100 Protection

% Premium Return
Presenting

Protect your family's

future and also get
your premium back
 A Plan to fit your needs
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.

Our ICICI Pru iProtect Smart 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.
Salient features that make
ICICI Pru iProtect Smart Return of Premium suitable for you

Life Insurance Cover Flexible policy term

for financial security and premium
of your family payment options

15% lower Return of 100% of

premiums for Total Premium
women customers Paid upon maturity
Tax benefits may be applicable
on premiums paid and benefits received
as per the prevailing tax laws
Plan at a Glance -
Eligibility criteria to buy the product

Premium Premium Minimum Policy Maximum Policy Min/Max Min/Max

Payment Payment Term Term Term Age at Entry Age at Maturity
Option (in years) (in years) (in years) (in years) (in years)

Up to 60 years
25/55 65/85
of age

Limited Pay 7

10
20 years 40 years 18/55 38/85
12

15

Equal to
Regular Pay
Policy Term

Minimum Sum Assured: ₹10,00,000

Maximum Sum Assured: As per Board approved underwriting policy.
Minimum Premium: Corresponding to the minimum sum assured
Maximum Premium: Corresponding to the maximum sum assured
Premium Payment Frequency: Annual, Half-Yearly, Monthly
Goods and Services Tax are applicable on premiums as per the prevailing Tax Laws.
The tax laws are subject to amendments from time to time.
Plan options in detail

Life is full of unexpected twists and turns. That's why it's crucial to plan ahead to protect your loved ones.
With ICICI Pru iProtect Smart Return of Premium, you can prepare for life's uncertainties by securing a life cover.
If the person who is covered in the policy known as the Life Assured, passes away, an amount known as the
Death Benefit will be paid to the claimant.

Death Benefit payable to the Claimant will be the highest of:

• 7 times Annualised Premium,
• 105% of the Total Premiums Paid up to the date of death and
• Sum Assured

Where,
• Annualised premium shall be the premium amount payable in a policy year excluding the taxes, rider
premiums, underwriting extra premiums and loadings for modal premiums.
• Total Premiums Paid means the total of all the premiums paid under this policy, excluding any extra premium,
and taxes, if collected explicitly.

In the event of death of the Life Assured during the policy term, Death Benefit will be paid out as described above
as per death benefit payout option. Upon survival of Life Assured till the date of maturity, you will receive a
maturity benefit equal to 100% of total premiums paid. In the event of death of the Life Assured on the date of
maturity then only maturity benefit (if applicable) will be payable, and no death benefit shall be payable.

Let us understand how this plan option works using illustrations:

Mr. Kumar, a 35-year-old male, wants to cover his loved ones with a savings plan with sum assured of
₹ 1 Crores for 40 years. He maintains a good lifestyle and is a healthy, non-smoker .He chooses to pay premiums
for 10 years.
Scenario 1: How Death Benefit works

Mr. Kumar pays premium of ₹ 74,638 for 10 years Mr. Kumar passes away –
Claimant receives
₹ 1 Cr as Death Benefit payout

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 …………… 38 39 40
Year
Jan 14, 2024 Jan 14, 2064

Life cover of ₹ 1 Cr throughout the policy term

Total Premiums Paid: ₹ 7,46,380^
^Goods and Services tax (if any) will be charged extra, as per applicable rates.

Scenario 2: How Maturity Benefit works

Mr. Kumar pays premium of ₹ 74,638 for 10 years Mr. Kumar survives till the
Date of Maturity and receives
₹ 7,46,380 as Maturity Benefit

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 …………… 38 39 40

Jan 14, 2024 Jan 14, 2064

Life cover of ₹ 1 Cr throughout the policy term

Total Premiums Paid: ₹ 7,46,380^
^Goods and Services tax (if any) will be charged extra, as per applicable rates.
Death Benefit as Income option

You/the Claimant can choose to receive death benefit as lump sum or in the form of income over 5 years. You/the
Claimant can also choose if some amount is required as lump sum and the remaining as income over 5 years.

How does this work?

Select the following:

• Payment frequency: Choose to receive income either yearly, half-yearly, quarterly or monthly.
• Proportion of death benefit: Choose whether full or part (<100%) of the Death Benefit is required as income.
The balance amount, if any, will be paid in lump sum at the time of acceptance of the claim.

When to choose?

You can opt for this facility at the inception of the policy or your claimant can opt it at the time of registration of
claim. The default payout option shall be lumpsum in case no income payout option is chosen by you or the
claimant. No additional premium is payable for this option. At any time during the income payment phase, the
claimant can choose to terminate the income payment in exchange for a lump-sum, in which case, the lump-sum
payable shall be equal to the discounted value of all the future instalments due.

How is the income computed?

Please refer to clause 6 of terms and conditions for more information on instalment calculation.

Surrender Benefit

You can Surrender the policy any time after payment of at least one full year’s Premiums. Prior to receipt of one
full year’s premium, no surrender value is payable.

Surrender Value will be calculated as follows:

On policy surrender, we will pay Surrender Value equal to the higher of the following will be payable:
• Guaranteed Surrender Value (GSV)
• Special Surrender Value (SSV)
Guaranteed Surrender Value is defined as: GSV factor X Total Premiums Paid. GSV factors
shall be as follows:

Policy Year of Surrender GSV Factor

1 15%
2 30%
3 35%
4 to 7 50%
8 to (Policy Term less 2) 50% + 40% x (Policy Year - 7) / (Policy Term - 8)
(Policy Term less 1) to Policy Term 90%

For more details on SSV and Surrender Value, please refer to the policy [Link] payment of the Surrender
Value, the policy will terminate and all rights, benefits and interests under the policy will stand extinguished.

Non-Payment of Premiums:
What happens if you stop paying your premiums?

It is recommended that you pay all premiums for the period selected to be able to enjoy the comfort of financial
safety with life cover throughout the policy term. However, if you stop paying premiums before atleast one full
years’ premium is paid then the policy shall lapse and the cover will cease.

If you stop paying premiums before the end of the premium payment term and atleast one full years’ premium has
been paid then, the policy shall become a paid-up policy and paid-up benefits will continue as described below:

A. Paid-up Death Benefit

In the event of earlier death of the Life Assured during the policy term, the Paid-Up Death Benefit will be payable.
Paid-Up Death Benefit is higher of:
• 105% of the Total Premiums Paid up to the date of death or
• Sum Assured X {number of months for which premiums are paid / (12 X Premium Payment Term)}

On payment of Paid-up Death Benefit the policy will terminate and all rights, benefits and interests under the
policy will stand extinguished.

In the event of death of the Life Assured on the date of maturity for a Paid-up policy, only the Paid–Up maturity
benefit (if applicable) is payable and the Paid - up death benefit shall not be payable.
B. Paid-up Maturity Benefit
On survival of the Life Assured till the end of the date of maturity, the paid-up maturity benefit will
be payableat maturity.

Where Paid-up Maturity Benefit = 100% X Total premiums paid, till the date policy becomes Paid-up.
On payment of Paid-up maturity benefit, the policy will terminate and all rights, benefits and interests under the
policy will stand extinguished.

Revival

On revival of a lapsed or a paid-up policy, the original death benefit and maturity benefit shall be restored.

You can revive the policy subject to underwriting and the following conditions:

• The application for revival is made within 5 years from the due date of the first unpaid premium and before the
date of maturity of the policy. Revival will be based on the prevailing Board approved underwriting policy.
• You should furnish, at your own expense, satisfactory evidence of health of the Life Assured as required
by us.
• The arrears of premiums together with interest at such rate as we may charge for late payment of premiums
are paid.
• Revival interest rates will be set monthly based on the prevailing yield on 10 year Government Securities and
is equal to 150 basis points over the yield. The yield on 10 year Government Securities will be sourced from
[Link]. The revival interest rate for September 2024 is 8.29% p.a. compounded half- yearly.
• The revival interest rate will be reviewed on the 15th day of every month by us based on the 10-year G-Sec
yield of one day prior to such review.
• We reserve the right to refuse to re-instate the policy. The revival will take effect only if it is specifically
communicated by us.
• Any change in revival conditions will be as per permissible regulatory provisions set out by IRDAI and will be
disclosed to you.

Loan

• Loans are available provided a positive surrender value is payable under the policy at the time of
disbursement of the same.
• Loan amount of up to 80% of surrender value can be availed.
• For other than in-force and fully paid-up policies, if the outstanding loan amount including interest exceeds
the Surrender Value, the policy will be Foreclosed. You shall be given due intimation/ notice prior to the policy
foreclosure as a reasonable opportunity for continuing the policy. On Foreclosure, the Policy will terminate,
and all rights, benefits and interests under the policy will stand extinguished.
• For inforce and/or fully paid-up policies, the policy can't be foreclosed on the ground of
outstanding loan amount including interest exceeding the surrender value.
• For availing this feature of loan, the policy shall be assigned to the Company.
• Before any benefits are paid out, loan outstanding together with the interest thereon if any will be deducted
and the balance amount will be payable.
• Applicable interest rate will be equal to 150 basis points in addition to the prevailing yield on 10-year
Government Securities. The yield on 10-year Government Securities will be sourced from
[Link]. The loan interest rate for September 2024 is 8.29%p.a. compounded half-yearly .
• The loan interest rate will be reviewed monthly by Us and any change in the interest rate shall be effective
from 15th of the month.
• The basis for computing loan interest will be reviewed from time to time and may be revised as per
permissible regulatory provisions set out by IRDAI.

Online Discount

A discount of 0.7% on each years’ premium will be offered to customers in cases where customer initiates
purchase of policies on his own through any ISNP (Insurance Self Network Platform) either owned by the
company or intermediary.
Terms & Conditions

1. Suicide clause: In case of death due to suicide within shall be equal to the annualised yield on 10-year G-Sec
12 months: (rounded down to nearest 25bps) less 100 basis points.
- from the date of commencement of risk of the policy, The yield on 10-year Government Securities will be
the nominee or beneficiary shall be entitled to higher of sourced from [Link]. This rate will be
80% of the total premiums paid till the date of death or reviewed twice every year on 1st of June and 1st of
surrender value as available on date of death, provided December. At any time during the income payment
the policy is in force or phase, the claimant can choose to terminate the income
- from the date of revival of the policy the nominee or payment in exchange for a lump-sum, in which case, the
beneficiary shall be entitled to an amount which is higher lump-sum payable shall be equal to the discounted value
of 80% of the total premiums paid till the date of death or of all the future instalments due. The interest rate used to
the surrender value as available on the date of death. calculate the discounted value will be that as applicable
The policy will terminate on making such a payment and on date of termination, using the above-mentioned
all rights, benefits and interests under the policy will formula.
stand extinguished.
4. Tax benefits: Tax benefits may be available as per
2. Free look period: On receipt of the policy document, prevailing tax laws. Tax benefits under the policy are
whether received electronically or otherwise, you have an subject to prevailing conditions and provisions of the
option to review the policy terms and conditions. If You Income Tax Act, 1961. Goods and Services Tax if any, will
are not satisfied or have any disagreement with the be charged extra as per applicable rates. The tax laws
terms and conditions of the Policy or otherwise and have are subject to amendments made thereto from time to
not made any claim, the Policy Document needs to be time. Please consult your tax advisor for details.
returned to the Company with reasons for cancellation
within 30 days from the date of receipt of the Policy 5. Grace period: The grace period for payment of premium
Document. is 15 days for monthly mode of premium payment and 30
On cancellation of the policy during the free look period, days for other frequencies of premium payment,
we will return the premium subject to the deduction of: commencing from the premium due date. The life cover
- Stamp duty under the policy, continues during the grace period. In case of death of Life
- Expenses borne by the Company on medical Assured during the grace period, applicable death benefit
examination, if any will be payable.
- Proportionate risk premium for the period of cover
6. Lapsation:
The policy shall terminate on payment of this amount and If any premium instalment is not paid within the grace
all rights, benefits and interests under this policy will period before atleast one full years’ premium is paid , then
stand extinguished. the policy shall lapse, and the cover will cease. If the
policy is not revived within the revival period, then the
3. Death Benefit as Income Options: policy shall foreclose without any benefits payable and all
If you or the Claimant choose to receive the Death Benefit rights and benefits under the policy shall stand
or a part of it as instalments over 5 years, the instalment extinguished.
amount shall be calculated such that the present value of If any premium instalment is not paid within the grace
instalments, computed as on date of intimation of death period any time after one full years’ premium is paid then,
using a given interest rate, shall equal the amount of the policy shall become a paid-up policy and benefits will
death benefit chosen to be taken as income under the continue.
policy. Such instalment amount shall be a level amount
and once chosen shall remain fixed over the income 7. Renewal Premium in Advance: Collection of renewal
payout period. premium shall be allowed, provided the premium is

The discount rate used to compute the instalment amount collected within the same financial year. However, where
 the renewal premium due in one financial year is being 13. Policies where Policyholder and Life Assured are different
collected in advance in earlier financial year, insurers may individuals: If the Policyholder and the Life Assured are
collect the same for a maximum period of three months in different, then in the event of death of the Policyholder
advance of the due date of the premium. The renewal and upon subsequent intimation of the death with the
premium so collected in advance shall only be adjusted Company the policy shall vest on the Life Assured.
on the due date of the premium. Thereafter, the Life Assured shall become the
Policyholder and will be entitled to all benefits and
8. Change of frequency of premium payment: You have the subject to all liabilities as per the terms and conditions of
flexibility to change the frequency of premium payment the policy. The Life Assured cum Policyholder can register
on policy anniversary. due nomination as per Section 39 of the Insurance Act,
1938 as amended from time to time.
9. Modal loadings: Loadings for various modes of premium
payment are given below 14. The product is also available for sale through online
mode.
Premium paying frequency Modal Loading (as a % of Premium)
Monthly 2.5% 15. Section 45 of the Insurance Act, 1938, as amended from
time to time: 1) No policy of life insurance shall be called
Half-yearly 1.25% in question on any ground whatsoever after the expiry of
Yearly 0% three years from the date of the policy, i.e., from the date
of issuance of the policy or the date of commencement of
10. Nomination: Nomination in the Policy will be governed by risk or the date of revival of the policy or the date of the
Section 39 of the Insurance Act, 1938 as amended from rider to the policy, whichever is later. 2) A policy of life
time to time. For more details on this section, please refer insurance may be called in question at any time within
to our website. three years from the date of issuance of the policy or the
date of commencement of risk or the date of revival of the
11. Assignment: Assignment shall be as per Section 38 of the policy or the date of the rider to the policy, whichever is
Insurance Act, 1938 as amended from time to time. For later, on the ground of fraud: Provided that the insurer
more details on this section, please refer to our website. shall have to communicate in writing to the insured or the
legal representatives or nominees or assignees of the
12. Section 41 of the Insurance Act, 1938 as amended from insured the grounds and materials on which such
time to time: In accordance to the Section 41 of the decision is based. 3) Not withstanding anything
Insurance Act, 1938 as amended from time to time, no contained in sub-section (2), no insurer shall repudiate a
person shall allow or offer to allow, either directly or life insurance policy on the ground of fraud if the insured
indirectly, as an inducement to any person to take or can prove that the mis-statement of or suppression of a
renew or continue an insurance in respect of any kind of material fact was true to the best of his knowledge and
risk relating to lives or property in India, any rebate of the belief or that there was no deliberate intention to
whole or part of the commission payable or any rebate of suppress the fact or that such mis-statement of or
the premium shown on the policy, nor shall any person suppression of a material fact are within the knowledge
taking out or renewing or continuing a policy accept any of the insurer: Provided that in case of fraud, the onus of
rebate, except such rebate as may be allowed in disproving lies upon the beneficiaries, in case the
accordance with the published prospectuses or tables of policyholder is not alive. 4) A policy of life insurance may
the insurer. be called in question at any time within three years from
the date of issuance of the policy or the date of
Any person making default in complying with the commencement of risk or the date of revival of the policy
provisions of this section shall be punishable with fine or the date of the rider to the policy, whichever is later, on
which may extend to ten lakh rupees. the ground that any statement of or suppression of a fact
material to the expectancy of the life of the insured was
 incorrectly made in the proposal or other document on
the basis of which the policy was issued or revived or ICICI Prudential Life Insurance Co. Ltd.
rider issued: Provided that the insurer shall have to Ground Floor & Upper Basement Unit No. 1A & 2A,
communicate in writing to the insured or the legal Raheja Tipco Plaza, Rani Sati Marg,
representatives or nominees or assignees of the insured Malad (East), Mumbai- 40009, Maharashtra.
the grounds and materials on which such decision to
repudiate the policy of life insurance is based: Provided If you are not satisfied with the response or do not receive
further that in case of repudiation of the policy on the a response from us within 15 days, you may approach
ground of misstatement or suppression of a material fact, Policyholders’ Protection and Grievance Redressal
and not on the ground of fraud, the premiums collected Department, the Grievance Cell of the Insurance
on the policy till the date of repudiation shall be paid to Regulatory and Development Authority of India (IRDAI)
the insured or the legal representatives or nominees or on the following contact details:
assignees of the insured within a period of ninety days
from the date of such repudiation. 5) Nothing in this IRDAI Grievance Call Centre (BIMA BHAROSA SHIKAYAT
section shall prevent the insurer from calling for proof of NIVARAN KENDRA)
age at any time if he is entitled to do so, and no policy 155255 (or) 1800 4254 732
shall be deemed to be called in question merely because Email ID: complaints@[Link]
the terms of the policy are adjusted on subsequent proof
that the age of the Life Insured was incorrectly stated in Address for communication for complaints by fax/paper:
the proposal. Policyholders’ Protection and Grievance Redressal
Department – Grievance Redressal Cell
16. Policy Servicing and Grievance Handling Mechanism: For Insurance Regulatory and Development Authority of
any clarification or assistance, You may contact Our India
advisor or call Our customer service representative Survey No. 115/1, Financial District, Nanakramguda,
(between 10.00 a.m. to 7.00 p.m, Monday to Saturday; Gachibowli,
excluding national holidays) on the numbers mentioned Hyderabad, Telangana State – 500032
on the reverse of the Policy folder or on Our website:
[Link]. For updated contact details, We You can also register your complaint online at
request You to regularly check Our website. If You do not [Link].
receive any resolution from Us or if You are not satisfied
with Our resolution, You may get in touch with Our This is subject to change from time to time. Refer
designated grievance redressal officer (GRO) at
gro@[Link] or 1800-2660. [Link]
html for more details.
Address:
ICICI Prudential Life Insurance Company Limited,
Ground Floor & Upper Basement, Unit No. 1A & 2A,
Raheja Tipco Plaza Rani Sati Marg,
Malad (East) Mumbai-400097.

For more details, please refer to the “Grievance

Redressal” section on [Link]. If You do not
receive any resolution or if You are not satisfied with the
resolution provided by the GRO, You may escalate the
matter to Our internal grievance redressal committee at
the address mentioned below:
 About ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company Limited is a joint venture between ICICI Bank Limited and
Prudential Corporation Holdings Limited, a part of the Prudential group. ICICI Prudential began its
operations in Fiscal 2001 after receiving approval from Insurance Regulatory Development Authority of
India (IRDAI) in November 2000.
ICICI Prudential Life Insurance has maintained its focus on offering a wide range of savings and protection
products that meet the different life stage requirements of customers.

For More Information:

Customers calling from anywhere in India, please dial 1800 2660
Do not prefix this number with “+” or “91” or “00”
Call Centre Timings: 10.00 am to 7.00 pm
Monday to Saturday, except National Holidays.
To know more, please visit [Link]

© 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. Member of the Life Insurance Council. This product
brochure is indicative of the terms, conditions, warranties, and exceptions contained in the insurance policy. For further details,
please refer to the policy document. In the event of conflict, if any, between the contents of this brochure and those contained
in the policy document, the terms and conditions contained in the policy document shall prevail. 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 Smart Return of Premium Form No.:T70. UIN:105N195V01. Advt No:.L/II/1176/2024-25.

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IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.
Public receiving such phone calls are requested to lodge a police complaint.