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 ?

959 CommentsAdd Comment

  1. Prakash

    Hi Sir,

    My Name is Prakash Shrestha.I have been living in India since 2001 and i am planning to buy Life Insurance IProtect of 50Lakh.I am citizen of Nepal and my nominee will be also from Nepal.I want to know may i buy Life Insurance being nepali citizen.What are the condition for nepalese people do i have to pay extra charge being not Indian? As my insurance advisor is telling it can be done but i want to know from your side.There are two questions.

    1:Can i buy life insurance being nepali?If yes than do i need to pay extra.
    2:What will happen if i die out of India?Will there be any problem to receive money for my nominee.

    • Yes Prakash

      You can take life insurance from LIC, but it would depend on the descretion of LIC only. You dont need to pay extra for that, but final words are with LIC
      The claim will not be an issue


  2. DrManishVashista

    while trying to buy iciciprudential’s i protect term plan option 1 for 30 lac for 25 years for 1st time i filled old life insurance policy details column and faced problem while filling health detail questions as a customer is provided with only max. two lines ( approx 100 words max.) to provide answer to 21 questions .. so on conforming from C.CARE they said that’s all the space for answering all questions & now old policy details column is withdrawn. So if a customer want to provide detailed answers than he has to write a email to them with all details of question & answer to respective question & his old policy details & on surprise to me this email will not be a part of policy document which you will receive for free look in period … So my question is to MANISH CHAUHAN should i opt.out of icici as i don’t trust companies which has loop holes in their documents & left customer on loose end.?


    Dear manish
    I have read ur book regarding financial planning now I wnt to take term policy from icici of 75 lakhs I talk to there customer care they said that they wil do medical test if required wil they give me in written but they r not conforming me in this regard.kindly guide me.

      • Kalyani


        Even I am in the same boat. I am planning to take a 75L term insurance but ICICI is telling me that they will conduct medical only if they think it is required. Had a real bad experience with HDFC and in no mood to go ahead with them. But also at the same time I am not confident to go for the ICICI without medical test.
        Please help.

  4. Sandeep

    Hi all,

    I am planning to buy term insurance plan. My age is 41. Can anyone guide me on this. I checked Max Life insurance is apperantly low cost compare with ICICI & HDFC. What you say guys?

  5. Jignesh

    very horrible experience with ICICI Prudential online plan. They have not issued me a policy since one month for which i have submitted all the documents and paid the premium online. Customer care is really really very poor. After this poor service i decided to cancel the policy and guess what !!! Their customer care cannot cancel my policy.
    Finally i have launched complain in IRDA.

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