Everything You Need to Know Return Of Premium Plan Pru IProtect

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

The ICICI Pru iProtect Return of Premium provides security to you and your loved ones against all such eventualities, safeguards your future planning while simultaneously also ensuring that you get a survival/maturity benefit. Here’s a plan which understands that change is the only constant and changes with your changing needs.

Features Of The Plan

• The plan will offer a return of 105 percent of all premiums paid on survival. Also, it will provide a cover against 64 critical illnesses. It offers two variants - Life Stage Cover and Level Cover.
• Among the 64 critical illnesses, 60 are major critical illnesses and four are minor critical illnesses. The four minor illnesses are Angioplasty, Early-stage Cancer (Carcinoma-in-situ), Brain Aneurysm Surgery and Small Bowel Transplant.
• The Level Cover that an individual will select at the beginning will remain the same throughout the policy term. It is available with the 'Return of Premium Plan' option. Individuals looking for a term insurance plan that offers a survival benefit along with a fixed death benefit can avail of this cover.
• The Life Stage Cover auto-adjusts the sum assured or life cover based on the life-stage of the policyholder. The company states that the plan enables policyholders to increase their life cover when it matters the most as responsibilities grow in the initial stages.
• One can pay premiums for a specific pre-agreed period of time (5,7,10,12 or 15 years), and enjoy the life cover for the whole policy duration.
• It offers three payout options: Lump sum, income, lump sum and income. Under the first option, the entire life amount is payable as a lump sum. In the second option, 20 per cent of the benefit amount is payable every year for five years. In the third option, the percentage of the Sum Assured that will be paid as a lump sum is chosen at the beginning and the balance Sum Assured will be paid every month for five years.
• Critical Illness (CI) benefit is available for Single Pay and Limited Pay with a maximum benefit term of 15 years. For regular pay, the maximum term under CI benefit is 40 years subject to maximum cover ceasing age of 85 years.
• Once the CI benefit term is over, then premiums corresponding to CI benefit will not be required to be paid. The customer will have to continue paying for all other benefits to avail of other benefits.
• It offers customers the flexibility to get 105 per cent of the premiums paid back at 60 or 70 years of age with continued protection till the end of the policy term or at maturity, as per a customer's choice.

4 Benefits Of ICICI Pru Iprotect Return Of Premium

1. Choice Of 4 Plan Options Customized For Your Protection Needs

• Return of Premium: Get life cover1 throughout the policy term. Also, get 105% of your premiums back3 on maturity
• Income Benefit: Get life cover1 throughout the policy term and start getting monthly income from the age of 60 till the end of policy term
• Return of Premium with Life-stage2 cover: Get life cover1, which changes as per your life-stage2 throughout the policy term. Also, get 105% of your premiums back3 on maturity
• Early return of premium with Life-stage cover: Get life cover1, which changes as per your life-stage2 throughout the policy term. Also, get 105% of your premiums back3 during the policy term itself when you turn 60 or 70 years of age

Your premiums will vary depending on the plan option chosen

2. Full Protection

• Smart protection with ‘Life-stage cover2’: A smart life cover which adapts to your changing life-stage and responsibilities.
• Safeguard against 64 Critical Illnesses4 (optional): Get an additional and instant payout on diagnosis of 60 major and 4 minor Critical Illnesses.
• Enhanced protection against accidental death (optional): Get up to twice the life cover in case of death due to an accident

3. Survival Benefits

• Regular Income: Start getting a guaranteed monthly income from the age of 60 till the end of the policy term with ‘Income Benefit’ plan option.
• Return of premiums: Get 105% of your premiums back at the end of the policy term with ‘Return of premium’ and ‘Return of Premium with Life-stage cover’ plan options.
• Early Return of premiums: Get 105% of your premiums back at an early age of 60 or 70 with continued coverage till the end of the policy term with ‘Early Return of Premium with Life-stage cover’ plan option

4. Tax Benefits

Tax benefits may be applicable on premiums paid and benefits received as per the prevailing tax laws

Conclusion

With rising cases of lifestyle-related ailments such as cancer and heart disorder, it is essential to have a critical illness benefit. This policy ICICI Pru iProtect Return of Premium also offers policyholders the option to take cover against 64 critical illnesses.

Also read - The Importance of the Claim Settlement Ratio