ICICI Prudential’s iProtect term insurance is yet another cheapest term insurance which you can buy online. This product is very much similar to Aegon Religare’s iTerm in terms of cost. If cost is the only factor for deciding your insurance policy which provides considerably high coverage for the premium you pay, ICICI Pru’s iProtect is certainly affordable and can be bought online.
Similar to iTerm by Aegon Religare, an individual needs to apply online for iProtect. The premium for the policy can be paid either through internet banking account or credit card. In contrast to iTerm, iProtect comes with accidental rider cover and the policy term can be up to 30 years. Also, this policy can be bought through agents and brokers. However all the non-online policies will have additional premium costs added as a part of insurance agent commission. Up to a certain limit on the insured amount, life cover can be bought immediately without the need for any medical tests, policy commences as soon as the premium is paid. However, if you want to avail the insurance beyond the limit which requires medical tests, the process of buying the policy can be finished online but the cover will start only upon medical tests evaluation.
Here is the feature list of ICICI iProtect:
| Minimum / Maximum age at entry | 20 / 65 years |
| Policy term | 10 / 15 / 20 / 25 / 30 years |
| Maximum age at policy expiry | 75 years |
| Minimum premium | Rs. 2,000 (excluding service tax and education cess) |
| Accidental Death Benefit (Only with iProtect Option II) |
Equal to Sum Assured, subject to a maximum of Rs. 50 lacs |
| Premium payment term | Regular pay |
| Mode of premium payment | Yearly |
The premium that you pay is very affordable compared to similar products in the market. You can do that comparison among various insurance provides by following this link [+]. I found this link to be very useful in comparing the premium for a given age and the cover amount from various companies. Aegon Religare’s iTerm and ICICI’s iProtect will stand out from the rest for cost effective premiums. This is due to the cost savings through online purchase is passed on to the customer by removing the middle man. The medical test conducted while availing this kind of policy would be very stringent and the illustrative premium is only for healthy non smoking person. This is unlike other insurance products where there was not much difference in the premium by considering health conditions, meaning healthy people used to subsidize the premium for non healthy people. To summarize you are getting discount for Sound Health and being a non smoker.
There is a free look up period of 15 days for the policy holder to review the policy. The premium is exempted from income tax under section 80c as per the prevailing income tax law. More detailed information on this iProtect product can be found here [+]. However, the one question that is yet to be answered by all these term insurance policy providers is the claim settlement ratio and the process. Since these products are relatively nascent in Indian market, not much data available on IRDA site on term policies. Except that I am in favor of these term policies as pure instruments of insurance. You may want to read why investment shouldn’t be mixed with insurance and also never think of buying insurance for the sake of income tax exemptions… if you do so, you are actually solving the problems wrong!
Rita Mehta says
Me and my icici bank – the worst bank ever whom i deal with? They open my account in suppose to be good faith with five lacs rs deposit and at the end of 2 1/2 yrs lost 1 lacs 2o thoushand rs. Leaving balance of 3,80000.00 rs. there were icici staff eagerly waiting for me to sign my documents so they can slash my throat by ripping me off. and that is what has exactly happened. No risk was explained? Money was put in account where they charge me 90,000.00 rs in service charge and still charging me? yes sure is bad bank to deal with. i am an nri and experience real life hell on earth. thanks to icici !!!!!
Nik Nayak says
dono, some how i had a good experience, i got my policy in one week time..and found them to be nice and cooperative…i forgot to mentioned that i am a occational smoker and they just asked me to submit one letter at their branch office..i got the ack..hope no need of doing anything else
Ramesh says
Premier Pension Plan (ULIP) from ICICI has returned -10% in the last 4years. Thanks to the 20 fund managers sitting and doing nothing about the portfolios.
SHAME on them. What is the use of their knowledge education and experience. Our premium is going to them as salary.
santosh says
These are the donkeys working in ICICI bank. I love 20% in 2 years
Vishal says
Hi,
I am looking for term insurance plan. I have gone through couple of insurance plans like “IndiaFirst” from bank of baroda and indian bank, kotak insurance and LIC jivan amulya. But while submitting the application i came across a question.
The is questionnaire for alcohol users, I am not a regular drinker but may once in 3 months. But in case death happens in accident when i was drunked then will such insurance still stands or company will invalid the insurance.
Amit says
I had a harrowing experience with ICICI IProtect Term Insurance. I paid the premium online, sent all the documents by mail, and got all the medicals done. After this the nightmare started and the following
steps happened in loop for 2 months around 4 times:
1. 2 weeks went by and nothing happened.
2. On calling customer care again I was again told that they have registered the complaint and someone will contact me.
3. Again I was sent a mail asking for some documents which I had already sent.
4. Then I resent the documents.
5. Go back to Step 1.
After going through all this for 2 months, I sent them a mail saying that if you do not want to issue the policy, please return my money. To my shock the same day I got a sms saying that your withdrawal request has been taken and the money will be returned. Although I had clearly said that please return my money if you do not want to issue policy, I was told that I have requested for withdrawal on calling the customer care. Now I am waiting for the money to be returned.
This is a big scheme by ICICI to get premium money without paying any kind of interest. They never have any intention of issuing the policy, and just wait on you to ask for a refund after getting tired waiting.
A Bansal says
I have my brother in ICICI pru claims deptt. He says for a large claim whatever you do they will find a way to hold your claim. He is being paid for it. Howmuchever clear you are you will have to knock the doors of the courts but silverlining is that the courts are sympathetic to the insured that is you. But the hard part is you wont be there to support your claim and your wife or dependent who may or may not be agressive will have to face these blood sucking bustards.
madan says
After reading many reviews from from net, i decided to take ICICI iProtect. As I am 25 now I took 50L sum assured for 30 years of Rs 5050/- including Tax Rs 5575/-.
rajan says
Friend .. All Procedure complete…. not see wats ICICI Said
Nik Nayak says
Hello,
if a person is not a regular smoker, i mean once in a while say once in month, in that case while taking term plan what should he choose “smoker/nonsmoker” because the premium amount is different for both and at the time of matuarity..what could be the problem
Rajan says
Me buy this Policy on 24th Feb 2011 .Sum Assured 50 lack for 30 year. I got Policy Confirmation call and required document collect from local office. They Collect my Document on Monday 28th Feb and i will Got mail and Call for Medical Test within 24 Hrs ….lets see what happen
Anurag says
Well, I had a smiliar experience with them. No defined process, no body cares.
I was said by a customer care reqpresentative – why didn’t you go through a agent, that would have costed 4-500 extra but you would have got peace of mind!!!!!!
Sincere advice to those who are not caught in the mess – NEVER GO FOR ICICI iProtect. And I don’t think they or somebody in the company is sincere about selling this product.
My opinion would be to AVOID till they streamline their acts – All team seems to work in silo w/o updating others about the status.
I was surprised to know that mails that we send don’t reach to the cust care. Ha!!!!!
KB says
On 5th jan I paid my premium for ICICI Prudential i Protect Option 1 and visited the medical diagnostic centre as directed by the company for my medical test. After that I did not receive any communication from the company. No body asked me to submit my documents nor did I get any communication regarding my policy. After a 15 days when I contacted the nearest branch of ICICI Prudential I got to know that my policy has been postponed for 3 months for some medical reason and I need to apply freshly. When I asked about my premium they said they have already refunded my premium to my account.
Since then I have been waiting for my refund. Everyday either I need to write them or call their customer care for my refund.
All my attempts are futile and I am really repenting for my decision to go for i Protect. I seriously doubt whether they actually settle any claim or not. Even if they do, then I can’t imagine the extent of harassment the nominee must be facing while applying for settlement.
Now I am thinking to lodge a complain with IRDA to get my money back.
Vino Varghese says
Hi,
Thanks for your views. Update on my case is as follows:
After writing on different forums and blogs, a sincere individual put me forth to the PR Agency (Ad factors PR) that handles PR for ICICI Pru Life. This happened on 14th Jan, 2010. But I haven’t heard back from them yet. No body even bothered to understand my case, maybe beacuse they have had similar cases in excess…..!!!
After numerous calls and escalations to the ICICI pru Lufe Customer Care centre, I finally got to know that the reason for withdrawal was due to internal miscommunication. Medical reports uploaded by the hospital had been reviewed and printed by the elevant team @ ICICI Pru Life. They in turn sent these documents to the Underwriting team; which never acknowledged the receipt of documents. And now the POLICY IS WITHDRAWN DUE TO NON RECEIPT OF MEDICAL RECORD AT THE UNDERWRITING DEPARTMENT.
I spoke with the Hospital Administrator responsible for uploading medical reports and got a confirmation that my reports were uploaded on 11-Dec-10. He also reconfirmed that they never got any follow up request for a reload of documents.
I was told by the “Escalations manager Ms. Lakshmi that even though its an internal mishandling of records, I’m unable to confirm if the policy will be considered for reissual. Pls provide 48 hours so that I can get back to you”.
I yelled at the lady and got my call transferred to Mr. Vaadiraj, a Sr, Manager with ICICI pru life, Mumbai. He has requested one day to resolve the case and I’m waitng to see if something comes through.
Now this leaves me and thousands of other customers who are waiting for policy issual with a very relevant question:
How On Earth Should We Trust Such An Irresponsible Company (ICICI Prudential Life Insurance company) To Handle Life Insurance Process for Us?????
With this being a company is so unprofessional and casual on approach, My sincere advice to people who have taken this policy is to be prepared for a showdown with the Insurance provider at a point in time (sooner OR later). Pls don’t count on ICICI Pru Life to settle your claims should a claim happen.
If you’re on a FREE LOOK UP PERIOD, you have a chance to surrender the policy and get the money back.
I will keep you all updated on any further events.
Nilesh Jain says
Hi Vino,
Really felt sorry for your situation. But what is the conclusion then. ????
Have u bought any other plan then ?? I am also intending to buy a life cover policy ….
Thanks
Nilesh Jain
Vino Varghese says
I was looking for a term plan and decided to go with ICICI Prulife’s iprotect plan since the premium offer was competitive and could be done online. The nightmare started after paid
premium on 01-Nov-10.
The company promises about a doorstep document pickup. I was not contacted by anyone for about a week and I called up customer care centre. I was adviced to provide Income proof, ID proof etc. They wanted me to email it to buyonline[@]iciciprulife[.]com When I tried sending, it all bounced back. I called up CCC again and was adviced to walkin to a branch and submit docs. I did the same at ICICI pruLife Thrissur, collected my medical checkup forms, compl eted medical checkups as prescribed by the company.
I called up CCC was told that I was an “Elite Customer” and to be “rest assured as all documentation has been fulfilled”. I was also told that the underwriting could be completed in 3 to 6 working days and policy shall be issued ASAP.
But, after waiting for one month, I received letter form their underwriting department asking for more documents like Form 16, bank statement PAN card copy etc. If I had known these documents were required, I could have given them on those on the day I walked into their branch in Thrissur.
This time, I walked up to ICICI Pru Life in Edappally, Kochi and submitted all docs and ensured that nothing was pending from my end. This happened on 11-Dec-10.
The worst part of story happens now-
A week later I get a call from some number in Pune. He introduces that he is Anshuman Mishra from ICICI PruLife, cites my application ref: no and requests for submission of Form 16 and ID proof. He started the conversation in Hindi. I requested for communication in English as I had challenges in speaking good Hindi. All he said was “pending document bhejiyega”, “pending document bhejiyega” and banged the phone.
I called up CC and explained what had happened. I was reassured that all documentation has been completed and policy was pending with the underwriting team.
In another 5 days, I got a call from ICICI PruLife again asking me to send my Form 16 and ID proof to buyonline[@]iciciprulife[.]com and another personal address on ymail.com. I did not want t do that and enquired with CCC again and got the same answer.
Finally on 30-Dec-10 I come to know through the online tracking system that the policy has been withdrawn and no explanation was provided. I called up CCC and had to hear from that they donot have access to why the policy is withdrawn. She also added that the company may send some “ hard copy letter citing the reason” for withdrawal. Until this time, I have not received any letter.
I found an utter lack of coordination and professionalism in the way they dealt with the application. Looks like their departments just toss documents over the wall and never talk to each other.
I have been following up with the company to know the reason for withdrawal and they keep extending deadlines committed. All this and the delay of 2 months make me to say, pls opt for some term cover other than ICICI Prudentials product. Or else, be prepared to gift your money to ICICI for 2 months and face the shame of the money being tossed back to you; without any apology or explanation.
I believe that there could be a minimum of 1000 similar cases happening at the same time and that gives the opportunity to ICICI to keep an amount equivalent to 1000 annual premium units (roughly INR 80 lakh) under posession without having to pay up any penalty.
Rocky says
Thanks vino I was looking for iprotect but after reading your comments I surely will not
prakash says
You Have really Done great by cancelling your i term plan.
the policies from aegon religare are useless because they offer a Lot but Dont settle the claims.
KAS says
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????
Sachin says
Hi Mohan,
That was a nice article. I have been thinking to buy a pure term policy but i am worried if there are problems during claims. my Agent says that thet usually dont come easy when its time to give away the money and negotiate on it (80% is what they give). he also said that LIC is better in those terms and they pay back 100% immediately.
The concern here is that in term policy I wont be there to fight for claims and I dont what my dependents to run from pillar to post for the claims.
Please suggest
Sachin
Wilson Fisk says
Hey Mohan,
Wonderful review and thanks for the post.However have a q,please do answer.
In the post you have briefly mentioned that “Up to a certain limit on the insured amount, life cover can be bought immediately without the need for any medical tests, policy commences as soon as the premium is paid” could you please let me know what the covered amount is?
Some personal details in-case this is required M,28,(non smoker),Period– 25-30 (years of coverage.)
Sunil kumar singh says
I want to pay my premium of icici pru by sbi debit card .
PolicyWala says
The new term products just show the lowest premium, but in non of the priducts its mentioend – how to get claim? which is the main purpose of insurance.
Mohan says
Well, that is not true. FAQ section on any of the term insurance company website will have all the details on how to claim and what all documents to be submitted for the same. What is the guarantee that an agent will always look after the claim settlement? They are worried only about their commission upon paying a premium.
Raja says
Hi Mohan,
Need one info. I am thinking of hosting my site and buy a new domain name. I plan to use wordpress.org blog software. Can you suggest anything on this ?
Where have you hosted your site ?
Regards
Raja
Mohan says
Good thought. I am using bluehost. You can find a review of the same on my blog.
Roshmi (Musings of an Unknown Indian) says
Nice info. How about a review on ICICI Prudential’s “Premier Life” and “Life Time Pension II” policies… ??
Mohan says
Sure, I will review them some time soon 🙂
Nandan Narula says
That was a very informative review covering every aspect of the policy, especially the additional accidental cover clause
Mohan says
Thank you Nandan.