Dear friends, Earlier it was Aegon Religare’s I- Term, the lone player in online Term cover Market but now it has a companion from the big daddy of private life insurers in India – ICICI PRU Life. The product is named as I-Protect.
Product at a glance –
Minimum /Maximum Age at entry – 20 / 65 years
Policy Term – 10, 15, 20, 25, 30 years
Maximum age at policy expiry – 75 Years (Age completed Birthday)
Minimum Premium – 2000 Rs. (Excluding Service Tax & Education cess)
Accidental Death Benefit (Available with IProtectOption II only) – Equal to basic sum assured with maximum limit to 50L
Premium Payment term – Regular pay
Mode of Premimum Payment – Yearly only
Tax benefit – Prem. paid is eligible for Tax benefit under Section 80C of Indian Income Tax Act, 1961
Available Options – Option I Basic Life cover, Option II Basic Life Cover With Accident Death Benefit Rider
Death benefit – Option I – Basic Life Cover
Option II – Basic Life Cover + Accident Rider Sum Assured equal to Basic Sum assured or 50L whichever is lower
Instant Life Cover – Policy ‘ll be issued immediately after realization of the prem. amount by the Ins. Co. for Non Medical Cases.
Maturity Benefit – Being a pure Vanilla Term Cover, there is no maturity benefit.
Offline Purchase – Yes allowed with a slightly higher prem. (To include the commission of Agent/Broker)
My take – I-Protect is a real competitor for Aegon Religare’s I-Term. Actually it’s better than I-Term. How here it goes –
Max. Term – 30Y in I-Protect for 25Y in I- Term
Accident Rider – Yes for I-Protect no for I- Term
Offline Purchase – Yes for I-Protect no for I-Term
Maturity Age – 75Y for I-Protect where as it’s 65Y for I-Term
The major plus point with I-Protect, ICICI Pru Life has offices, agents, brokers, bankassurance channels in every nook & corner of India, Hence purchasing the cover online of offline is very easy as compare to Aegon Religare’s limited presence.
In my view, if you are planning to purchase your first Term cover or want to increase one, go for this one.
For More info about the product click here.