All-In-One Term^ Plan | Term Insurance Plan in India with Multiple Benefits| ICICI Pru Life

The All-in-one plan^ option offered by ICICI Pru iProtect Smart term plan provides multiple benefits:

1. Whole life cover`: The plan provides financial protection to your loved ones for as long as 99 years of age

2. Option to add riders / add-ons: The plan offers riders/add-ons to enhance the coverage of your plan at a minimal cost. Below are the add-ons or riders offered by the plan:

- Critical illness rider (optional): This rider provides upfront money on detection of any critical illness** covered by the plan. Submission of medical bills is not required. The amount can be used to cover treatment costs, day-to-day expenses, and more
- Accidental death rider (optional): This rider provides an additional sum in case of an unfortunate event due to an accident^^. This additional sum is over and above the base sum assured provided by the plan
- Waiver of premium due to permanent disability rider: In case of permanent disability~~ due to an accident, this rider waives off all future premiums. This ensures that the life insurance policy stays active even if the policyholder is unable to pay the premium
- Terminal illness rider: On the first diagnosis of a terminal illness~, the entire claim amount provided by the policy is paid up front. This helps to ease the financial burden off the family members during difficult times

3. Life stage option: The plan provides an option to increase your sum assured at various life stages``. You can opt to increase your life cover` when you get married, or when your first or second child is born (or legally adopted). This helps you provide adequate financial security to your loved ones

4. Flexibility in paying premiums: You can choose to pay your premiums one-time, annually, half-yearly or monthly as per your convenience

5. Flexibility in receiving payouts: You can also choose from 4 payout options available:

- Lump sum: the life cover` will be paid as a fixed lump sum amount
- Income: You can choose this option if you want your loved ones to receive a regular monthly income. With this option, 10% of the benefit amount is payable every year for 10 years in equal monthly instalments
- Increasing income: You can choose this option if you want your loved ones to receive an increasing regular income. They will receive monthly instalments for 10 years with an increase of 10% p.a. every year
- Lump sum plus income: This option provides the benefit of both lump sum and income options

6. Tax* benefits: ICICI Pru iProtect Smart gives you tax* benefits:

- Premiums paid under the policy are allowed as deductions subject to conditions under Section 80C of The Income Tax Act, 1961
- When you opt for the Critical Illness benefit**, you can get deductions of premiums paid subject to conditions under Section 80D of The Income Tax Act, 1961
- Claim amounts received under the policy are exempt subject to conditions under Section 10(10D) of The Income Tax Act, 1961

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