance

    As per me for now can take 25 lach from ICICI and wait for some time as other companies will also come in market with iterm plan that time take 25 lachs more.

    • Yogesh

      Yes you can wait for some months , as there will be new companies entering the market with their online policies , which one are you waiting for actually ? LIC ? it will probably not happen :)


      • mangesh

        I applied for metprotect and for 39 yr, non smoking, premium is around 15000 (inluding service tax, education sess). They have scheduled an appointment for some one to collect the documents and also listed all the medical checkups that are to be done. So far the response seems to be quite positive. Will update once all the formalities are completed.

        There is no additional accident death coverage option with metprotect

        • Mangesh

          Good to hear that you feel positive about it . Wait for some days to see if they come on time and do all the formalities , as most of the people did not have good experience from puntuality point of view from these companies offering online term plans .

          Do keep us posted


  83. Jig

    What is the same in case of KOTAK?
    It is not even in list. Can dhaval provide his views on this?
    How much right to look in these figures for decision on buying?

  84. siva

    Dear All,

    Recently ICICI Pru Life had launched a online policy called iProtect where you can buy this insurance product without any advisor and thus you can save lot of money on the premium payment. They call it as a first of its kind policy in India. I lured by this and bought this product online by paying the premium Rs.2356/- for 12 Lakhs coverage. My application number is# OL00031197. I bought this policy on 30-Sep-2010 and I have got a mail saying someone from the nearest branch will collect the necessary documents before issuing the policy. But till today no one had contacted and I had sent around 30 Mails to customer care, grievance rederessal team but no response from them.

    It clearly shows that ICICI had come up with the very good fake insurance product just to loot the customer money. This is a classic case of Corporate robbery.

    I advise all the readers not to take this policy… Instead of taking this policy you can donate that money into your nearest temple Hundi / Charrity.. Atleast you and they will be happy.

    Kindly call me at mobile 8124676122 before you make any decision.

    • Siva

      Thats sad to hear, did you call their customer care and try to find out why this is happening , surely there has to be some issue, as many have got their policy successfully .


      • yogesh

        what kind of document are required to be collected for iterm?

        Even if some doc are required it may due to laziness of some employee or some other reason.Better go to branch directly and report matter to their manager.

        I think its not a big issue.U can resolve it easily

    • Jig

      Better to send one mail to IRDA instead sending 30 mails to customer care & grievance redressal. Better to try once. Will be good for others to hear outcome of this.

      • siva

        Thanks for the replies. I marked copy to IRDA and Insurance Ombudsman in all 30 Mails but it all gone down to the drain. No response from their end as well. As it is a online policy I dont think local branches will help out.

        • Hi Siva,

          I had faced a similar issue initially. When I called customer care and quoted my application no they told me that they can’t update me on that coz they have data of only processed applications. They told me to go to nearest ICICI Prudential office.

          When I went there, I got an update that my application wasn’t processed because I hadn’t submitted the docs… but I told them that nobody contacted me to get the docs.. they said that I can submit the doc there itself.. So I decided to submit it next day but I got a call from courier agency that they are coming to collect.. and then it went ahead… few days later got an email with medical test details as well..

          So I guess the problem was the inefficiency of the courier guys. Suggest you to do the same.

          • Ashwin D

            Me too, think the logistics was not tied up properly for this launch, esp in some cities like Mangalore. Abhinov, where city did u apply from?

            • Hi Ashwin,

              I am applying from Pune. I am yet to get my policy, but I guess it usually takes about a month for policy processing. I believe it is the third-party courier guys which are acting as bottleneck for smooth processing of applications. So my suggestion to everyone applying for this policy would be to wait for a max of 1 week after applying for the policy. And if you don’t get a call from courier guys to collect your docs, rush to the nearest ICICI Pru office so that things move ahead.


              It would be great if you can communicate this issue to ICICI so that they can improve their service.

  85. siva

    Dear all,
    Today I have called up IRDA Call centre and registered the complain against ICICI Pru Life Insurance. Lets see whether ICICI will respond to them or not.


  86. siva

    HI Manish /All Readers,
    Yesterday morning I had personally visited the ICICI Pru Hosur Branch and gave them a written request to cancel my application and got the acknowledgment of the receipt also. In the same evening ICICI Customer Care had sent a mail to submit the relevant documents to the nearest branch. I don’t understand why this suggestion or information had not been given to me 15 Days before ?? This is because I had given them a written request. Otherwise they will simply hold the money without issuing the policy to the customer. How do we call this practice ? Cheating ? Anyway I opted for application cancellation.

    Readers — Please don’t see 200 / 300 rupees savings while taking the insurance policy. Kindly look at it in long term prospective, better corporate image and best claim ratio. Because, do you want your children / wife want to have such kind of mental agony from this unscrupulous people ?? Can they handle them after 30 years if we are not there? Definitely not. LIC is always best and they don’t deny any claims for genuine cases. They may not be much advanced in Technology stand point but their customer service is much more better than any other insurers.

    • Anand

      This is why ICICI is hated by many. I had taken a personal loan long time back from them and I was told there will not be any processing fees. But when loan was sanctioned, it came with 1% processing fess.

      In short, they do not keep their promises.

      I’m planning to go to Kotak for term insurance. Hoping for better experience.


      • Siva

        Hi Anand,

        As per my experience all the private insurers are in the same line except HDFC.

        HDFC is little bit better than all other. My personal opinion is to take either from LIC or HDFC. Think of down the line 25 – 30 Years.

        We just need to decide the insurers what if we don’t outlive the term. But in general we think as if we outlive entire term, so the premium is to be cheap.

        You don’t believe, the BIRLA Sun Life people had forged my signatures in some places when I filed the application the Dream Plan. ICICI & BIRLA taught me a good lesson.

  87. mangesh

    As I wrote in one of the posts above, I applied for metprotect from metlife through online last Sunday. Immediately I got an email confirming my application number, premium amount and the list of documents to be submitted. After two days I got a call from their representative confirming that the credit card payment is processed and medical tests would be planned soon. On Thursday I got a call confirming the center where I need to go for medical check up and I have scheduled it for Sunday.

    So far experience is not so bad!!

    • narasimha

      Same thing happened for me with ICICIPru for iProtect.
      After one month they called me and said they need some more documents, they will come and collect, Now it is 2months nothing happened.
      I sent lot of mails to lifeline email, most of them has no answer. 2 days back some one sent a mail from his company email(not lifeline email) said he will revert back in 2 days.
      waiting for his updates.

  88. Siva

    When you choose occupation as “Home Maker” the webpage closes with saying “Sorry we can’t process for you” something like this.


    • Siva

      I suggest you call customer care and ask them for which category is it , might be you get a chance to choose another,if still it does not resolve , try other online insurers


  89. Ashwin D

    Just want to share my experience:
    1) I applied for iProtect on 12th Sept. I got a welcome call on 13th Sept, and was told that someone would contact me within 48 hours to collect documents and medical exam details.
    2) Nothing Happened till Sept 26th (13 days), althought i called their call center, and wrote emails to their helpline id. A standard answer to wait for another 48 hours and a diplomatic courteous reply was always give.
    3) Since I had to leave India for a business trip on Oct 4th, I called up the local ICICI Pru branch office in Mangalore and spoke to a nice gentleman Sunil. Sunil within 3 days arranged and completed my medicals exam and collected all the required documents. The part was completed by Sept 30th.
    4) The policy was issued by Oct 19th, and today I was able to access the policy details online.
    In Brief: The policy issuance time period was similar to a regular term policy issued to me earlier by SBI Life, but ICICI Pru needs to get its setup streamlined. The initial 13 days were a total no show by the company, either due to logistics reasons or some other bad messup.
    For people who want to go in for this policy, please do, but beware that you might have to go down to the branch for some document submission. Remember there is no agent involved, and you have to do all the work 😉 I would do it, if it saves 50% of my premium costs.

    Overall experience (3 out of 5) – mostly due to communications gaps on ICICI Pru’s side. But the branch gentleman saved ICICI Pru’s face value.

    My part done, and hope that ICICI Pru will deliver when it matters (Hope that day never comes :D).

    • Ashwin

      Thats good to hear . Another reader Siva didnt had that good experience (0 out of 5) and had to finally cancel his policy after frustration for many weeks :) .

      Good to hear your comments , it adds value for others . Keep commenting :)


  90. siva

    Hi Ashwin,

    Its good that finally you got the policy after approaching the branch. ICICI could inform the customers to visit the nearest branch to complete the formalities rather than not responding to the customer mails / or not sending the executives to home. But my concern & doubt is whether our family members can handle these un-scrupulous people in future suppose if we are not there. Eveyone wish not to face those days :)

    However, I wish you all the best !!!

  91. Ashwin D

    @siva & @manish

    True. I & my family have been a customers with ICICI since 2000. I have occasionally seen such slip-ups from them whenever they have launched a different product, which of course are unforgivable. But they seem to pull up their socks after some time. I guess same might be true with ICICI Pru. My last 10 year experience with them has been above average to good. Based on this relation I did not cancel the policy but gave them one more opportunity. The too big or too old to fail theory has been tested recently, but i still preferred ICICI.

  92. Vijay Hegde

    Thanks Ashwin for the information. Will check out ICICI Pru branch tomorrow. My experience has been just phone calls.
    1> Bought online on 24th.
    2>Got the medical center doc and completed tests on Oct 2nd.
    3>Documents will be collected is what i get from the past 11 times that ICICI has called. 3 times to verify the document content, 3 times to check if i have completed medical, 2 times to take feedback(before i gave they hang up :). ) Sent an email with the problem and they replied policy is being issued (without documents). Raised Level 2 escalation on there website and no response there also…

    I have had around 8 years of banking with ICICI and still hold them best among all. But this experience has left a very bad taste. I hope the branch will be able to help.

  93. Siva

    HI Ashwin and Vijay,

    Yes, you are true what you have said with ICICI but you see their true color when you approach them to close your Bank / Loan Account. This happened to one of my friends. However, they are the best in Indian Banking industry.

    Thanks for sharing your experience and pls keep continue to do so. So, the rest of the readers will benefit out of it.

    As Manish rightly said, these issues will crop up at root level but how quick they are overcoming it up that matters.

    • Ashwin

      Today i requested them to give me a soft copy of the medical report and they gave it to me within a day. Atleast I need not do a medical checkup for one year :) BTW they had issued me the policy as a Standard policy.

    • Rakesh


      I too had bad experience with ICICI, I went through the same things as you went. Canceled the policy and got my refund after two months. That also after several follow-ups and reminders. Better to invest in good renowned companies like LIC, don’t mind paying higher premium.
      At least you will have a peace of mind and know for sure that if anything happens to you, your family will be secure. I don’t think IRDA does anything, they get over hundreds of mails and calls daily.

      Would love to get feedback from members on ICICI claim settlement experience.


      • Siva

        Hi Rakesh,

        Nice to hear your experience too although it was not pleasant. As you rightly said LIC is best despite their expensive premium. With them the claims are not an issue for the genuine cases but I doubt with ICICI. I don’t hear anyone had settled for their claims.

        Members: Pls share your claim experiences.

  94. yogesh

    Hi Manish & All,

    Through email conversation with ICICI pru life came to know that This policy applicable only for following 58 cities.I not from these cities so does it mean can’t buy this policy..This is online policy still cities constraints.Is it true?Can any one explain.


  95. Siva

    Hi Manish / All,

    Finally I got my money back on this week. Thanks for all the help and advice.

    Jagoinvestor Rocks.

    Cheers !!!!

  96. amarjit kurmi

    hi,,,,,,,,,to all in this blog………..
    and special hello to MANISH…………

    THANX for a nice blog…………its really awesome and practical site for one to learn from others………………i saw it today(8th nov 2010 )only…… happened by chance to visit your blog………………and instantly i liked it…………..
    i m a medical student going to be intern next year………….so you have rightly guessed my knowledge about money ,economics,,,,,,,,and insurance………….i m totally ZERO in these except medicines…………….
    so manish i ask you a favour to teach me some basics of insurance……………….for which i shall be evergrateful to you………
    i know you will laugh out loud answering to my questions…………..but please bear it…………as i m only a starter…………or so called a beginner………
    MY FIRST QUESTION IS——in a term plan say i have 1 crore insurance……….for 30 years………..
    now after 30 years………considering nothing happened to me…………will i get 1 crore or nothing at all…………..
    i hope u take my knowledge about insurance as learning A,B,C,D………….
    as till now i never thought about it except science………
    plz reply

    i searched in net but i could not understand…………

      • amarjit kurmi

        hey bro…………….my mother had lic policy…………………and after its maturity…………they returned the sum for which she was insured………..
        what type of policy is it??
        if i dont get anything at last……………then i think……………1 crore term isurance is not at all right………….better have 10 lacs term……………rest invest in mutual funds…………..whats your opinion bro……….
        and also bro………….whats an endowment plan……………??????

        • Amarjit

          You are talking and thinking in the same way like every common person does , you think that “not getting anything at end” is bad , which is not the case , note that the purpose of both term insurance and investment product is different and we pay different cost for it .

          You should read these two articles :

          PS : In your comment ,why do you leave so many dots “…….” like this , it makes the comment unreadable and sometimes tolerable :) torture :)


          • Ajay

            My friends whom I asked
            “You pay car/2 wheeler insurance or health insurance premia every year, do you really wish you bang your vehicle or got sick just because you want something in return ?” answered “No”.
            My next question was “Then why do you expect to get back something from the Life insurance while you were alive?” :)
            I explained them how they can get a term insurance and MF to create something similar to the ULIP. And with MF they had the choice to select various Fund Houses.
            If they really did not want to get through all these then go for ULIP.

            • Ajay

              yes … Another point with Car or 2 wheeler insurance is that its compolsory to take those insurance , and unlike life insurance there is no variant which pays them back the money incase there was no accident . What do you say ? does this point make a difference ?


          • amarjit kurmi

            dear manish bro…………
            THANX for the link.I told you that i am a beginner so i asked questions like idiot but after going through calculations in the link, Now i am pretty clear about term insurance..really even if i dont get something its really helpful,cause nobody is secure in todays world….
            BUT since i am 24 years now i think….i should have a term insurance of 30 lacs for 30 years,,,,so that i am covered upto 50 years and then take another policy when i am say 45+ years for 30 yrs so that i am covered upto 75 yrs..(if i survive,then by that time i can make money from MF and my profession enough for my family to survive)…and if i dont survive then term policy will take careof my kins .
            THANX….in the first day itself i learnt many things… i read only your blogs whole day……amazing..thinking of yours..HATS OF TO YOU.

          • amarjit kurmi

            hey manish bro…………
            THANX for the link.I told you that i am a beginner so i asked questions like idiot but after going through calculations in the link, Now i am pretty clear about term insurance..really even if i dont get something its really helpful,cause nobody is secure in todays world….
            BUT since i am 24 years now i think….i should have a term insurance of 30 lacs for 30 years,,,,so that i am covered upto 50 years and then take another policy when i am say 45+ years for 30 yrs so that i am covered upto 75 yrs..(if i survive,then by that time i can make money from MF and my profession enough for my family to survive)…and if i dont survive then term policy will take careof my kins .
            THANX….in the first day itself i learnt many things… i read only your blogs whole day……amazing..thinking of yours..HATS OF TO YOU.

    • amarjit kurmi

      and hey BRO……………there is a comedy then…..look for policybazar advertisements FOR TERM PLAN……………..they say…………become a crorepati @ 55 yrs by investing……… 561 only…………..THAT MEANS they wish us to die @55 yrs……………..hahahaha…

        • amarjit kurmi

          hi Bro………hw r u??
          i m really thankful to you.In 1 day i learnt about term and endowment plan..thanks.
          i will never invest in endowment plan.seriously after the calculation shown by you in the link.thanks once again.
          i feel 4m my heart that you r doing a gr8 job..coz you r making a non commerce people like me understands the basics of life.otherwise i would have landed up in same trap with others..thankx day i will definately give you treat..
          what do you think ?am i right?

          • Amarjit

            Yes , in a way you are in right direction , atleast you are not in wrong direction now, but you still have many things to learn and implement it to make your financial life from better to awesome :) .

            So keep reading :) . You can give me treat by spreading this knowledge to others and forwarding this blog link to more and more people .


  97. amarjit kurmi

    hey manish bhai….
    today i received an email 4m policy bazar saying 12 to 13 % guaranteed returns……
    i am giving details for your analysis……..duration 15 yrs
    insurer policy name premium money back tax adjusted returns
    guarntd. variable total
    kotak money back plan 82790/- 1200000/- 408900/. 1608900/ 11.03%
    similarly icici pru has 13% returns…………
    what is it actually…….????
    plz share with us..

    • Amarjit

      It might be playing with words , They might have used returns before tax , so if you get 13% return from your policy and then apply tax you give at 30% , then its return is 9% , so eventually the actual return is 9% only , when we say returns in financial world, it is generally the return we get after paying tax , but in this product they might have used the pre-tax returns. Dont go for it .

      Any product which has “Endowment” or “Money back” word should be avoided .


  98. amarjit kurmi

    i think its useless coz i feel 82000 premium if i invest in MF DIVERSIFIED fund for 15 yrs is better than this….
    whats your say manidh bhai..

  99. Vikash

    It’s been a month since I paid the premium in full. Those people collected document TWICE and everything is still pending. The email support is terrible as well, as they do not answer for 5-6 days.

    Being a victim, I will strongly advise AGAINST it. If they are this bad in just issuing the policy, imagine the unfortunate scenario of claim.

  100. dhawal sharma

    @Manish – With almost 95% of the people facing problem, getting this policy issued ONLINE…i dont think even in urban centers, we AGENTS have to fear for loss of clientage to INTERNET 😉 Whats your take???

    • Dhawal

      yes in a way, there will be no shortage of clients offline , however there would be class of clients whom you can miss after 4-5 years when internet buying is more prevalent and these companies improve their services .


  101. Kumar

    I had very very bad experience with this plan. ICICI Pru is poor in customer services. I suggest not to purchase any product from ICICI Pru.

  102. yogesh

    hi all,

    i have made my mind to go for 25 lach icici iprotect plan.Any advises?

    dhawal sharma,
    how is kotak plan different frm icici iprotect plan..any thing special in kotak plan ?

    • Yogesh

      Why not wait for couple of months and see how the response of customers on their services (Kotak) . You already know from comments that iProtect is not that great in customer service .


  103. yogesh

    hi manish & all,

    yes can wait. no problem in that.but kotak is not in even top 7 why to wait for such product response.

    more over i m to visit on india & want to take some insurance this time.My plan is to take 25 lach frm icici iprotect & later 25lach more if there is any good plan in coming future.whts ur view on iprotect plan ?Shd i go for it ?

    Is customer service response is criteria to go or not go..from my views its not as it can be normal response for some & not for other..depend on company executive interest & work load at particular moment.

    top seven list is

    1 LIC 591097 95% 1% 2%
    > 2 MaxNYL 3938 90% 8% 2%
    > 3 Birla SunLife 2757 89% 10% 1%
    > 4 HDFC Std 2898 88% 5% 7%
    > 5 Bajaj Allianz 12011 87% 8% 4%
    > 6 Reliance Life 3701 87% 6% 8%
    > 7 ICICI Pru 10753 87% 5% 8%

    • Yogesh

      Many readers in comments section have shown their dissatisfaction for bad service and they say that current performance might be a good indicator on how it will be in future when they die and family members have to run around :) .


      • yogesh

        Yes Manish..But is it the right criteria to judge..the response may be slow due to many reason.their last yr claim ratio is 89% n thts look means 89 out of 100 people have got their claim successfully..if response is criteria then many more won’t have got their claim.

        today i talked with some icici officer thy were telling claim rejection is due to lack or wrong information mostly.if we avoid tht thn any company shd be ok.

          • yogesh

            hi manish & all,

            Yesterday the icici person came to my house for iprotect plan.
            I m frm jodhpur & city name is not present for online plan.
            Jaipur is present.He is issuing plan using jaipur account(selecting jaipur in online form) & in between thy will put the my city name.

            he told me this is work around & there won’t be any issue as if there is any issue in this procedure the policy won’t be issued to me.I told him i want to show all correct information.he mentioned there is no problem & thy do same in such city constraints things.

            I told him want 25 lach for 30 yr .sp premium is rs4900 yearly(roughly).there won’t be much medical also for 25lach..medical test will be diabetic,BP,question on family medical history..

            While filling form i told him i m he told me he can tell better plan.In which i will get insurance of 25lach for 30 yr on low cost.(rs3900) & u will be able to invest as well.both things together.

            Take ULIP(life stage waelth II) for one lachs yearly .25lachs insurance will also be there from mrotatity charge which is 3900 yearly.In this way can invest as well as can get insurance of 25lach for 30 yr.

            in this ULIP charges are very low 2% first yr & then 98% of money is invested.For 2nd yr 100% investment. Investment (75% equity & 25% debt). In this policy there is auto trigger set by icici for 15% rise & fall.Let say there is increase of 15% then that 15% will be put in money market(which is similar to debt fund). and so there will be three things Equity,money market & debt running in parallel.Now lets say there is fall of 15% then the amt from money market will be used to purchase units at low cost.this whole process is auto & nothing to do frm our side.
            previous life stage waelth I yeild 26%..plan doesn’t look bad to me considering low cost as well as this trigger thing.

            i don’t want to get plan in place of iprotect as need to pay one lach for 30 yrs instead of 5krs..but in parallel thinking to go for it for some 10-15k ..

            whts ur suggestions?..

    • dhawal sharma

      Hi Yogesh,

      i have IRDA’s annual report in PDF format..Please give me your mail id so that i can forward that to you..Its not possible to share it here as its 214-page long and you will need whole day to dig out information that you are looking for

  104. Kumar

    The services of AEGON RELIGARE are better. I found BIRLA Sunlife, SBI Life and HDFC Services are best. Being a public sector services of LIC are better. But ICICI Prudential Life insurance are just cheaters.

  105. Dominic

    Today I was checking Aegon and noted that for 50lakh my premium was 12K and 49 lakh I got a quote of 17K. On checking with Aegon, they told me that it was a special rate for the SA of more than 50L. I am already having a term insurance of 15L with Aegon and there I am paying almost 10.5K. Its called competition :) isnt?

  106. Vinod

    This is great. I was looking out for Term Insurance and after reading this post I will surely be investing in ICICI’s iProtect. Thanks for a great review :)

    You made my day!

  107. nitin

    everyone’s experience with govt organizations is horrible
    take any service and you have to pay bribe and make round trips to their office

    for your whole life you bought a term plan from LIC or any other govt company
    and when you are no longer alive ,your family life will become hell as they will make them cry and give bribe,make lots of trips to their office

    its better go for icici as they have a good customer support and you can force icici as they are private body and would never want to harm their interest for stopping your payment,in icici you pay for service and can feel relax that ,your family will get the money

    i dont belive in govt organizations ,they suck money and nothing gives you a down thumb also.

    you can feel this
    1) when you go to public bank for loan(they will make you cry)
    2) when you go to SBI ,to open PPF account you will cry a lot
    3) when you want to open a bank account
    4) when you go to renew your motor insurance
    5) when you want to get the duplicate copy of your driving license
    6) when you want to get the duplicate copy of your vehicle paper if you lost them
    lots of examples
    for everyone info i already own this policy from icici and relaxing
    jago bhaiya jago

      • yogesh

        manish,in india it is very possible & likely thing.

        Today I have applied for ICICI I protect.Once payment was done received a maeessage on screen that need to deposit the documents.
        Which document exactly need to deposit & where.

        I choosed
        a)passport=for age proof
        b)bank statement=for salary proof

        So do i need to deposit bank statement & passport copy.Can i directly go in branch & deposit them.

        Plz suggest

        • dhawal sharma

          @Yogesh – No, you cannot go directly to ANY BRANCH..As this service is centralized at IPRU head office, they will themselves be coming to you to collect the documents or will let you know the branch where you should approach…

  108. nitin

    i am saying this in the statement which says LIC is good as it is backed by govt
    this statement is false as in today’s technology world you cannot buy policy from LIC online.
    Lic is only having 2 term policy as they dont have concern with the people life and want to fill their pocket with endowment policy.
    i am comparing LIC with icici in terms of service provided

    the only good thing is that
    LIC is politically driven and pay the claims when any natural calamity occur

    to everyone knowledge india is highly under insured country as LIC dont sell term policies too much.
    i have a horrible experience with all the govt companies and now go for services from private companies but with caution as i read all the terms and conditions and never think of paying 1000 rs additional if i am served better.
    i cant say about others but problem with india is we have some problems with pur ears and tounge we dont speak and hear at all untill a BOMB explodes and then remain in fear for whole life

    • Nitin

      Your views are very different from an average person :) . Do you have personal bad experience from LIC or generalising it as you had bad experience from other govt sector companies. Note that you might have accidently got great service from ICICI for your iProtect policy , however there are many people who had horrible experience with the same company .


      • nitin

        i know people have horrible experience from icici ,for that you need to be cautious and read all the documents before signing anything

        problems is not with icici or any other private company its with people

        the only problem with icici bank is

        1) they give loan easily and then make you cry as you dont read the documents properly ,if you read and research properly then you can get a better service from icici or other private companies as private companies have sale targets and they work on commissions
        learn the art of bargaining !

        2) icici gives you credit card easily and people misuse it
        i am using icici credit cards and paid my dues in time and also collected lots of free gifts ( credit card is not free thing it must be clear to the people)

        3) they open your demant account for free and charge you high brokerage and AMC (its not their fault )
        people argue with vegetable vendor for 5 rs but never argue with a banker or in big bazar ( a big problem with indian mindset)
        my exp :-
        one of friend opened a trading account with SBI and they were charging 400 rs AMC and high brokerage then i asked him to open in india infoline as they are offering 555 rs for life time membership and brokerage is 1/5 of SBI and good customer support too.

        my advice to all investors here is, internet is a big power ,use it to save more and bargain everytime you do any trade or investment
        our parents were good because they were good in bargaining and never feel shy and ashamed of bargaining at a big shopping place
        bargaining is one of the best skills which can make your life easy and you can get good services ,indians are loosing this skill as we never think of paying extra and then cry and make allegation on companies

        its simple companies make profit and they dont take responsibilities of your mistakes.

        • dhawal sharma

          @NITIN & MANISH – For the very first time, i am writing in favor of LIC or PSU { :-) }..

          Dear NITIN, as you’ve said LIC has only 2 TERM PLANs can you name any company (PVT COMAPNY) having more than 2 or 3 TERM PLANs???…TERM PLAN has no charges or conditions, so there are no variants of TERM PLAN as such and so no company offering 2-3 TERM PLANs..
          Second thing, LIC dont need ONLINE model because LIC has such a HUGE agent force that it can be reached anywhere in INDIA, any part – any corner..The ONLINE gimmick is used only by PRIVATE PLAYERS to reach to the public at large..
          Now with 21 private players in the market, insurance penetration rate is still around 8%..and the biggest market share is with we cannot blame LIC alone for INDIA being UNDER-INSURED..Infact, 85% of the business of the private companies business comes from ULIP and not term plan..
          And the final thing is…please dont compare/confuse ICICI BANK with ICICI PRUDENTIAL LIFE INSURANCE..These are all together 2 different entities..It does not mean if you have bad experience with ICICI BANK then you will definitely have bad experience with ICICI PRUDENTIAL LIFE INSURANCE and vice-versa..
          As MANISH has tried and everybody including me have tried to tell this blog to everybody is that there is NO SINGLE PRODUCT or COMPANY out there which is best..Not LIC, nor KOTAK, or IPRU..Everybody has to read and understand the product/products, make the comparison and then select the one which meets most of the requirements of an individual…

          • nitin

            @ manish
            i said the same thing that one should read everything and then go for it!
            it s the mindset of people that they want to go with LIC or any other provider
            but my point is that Govt never functions well so did their partners like LIC
            every year we have a scam and these partners are also included in ballooning the market
            LIC is a big player and if they remain idle and play blindly in satyam and lose 950 crores its a big concern they were in board of satyam and knew of their balanced sheets and bank account.
            LIC is such a huge player which can make any company to give their every detail and check their validity but they failed in satyam case and now will loose a big amount in Telecom stocks due to a Scam by the lovely RAJA

            Everyone know the story of UTI scam
            they all are PSU’s :)

            what do you want to say on this thing ?

  109. Motheram Pavan Kumar

    Dear Manish, Excellent Blog!. Kudos. As far as I-protect is concerned, I too have bad experience with ICICI Prudential I-protect Plan. Quite big story!. I first logged in ICICI Pru’s site on 18/10/2010 to buy this product. I filled in application, but because of some bugs, I could not pay the premium. After one hour, I have got call from the Pru office as inquiry. They mailed me a broken link, so that I can pay premium online. On a fine day (21/10/2010), I paid premium online. from 18/10/2010 to 21/10/2010 , I received almost 31 calls from ICICI Pru. Once the premium is paid, Interestingly calls stopped. I called back them inquiring about medicals. After couple of a days medicals are over. I was told that documents are picked up by some “Corporate banda”. Till now no body has come to me and picked up the documents. I lodged my complaint with Grievance cell , They said they take six days to redress grievance. I have got calls from ICICI Pru Nagpur office for appointment, But nobody turned up. I do not know what is the problem. When I call them, they simply transfer the calls without any result. I visited Nagpur, Civilines Branch to deposit my documents. This branch is horrible. The executives are very much decorated with no commonsense and manners. They are reluctant to receive documents. They claim that their services are excellent, they Why they are taking this much time to just pickup documents. Now I have lodged a complaint with Insurance Ombudsman. I have a big question to them, IF THE SERVICES LIKE THIS AT THE TIME OF PURCHASING POLICY, IN CASE OF ANY UNFORTUNATE CLAIMS…… WHAT WILL BE THE SITUATION?.
    So, This is my case..(Application No OL00036117).
    I fee services are poor. Lot of bugs in web page. I don’t say that everybody encounter the same situation. But, be cautious. As far as LIC is concerned, the policy servicing matters are damn poor, but the claim settlement is good.
    This is not generalized comment….
    As Mr. Nitin Said “Internet is a big power”. Before buying a policy , one should inquire and browse the information regarding product, companies profile , customer services etc.
    Thanking you,

    • Pavan

      thanks for showing your concerns , I am sure you will get some help from ICICI Pru , I am following your complaint to an agency which deals with them . I have mailed you .


    • yogesh

      pavan & all,

      take ur document & directly to branch..they will scan & upload the document on their system.

      Reg. service quality & claim settlement..if their is online policy frm LIC then same will be result ..LIC don’t have such online policy so we can’t compare ICICI Iprotect & LIC..their customer service can be more worst.

      Reason of slow service can be as the executives won’t be getting much commission or incentive for this policy so they may be showing less interest.Claim settlement will be different thing.

      In my case i m getting good service from ICICI as i m pushing them to get thing faster by daily giving a call to them.

      • I agree with Yogesh

        Customer service upto some extent also depends on how hard you are commited to get customer service , The other party will always have less interest in your work , but with constant followup , give them a tough time :) . It works in most of the cases


  110. nitin bourai

    hello pavan
    you did the right thing as you are an informed investor and knows how to force private companies to provide good quality service.
    in private companies they use software’s and communicate using mails.
    and if you send them mails to their nodal officer their senior management they will act quick and say sorry.
    this is a big difference between private and public.
    public companies do not have email communication and for every request one need to write a application and GOD only knows what happens to Application in india.
    i remember a very good serial from jaspal bhatti ” flop show”
    its still true in current times also
    every time i see any PSU a smile come on my face and thanks goes to jaspal paji for making flop show but alas nothing changed in so many years.

  111. yogesh

    Hi ALL,

    Any one know how the claim process is triggered in online plans ?

    Is it also online or it is manual ?


      • dhawal sharma

        no, i dont think so..its not feasible even..Company does not specify that its claim settlement ratio is such and such, more in NORTH india and less in EAST india etc..They just give the plain figure and thats all..They wont seggregate claim ratio for ONLINE and OFFLINE modes..

        • I just want distinction in online and offline term plans :) . thats might be a big concern in future if not today , atleast companies which have good figures can publish it .

          Also if company does not provide it , is there a way one can approximate it ?


    • dhawal sharma

      @Yogesh – i think it will a mixture of both…A dedicated toll-free number would be dedicated to the clients of online mode (This is what i believe would happen) as well as e-mail..And nominee of online policyholder can call or email the concerned authorities and they will initiate the process accordingly..

    • Deepak R Khemani

      The claim process definitely has to be offline, you cannot scan your death certificate/policy document/police FIR in legal cases and expect the claim to be approved, there are forms which have to be filled, All documents have to be submitted to the company for them to process your claim. The only online facility which you have is sending them an email informing them that a claim is being put up under your policy Number.
      It is important to note that all those going in for online plans make sure that you have informed your nominee about the very existence of such a policy and the procedure to be followed in case of a claim. In the absence of a trusted family agent/advisor/friend it is going to be quite difficult for the nominee who is already grieving at his/her loss to follow up with the insurance company. Always avail the services of a TRUSTED FAMILY ADVISOR/FRIEND who can help you in those troubled times

  112. Pravin

    Hi Manish,
    After doing lot of research and going through this article and comments i finally applied for iProtect.
    I had a good experience in applying for the policy and the service was excellent.
    Call on very next day about the acknowledgment of the policy applied and got a call from the Hospital and the doctor for appointment within 2 days.The medical test done at home by doctor visit. I had scanned and emailed softcopy as well as submitted the documents at the branch proactively and now the application status is showing status as all completed and waiting for issuance.
    I had asked that if I could get my medical report as was informed that once the policy is issued the same will be available free of cost after filling a request letter.
    So overall good experience thanks to your article and the posts for the cautions provided in it

  113. Eswar

    I am from a place (working) in orissa which is not in the list of the online policy. However my permanemt address is Visakhapatnam which is there in the list. I have a address proff of Visakhapatnam. Now my question is can i apply to this online policy with visakhapatnam address eventhough i am not residing there. Even if they issue a policy with visakhapatnam address, i fear that they will create some problems in the future.

    Please advice

  114. bharat

    Dear Manish,

    My brother is going to canada next month for further study (2 years).

    He is an employee of one MNC in vadodara at present. (from last 2 years).

    Query : 1. Can he buy kotak term insurance at present?
    2. What will happen if he go to abroad for further studies after taking term insurance? (any problem in settlement)
    3. Shall i buy other additional riders in the same policy for him?

    Your guidance will be very helpful to me. We had a mail chat few days before. I became a good fan and regular visitor of your blog. Even i have forwared site address to all my company colleagues, few of them might have contacted you through mail and phone.

    its nice to have such a nice blog.


    • Bharat

      He can buy the policy now , but if he goes for that long period, he should intimate the company about it . Buying riders will depend on this requirement . Its just like any other product, if he feels need for it , he can buy


  115. bharat

    My brother has not given resignation yet in his present company.

    and VISA has not come yet. it will come within a week.

    for your info.


  116. Wilson

    Hey Manish,

    Came across your blog when i was googling for some info on I-protect. Well i have 2 questions for you and please do try and help me.
    1)What is an accident rider? in I-protect,say a policy holder dies of an accident (riding a bike,plane crash,driving a car,train accident, etc) will my nominee get the covered amount (i am currently going for 1 crore) ie despite not having a accident rider will my nominee get paid or is it important to go for an accident rider also?
    2) What are the medical tests that one has to undergo? Please can you list them out?


    • Wilson

      1) In iProtect , by taking accidental rider your nominee gets extra money in case of death by accident , note that even if you dont take accident rider , the base amount they will get anyways .

      2) I am not sure on this , they will go through basic medical tests . People who have already taken this policy can tell more .

      Two points , You might not be aware but Nominee is not the final owner of the policy money , he is just a autorised person to get the money from company and resposible to hand it over to the actual owner as per WILL or succession law . If you have any other query , please ask it on forum :


    • Ajay

      For #2 – Blood Sugar, Cholesterol, HIV, Hep B, Nicotine, Urine sample analysis, ECG etc. Typically a technician will come home around 8 AM to collect some samples and you will have to go to a nearby lab for the rest of the test. This is what they did for Aegon Religare iTerm.

  117. Pankaj


    Thanks for the nice article.

    Regarding the accident rider. I talked to the customer help desk to check if I can buy the accident rider at the later time. He started saying that i can go for the policy with out the accident rider. There might be lot of queries while claiming the policy with the accident rider ( for accidental death ). He was suggesting to go for the plain policy. Not sure if like any other foolish sales person he was trying to guage my mood and trying the pursuade me for the same.

    Are the terms condition mentioned in the accidental death exceptional ? or these are the similar conditions which are imposed by anyother policy also.


  118. Pankaj Parashar

    Hi Pankaj….

    Pankaj this side too… Accidental Rider is one of the simplest riders….I dont know why the agent was suggesting to go for plain policy. Mostly the agent do not pitch in for riders as the commission earned on that is very less…. however if you want to take the rider, i see no reason why the agent was opposing that. What was the Sum Assured you were applying for?
    And ya, most of the company’s do not allow to take the rider at a later time, however you can discontinue the rider anytime by stopping the premium payment for that, and continue paying premium for base policy.

    Thanks & Regards
    Pankaj Parashar

  119. Roopesh

    Hi Manish

    I have had a very bad experience with iProtect from ICICI
    I bought the policy online paying the premium on 21st Oct’10 but am yet to get any update on my policy status
    I have already sent 4 e-mail reminders to ICICI and also called up their call centre but there has been no response.
    Whom should I contact in order to resolve the problem ?


  120. u chakraborty

    I too got bad experience with icici for i-protect. i applied two months back, did not get the policy. customer service is also pathetic. my application OL00032866. I will reqauest everybody dont go for that one.

  121. u chakraborty

    also request for manish-ji. we got interested for this product as it was highlited in this site. so, manishni, please u talk to icici corporate centre on behalf of us so that their service improves and customers are not harassed.

    • Note that this blog is only for awareness and given information about new products , what happens after buying policy should be dealt by customer, there are good and bad experience in all the products .


  122. yogesh

    I am also facing same issues.even i am following with local branch people then also not able to get it.

    Local representative have scalated to senior officer lets see what happens.

    • Amit

      Never ever Buy iprotect policy from ICICI… Because the low premium, i let my other iscurance policy to expire and opted for i-protect. Since then it has been nightmare. I am following with them from nealr last one month ( around 20 calls, 10 SMS, and 15 emails) but nothing is moving. they have to simply e-mail me an additional questionnaire called ” respiratory questionnaire” which they havnt done despite so many follow. and this task takes less than a minute for them to complete.

      Imafine hardship your loved one may have to go – god forbid if they have to claim the insurance



  123. u chakraborty

    I will suggest to go for SBI Life SMart Shield. though it is not the cheapest like online policies, but cheaper than other normal term products. Service is excellent and more dependable than ICICI or any other.

  124. Hitesh

    Hi Manish and other Gurus here,
    Nice to see you spreading awareness and helping each others.
    It is very nice and informative to see all the comments here.
    I was just about to buy Iprotect from ICICI (I filled all the forms and was about to do the payment), when my brother told me, not to go with it as he was facing same problem as mentioned above. So I checked and found your site, and all these problems faced by by them because of ICICI.
    Now my question is Which term plan I should buy; which will really be helpful and truthful at the time of need and pays its claims without hassle.
    I know that its difficult to comment on the company because not many people may have claim settlement requests and other reasons..
    Even then I want to know which company seems to be better..
    1: Kotak term plan, (E term)
    2: Metlife term plan (Met Protect).
    Both have same premiums for online version.
    Metlife is giving the option of term plan upto 35 years (of course with extra fees).

    Please help me in making a good decision.

    Thanks and Regards,

    • Parag Deshpande

      It seems all services of all online term policies are worst. I have faced same problems with ICICI, Kotak and Metlife online policies. At the same time I booked offline term policy with ICICI Pru through a agent, I have not faced any problem and received documents in time. My personal experience suggest to go for offline plans though they are expensive.

      • Thangavel

        Hi Parag,

        Could you please let me know the policy details (plan name, sum assured, term and your age & premium) which you booked offline ?
        when I enquired @ my nearest ICICI they quoted me Rs 8500/- but the same policy cost me Rs. 4700/- through online(iProtect). For SA 30L, term: 30yr age: 30yr


      • Parag

        Yes, as these online term plans is a new experience for even sellers , they have not done their homework well before launching the products and are bad at delivering what customers expect .


    • Hitesh

      If I compare the claim settlement ratio for the last year, It shows as the ICICI has the highest of the three, and Metlife the lowest.

      I am confused, which one to buy.

    • Hitesh

      You cant be very sure of online term plans , as they are same as ICICI Pru . Kotak and Metlife might also have similar problems like ICICI Pru . YOu can look at LIC or Kotak (offline)


  125. Prasoon

    Hi Manish,

    First of all, thanks for a very good article and wonderful comment section.

    I’ve a SBI Term Insurance with increasing cover. Currently S.A. is 10L with 5L increment after every 5 years. So, I’ll get 30L S.A. after 20 years. I am paying premium amount 7000/- annually since last two years.

    Now, with i-pro plan 1/2, I’ll have to pay 4800/5900 p.a. only for 25 years. And it’ll cover 30L from starting.

    Am I making waste of my money? Should I close this plan. My overall requirement of insurance is around 70L. Will closing SBI and opting for i-pro & LIC make sense.


    • Prasoon

      Yes , you are wasting money in that , I also had the same SBI increasing term cover with 5% increase every year earliar . But when more cheaper plans came in , I stopped my plan . They are charging more . You should also reevaluate others premium and take another plan now


  126. Vijay

    Hi Manish,

    I finally got the ICICI I-Protect policy issued after 3-months of followup. Some tips for anyone applying newly.
    1>After you apply go and proactively submit the documents in the branch office.
    2>Followup on the policy through branch office.

    Since the online part is a new thing and they have out sourced the customer service for policy information followup it is in a confused state. A year or 2 they should get it streamlined is my hope. Cost wise for a term plan they are definitely the cheapest to date.

    Thanks for enlightening on the endowment and term plan. I have surrendered all my endowment plans(surrender value invested in Equity MF) and taken a pure term plan of 50L.

    No mixing of investment and insurance :).

  127. u chakraborty

    Thanks God ! finally I got my money back which I paid for I-protect. I recieved within 7 days from the date of my request for cancellation of the policy. what an excellent service; but same is not for issuing the policy.

  128. Harsh

    really nice review… I am planning to take a term plan for a while, I have a couple of loans and I would need a good cover of 40-60 lakhs… i was searching online and doing my research and I luckily stumbled upon your blog. I would firstly like to congratulate you on the efforts you have taken to give a detailed, sound and a logical, covering all the major pros and cons.

    Some of the top term insurance products for online purchase are ICICI Prudential’s iProtect, Religare iTerm and Metlife’s MetProtect. But I think I will go for i-Protect term plan… I read one more review about i-pru which is also really good.

    My hearty thanks to you! all the best for your future endeavorers.



  129. Motheram Pavan Kumar

    Dear Manish,

    In spite of frequent followup, I could not get the i-protect policy in time. No support from either escalation or ombudsman. Consequently I canceled the policy. But, I have received policy documents from Aeigon Religare Life Insurance promptly. Document pickup, Medical and other services of AR seems to be good(at least in my case). Nevertheless, the customer care people of AR are not efficient to clarify doubts regarding the policy details and schedule. Now, at least I am happy that I am (proud) owner of a term insurance policy. But I dont know what is going to happen in case of unfortunate claim conditions :-) or :-(.

    In my colleague case things happened vice-versa. He got annoyed with AR services. ICICI Pru worked well in his case.

    Any way, While browsing through your comments, I have encountered a concept of diversification of Sum Assurance among different Insurance companies. If possible, kindly through some light on it.

    Thank you.

  130. Motheram Pavan Kumar

    Dear Manish,

    In spite of frequent followup, I could not get the i-protect policy in time. No support from either escalation or ombudsman. Consequently I canceled the policy. But, I have received policy documents from Aeigon Religare Life Insurance promptly. Document pickup, Medical and other services of AR seems to be good(at least in my case). Nevertheless, the customer care people of AR are not efficient to clarify doubts regarding the policy details and schedule. Now, at least I am happy that I am (proud) owner of a term insurance policy. But I dont know what is going to happen in case of unfortunate claim conditions :-) or :-(.

    In my colleague case things happened vice-versa. He got annoyed with AR services. ICICI Pru worked well in his case.

    Any way, While browsing through your comments, I have encountered a concept of diversification of Sum Assurance among different Insurance companies. If possible, kindly through some light on it.

    Thank you.
    Pavan Kumar

  131. Manzey


    First of all, let me congrulate you on a thankless job you are doing.

    Would appreciate your opinion on this policy.

    I hold American Express Platinum credit card and I got a call from Amex customer department asking If I would be intrested in buying a speical life term insurance product for Amex customers only designed by ICICI Lombard. This product is for American Express customers only.
    FYI – I am not a great fan of ICICI and its products. But this product looks to good to belive. When I told Amex that I don’t trust ICICI, they said that they have a seperate cell for these settlement and other matters and ICICI will not refuse claims of Amex customers.
    Here’s the link to amex site where it mentions about the policy.
    A two crore insurance policy will cost less than 25k per annum and no medicals and the premium remains same irrespective of age. What do you think ? The policy also pays full amount for total disability. Apart from this, the policy also covers purchase protection of a nominal amount.
    For renewal, I have checked that the premium remains the same, and one condition is that the person should not cancel amex credit card. The policy will not be renewed once the amex card is cancelled. The policy can be cancelled within 15days of being issued if not satisfied.

    Thanks in advance for your reply.


    • Manzey

      The plan is good . Its not very special as its a term plan and term plan costs are very much like this , infact 2 crore premium might come to be around 18-20k per annum for some of the online term plans . But overall this looks good . Just make sure you understand all features and the process of claim as the plans taken on phone are settled on phone only !


      • Ajay

        Manish, Manzey – This doesnot look like a life insurance.
        1. ICICI Lombard does not issue life insurance, ICICI Pru Life does
        2. Looks like it covers only accident, critical illness.

        For me its looks like a General Insurance product. Any thoughts ?

      • Ashal Jauhari

        Dear Manzey & Manish, Both of you missed the point that the insurer in this case is ICICI Lombard (the Gen. Insurer) & not ICICI PRU (the Life Insurer) & as rightly pointed out by dear Ajay, the policy in question is a PAP (Personal Accident Plan).

        So I’m of the view to skip this policy.



  132. Prasoon

    Thanks for your reply above. I just need a suggestion here. Does it make sense to split 60L insurance as 30L with i-protect and 30L with SBI smart shield? Actually, I wish to have a policy with Critical Illness and Permanent Disabilty Benefit rider. Annual Premium for i-pro will be around 5K, and for SBI it would be around 9K (including 5L CI + 10L ADB + 20L PDB) for 30L S.A. Do you know any policy which covers these three, but is cheaper?
    Comments from other members are welcome as well.

    • Prasoon

      There are many plans which have all these 3 riders . Those are

      – Kotak Preferred
      – Bharti Axa
      – Aegon Religare level Term plan (Offline)
      – Bajaj Allianz
      – Birla Sun Life

      See the premium on the website , I am sure it would be less for the Kotak one .

      Also by tomm you can see an article which is for term insurance riders and all the information which can help someone to buy the term plan .


  133. Prasoon

    Terrorist attack is not covered by i-protect. What does this mean?
    No money will be paid on death?
    No Accidental Benefit Rider will be paid?

  134. Dhawal Sharma

    One of the main complaint/fear everybody has, is the claim settlement ratio of different companies..Let me tell you MANISH, if its a genuine claim and documents/information submitted at the time of taking policy was correct, then there is no way claim can be rejected, by any company; be it LIC, kotak, or even the newest enterent in the insurance market, INDIA FIRST..So just fill the form properly, provide all documents and information correctly and be rest assured, your nominee will get the claim without any hassel [irrespective of the claim settlement ratio of the insurance company 😉 ]

    • Anand

      What about the following reason which was given by one private insurer while denying the claim??

      Reason: The person was traveling by luxury bus.

      Don’t you think that the reason is unacceptable?

      • Dhawal Sharma

        @ANAND – Where have you read this thing..whats the authenticity of the person telling such tales..have you cross-checked with the company who has declined such claim…

        Actually it is human nature that WE HEAR, WHAT WE WANT TO HEAR..Inn baataaon mein koi dum nahi hai sir ji…

    • Amit Thukral

      Hi Dhawal,

      Thanks for this clarification; even I had same doubt in my mind but was of the same belief as you have mentioned.
      Secondly, I have been an investor in ICICI Pru term plans for last 5 yrs. now. I too have switched to iProtect now :).
      Fortunately, i am among those who have always had good experience with ICICI Pru till now. I showed for interest in this policy through one of the site, second day the ICICI Pru guy called me up, took appointment, met me over the weekend and i filled the application form same day, paid money and within 2-3 days got medical letter, did medical late(with delay from my side ) and after medical got the policy today within 2 weeks. Though, i was in touch with the ICICI Pru guy(he is an ICICI Pru employee) all the time. Have suggested the same to couple of my friends also and this guy called them up and came today and filled application etc. online for one of my friend today itself. I never had to run for submitting my documents or anything; everything was done by this guy.
      I think i am fortunate that i met a nice ICICI pru guy or not sure though if they (ICICI Pru) have improved upon this ;).

      Amit Thukral

  135. sridhar

    Hi, I have a question about premium paid for term plans.

    Will the premium constant for a term of policy period? or will there be any health checks every year and based on that insurance provider will increase the premium? please clarify
    what if a person is healthy now and become ill health after 2 years? will there be any annual health check up every year?

    thanks in advance!

      • sridhar

        thanks for your reply..

        also please let me know the below:

        what if a person is healthy now and become ill health after 2 years? will there be any annual health check up every year?

        • Dhawal Sharma

          illness has nothing to do with TERM PLAN..Term plan is an obligation on the part of insurance company to pay a certain specific sum of money to be paid to the nominee of the policyholder in case of the policyholder’s death..So as long as the policyholder is alive, healthy or ill, it doesn’t make any difference to the insurance company..

          Yes, if the policyholder develop some major illness like cancer, heart attack etc he should let the insurance company know of this face and provide the medical reports etc so that insurance company can update these things in its records and there is no problem at the time of claim settlement, if at all it arises..

  136. rajeev

    I have 2 LIC policies. Now i am planning to buy iProtect. I will be disclosing the details of my LIC policies while appling for iProtect. Should i update LIC Policy with my new policy details? If yes, how do i do this? If No, then how is the claim settled from all policies?

  137. Prasoon

    After reading this excellent article and great comments, I made my progress towards buying an i-protect policy option II. I’ve made my decision, based on policy details, extra rider, claim settlement, online payment option. I’ve taken it for 25 years and for Thirty Lacs. I’ll take for the same amount from SBI Life.

    I’ve given them all small details, even which they did not ask. Like wearing glasses, and CT Scan twenty years back. Let’s see when I get any call/documents from ICICIPru. It requires some medical tests. I’ll keep posting regarding my experience.

  138. KAS

    Thanks to All of you for the comments and Information. I bought an i-term policy on 1st week of DEC,2010 with premium Rs.8272/- per year, age@35yrs for 25yrs term,a Non-tobacco user. But later on, I got the mail from Aegon Religare that they found ‘COTINEN TEST Beyond acceptable limit’ and they provide a counter offer of Premium Rs.11,857/-. I already informed them that I am not a tobacco user in any form niether a smoker, but i drink capuccino coffee 3-4 times a day mostly empty stomach. And also suggested them I would like to re-test my COTINEN level. But they were not ready to accept it. And atlast, I decided to Cancel my policy. And today I got the cheque of full payment of my first premium from Aegon Religare.
    Pls. let me know your valuable comments on this. What should I do next? KOTAK E-Prefferred OR ICICI iProtect????
    From some of the forums/blog i came to know that ICICI is not trustworthy:

  139. Ravi Shankar

    Dear Manish,
    This blog is the wonderful thing happened to me in my life as I have got enlightened on so many things like Insurance, equities, mutual fu