ICICI Pru iProtect Smart Term Plan 2024 | In-depth Review | Pros & Cons

Ditto Insurance

30 Mar 202405:26

Summary

TLDRIn this video, Kavia from Ditto Insurance discusses the ICICI I Protect Smart Term Plan, highlighting its features, costs, and suitability for potential buyers. The plan offers reliable coverage with various add-ons, a zero-cost surrender option, and strong brand performance, although it has a slightly lower claim settlement ratio compared to competitors. Key features include critical illness benefits, premium waivers, and accidental death coverage. While the plan is economical, alternatives may provide better terms for those needing comprehensive riders. Viewers are encouraged to consult with certified insurance advisers for personalized recommendations.

Takeaways

😀 ICICI I Protect Smart Term Plan offers reliable life insurance coverage from a well-known brand.
💰 The plan features a variety of add-ons to enhance coverage, providing comprehensive options for policyholders.
🛡️ Waiver of premiums allows policyholders to stop payments in case of total disability.
🩺 The critical illness benefit covers 34 specified illnesses, providing a lump-sum payout deducted from the total cover.
🔄 Zero Cost Surrender Benefit enables return of premiums if the policy is held for a minimum of 25 years and surrendered under specific conditions.
👨‍👩‍👦 Life stage benefit allows for increasing coverage in response to significant life changes, although it increases premiums.
🚑 The accidental death benefit add-on provides additional coverage in case of accidental demise.
🧑‍⚕️ The terminal illness rider offers full payout if diagnosed with a terminal illness, allowing access to the entire coverage amount.
📊 ICICI's premiums are competitive compared to similar plans from HDFC and Max Life, especially for smokers.
❗ The plan has limitations, including potential issues with critical illness rider deductions and service availability in certain PIN codes.

Q & A

What is the main topic of the video?
-The video covers the ICICI I Protect Smart term plan, including its features, costs, problems, and who should consider purchasing it.
Who is the presenter of the video?
-The video is presented by Kavia from Ditto Insurance.
What are the eligibility criteria for the ICICI I Protect Smart plan?
-The entry age for this plan is between 18 to 25 years, with available terms ranging from 5 to 85 years, and coverage starting from 50 lakhs.
What unique feature does the ICICI I Protect Smart plan offer regarding premium payments?
-It includes a waiver of premiums feature, allowing policyholders to stop paying premiums in case of total disabilities.
How does the critical illness benefit work in this plan?
-The critical illness benefit provides a lump sum payout for 34 specified illnesses, but this amount is deducted from the overall coverage.
What does the zero-cost surrender benefit entail?
-If the policy is held for a minimum of 25 years and has more than five years left, policyholders can surrender it and receive their premiums back.
What is the claim settlement ratio for ICICI compared to competitors?
-ICICI's three-year claim settlement ratio is 97%, while its three-year amount settlement ratio is 92%, which is lower than some competitors.
What problems might arise with the ICICI I Protect Smart plan?
-Some issues include the critical illness rider deducting from the cover, limited coverage for critical illness under the waiver of premiums, and non-serviceability in certain PIN codes.
Who might benefit from this insurance plan?
-Individuals looking for a reliable, economical pure term plan from a reputable company would benefit most from this plan.
What are some recommended alternatives to the ICICI I Protect Smart plan?
-Alternatives include HDFC Click to Protect Super and Max Life Smart Secure Elite for those seeking better options for critical illness and accidental disability coverage.