Disclaimer - iP RoP Reel
1 Life cover is the benefit payable on death of the Life assured during the policy term. For ‘Return of Premium with Life-stage cover’ & ‘Early Return of Premium with Life-stage cover’ plan options, Death Benefit will be the highest of a) Sum Assured on Death b) 105% of the Total premiums paid till the date of death c) Absolute amount assured to be paid on death Where Sum Assured on Death is 7 X Annualised Premium
- In the first policy year, Absolute amount assured to be paid on death will be the same as Basic Sum Assured as chosen by You at inception
- From the second policy year till the policy anniversary after the Life Assured attains age 55, 5% of Basic Sum Assured gets added on every policy anniversary to the Basic Sum Assured. This amount cumulatively shall be the Absolute amount assured to be paid on death. The Absolute amount assured to be paid on death remains constant till the next policy anniversary. In case the Absolute amount assured to be paid on death becomes twice the Basic Sum Assured during this period of increment, it stays constant at that level, till the policy anniversary after the Life Assured attains age of 56 years
- On the policy anniversary after the Life Assured attains 56 years of age, the Absolute amount assured to be paid on death shall revert back to Basic SA. This will continue till the policy anniversary after the Life Assured attains 60 years of age
- On the policy anniversary after the Life Assured attains 60 years of age, the absolute amount assured to be paid on death shall be 50% of Basic Sum Assured and continues at the same level till end of the policy term
2 Return of premiums is available on survival under three of the Plan Options: ‘Return of Premium’, ‘Return of Premium with Life-stage cover’ and ‘Early Return of Premium with Life-stage cover’ and refers to total of all premiums received, excluding premiums for optional benefits i.e. Accidental Death Benefit, Critical Illness Benefit,any extra premium, any rider premium and taxes, if any. The plan options ‘Return of Premium’ and ‘Return of Premium with Life-stage cover’ provide maturity benefit on survival of the Life Assured till the end of the policy term. The plan option ‘Early Return of Premium with Life-stage cover’ provides survival benefit on survival of the Life Assured till the policy anniversary immediately after the Life Assured turns age 60 or 70, depending on the return of premium age chosen by the customer at inception. The fourth plan option ‘Income Benefit’ provides regular monthly income from the policy anniversary after the Life Assured attains age 60 as a survival benefit till the end of the policy term. Please note that the sum of monthly incomes paid under this plan option can be higher or lower than the total premiums paid by the customer, and may not be return of premium
3 Critical Illness: CI Benefit is an additional optional benefit chosen at inception and is available with ‘Life and health’ and ‘All in One’ benefit options. The CI Sum Assured is paid as a lump sum upon the Life Assured being diagnosed on first occurrence of any of the covered 60 major Critical Illnesses within CI Benefit term. 25% of the CI Sum Assured or INR 500,000.00 whichever is lower is paid as a lump sum upon the Life Assured being diagnosed on first occurrence of any of the covered 4 minor Critical Illnesses within CI Benefit term. CI Benefit is available for Single Pay and Limited Pay and is lower of (15 years, policy term). For regular pay, the CI benefit term will be lower of (policy term, 40 years) subject to maximum cover ceasing age of 85 years. CI Benefit can be less than or equal to the Basic Sum Assured chosen by You at inception for Return of Premium Plan and Income Benefit Plan. CI Benefit can be less than or equal to the 50% of the Basic Sum Assured chosen at inception for Return of Premium with Life-stage Cover Plan and Early Return of Premium with Life-stage Cover Plan. CI Benefit is a pure risk benefit and does not have Survival or Maturity Benefit. Premiums paid corresponding to CI Benefit shall be excluded from Survival or Maturity Benefit
4 Tax benefits may be available as per the prevailing tax laws. Tax benefits under the policy are subject to prevailing conditions and provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per applicable rates. The tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above
© ICICI Prudential Life Insurance Co. Ltd. All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Regn. No. 105. CIN: L66010MH2000PLC127837. Reg. Off.: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600. Customer helpline number - 1860 266 7766. Timings – 10:00 A.M. to 7:00 P.M., Monday to Saturday (except national holidays). Member of the Life Insurance Council. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license. ICICI Pru iProtect Return of Premium UIN: 105N186V01
