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ICICI Prulife POS iProtect Smart logo

ICICI Prulife POS iProtect Smart

Introduction to ICICI Prulife POS iProtect Smart

ICICI Prudential POS iProtect Smart is a term insurance plan offered by ICICI Prulife, which is also known as ICICI Prudential Life Insurance Company Limited. A term insurance plan is one of the most cost-effective ways to ensure your family will have a secure financial future. With this plan, your family will be paid a sum of money as a death benefit, in case your death happens during the policy term. However, like any pure term plan, this plan doesn’t offer any maturity benefit - meaning, you don’t get anything back in case you survive the term of the policy.

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INDIA’S FIRST UNBIASED, CONFLICT-FREE INSURANCE RATING
Verdict: ICICI Prulife POS iProtect Smart

There's a major limitation in this policy with respect to customizing the sum assured. You cannot buy a cover of more than 1.5 Cr INR, which might not be sufficient for every family. Further, it is also considerably expensive compared to other products in the market, and is available only on Policybazaar website. The insurer also has a poor track record with respect to their purchase and claims experience, and the product is also considerably expensive compared to other products in the market.

Pros & Cons: ICICI Prulife POS iProtect Smart

    • arrow Sum Assured cannot go beyond INR 1.5 Crore
    • arrow Much costlier that other products in the market
    • arrow Doesn't offer the option to automatically increase your claim amount, with time
    • arrow No Limited Pay option available, to speed up payments
    • arrow No option to customize claim payouts
    • arrow Critical illness cover is not available
    • arrow Received higher number of complaints on claim settlement compared to other insurers
    • arrow Received a higher number of complaints during policy purchase compared to other insurers
    • arrow Our study observed their responses on Twitter to be relatively slower than other insurers

    About ICICI Prudential Life Insurance Co. Ltd

    ICICI Prudential Life Insurance Co. Ltd logo

    ICICI Prulife also known as ICICI Prudential Life Insurance Company Limited is a Life Insurance Company in India. It offers Term Life Insurance Plans, Traditional Savings Plans, and Unit Linked Insurance Plans. Founded in the Year 2001, it is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. The company is headquartered in Mumbai and has 5,324 bank branches across India. The CEO/CMD of the company is Mr. N S Kannan.

     

    Founded in
    2000
    JV Partners
    ICICI Bank Limited and Prudential Corporation Holdings Limited.
    Turnover (GWP)
    35,732.8 Crores
    Number of Policies
    666,073
    Number of Claims
    449,606

    Detailed Product Specs & Rating: ICICI Prulife POS iProtect Smart

    Claims Experience 4.1/5 star green
    Customer Service 2.6/5 star green
    Product Benefits 1.3/5 star green
    % of claims settled in less than 30 days
    Reflects on the speed of settling valid claims
    95.83%
    % of Complaints received on overall claims
    % customers unhappy with claims experience
    0.13%
    How complex is the Claim Form?
    The longer, the more hassles during claims
    Moderately Long
    Claim Settlement Ratio (No. of claims)
    What % of the claims received were paid?
    97.84%
    Claim Settlement Ratio (Value of claims)
    What % of the claim amount received was paid?
    91.64%
    Solvency Ratio
    Reflects an insurance company’s ability to pay claims. Insurers are required to maintain a minimum 150% Solvency Ratio as per IRDAI regulation
    217%
    Personal relationship manager for claims
    Not Available
    Can you track claims online?
    Available
    Dedicated toll-free for claims service
    Available
    Separate Claim Form for above 3 Years Claim
    Not Available
    Home pickup of Claims
    Not Available

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    What’s the Review of ICICI Prudential POS iProtect Smart by ICICI Prulife?
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    ICICI Prudential POS iProtect Smart is a term insurance plan offered by ICICI Prulife. 

    The ICICI Prudential POS iProtect Smart plan is only available on the Policybazaar website. This plan comes with a set of major limitations starting with customizing the sum assured. It does not allow you to buy a cover for more than Rs. 1.5 Crores, this could cause financial disruption if your family requires a higher cover. 

    Further, the insurer also holds a poor track record with regard to both purchase and claim settlement experience. This plan doesn’t offer customization options such as limited pay and increasing cover. 

    Below is the list of the benefits of the ICICI Prudential POS iProtect Smart plan.

    What are the benefits of ICICI Prudential POS iProtect Smart?

    • Life cover Benefit: This term insurance plan pays your family an assured sum of money if your death happens during the term of the policy. There is no maturity benefit in this policy - meaning, you don’t get anything back in case you survive the term of the policy. You can claim tax benefits under Sec. 80C of the Income Tax Act with this term insurance policy. 
    • Entry age for the policy: This plan allows you to apply for the policy, when your age is at least 18 years and until you’re 65 years old. 
    • Increasing Cover: ICICI Prudential POS iProtect Smart does not provide you the benefit of an increasing cover, which means you cannot automatically grow your existing cover with time. So, you will have to purchase a new term insurance plan every time you need to upgrade your cover. 
    • Cover Duration: This plan gives you the option to choose a term insurance cover up to the age of 65 years. 
    • Limited Pay Options: Without any Limited Pay options available, you will have to pay the premiums either on a monthly/ yearly basis until the end of the policy term. 
    • Claim Payout Options: This plan only allows a one-time payout as a lump-sum amount to your family. If your family or nominee is someone who might not be able to manage a large sum of money - this might get risky. They might lose it in bad investments before it can reach its goal. So, you should pick this plan only if you’re sure that your family or nominee will be able to manage the claim amount properly or at least has someone to help them invest wisely. 

    What are the riders available with ICICI Prudential POS iProtect Smart? 

    By paying a certain additional cost, you can pick riders - that give you supplementary coverage apart from the policy. However, like other products, the ICICI Prudential POS iProtect Smart does not offer you the benefits of a Critical Illness Rider or a Waiver of Premium Rider. 

    It does, however, offer an Accidental Death Benefit Rider - that will provide your family with an additional amount of money, if you die as a result of an accident. You can also use this rider to improve your overall cover in case your eligible cover amount is lower than the cover amount required for your family.  

    Why should you buy from ICICI Prulife? 

    • Speed of Claims: ICICI Prulife has settled 95.83% of its claims in less than 30 days. This indicates that your family or nominee will not have to wait for a long time to collect the claims after submitting the claims documents. 
    • Online Tracking of Claims:  ICICI Prulife provides your nominee the option to track their claim online as well, instead of reaching out to the company, again and again, to learn about the claim status. 
    • Claim Settlement Ratio: The claim settlement ratio of  ICICI Prulife is 97.84% and their claim amount settlement ratio is 91.64%

    What are the drawbacks of buying from ICICI Prulife? 

    Here are some of the drawbacks of buying from ICICI Prulife- 

    • Length of the Claim Form: ICICI Prulife, has a moderately lengthy claim form compared to other insures. This means that the process of filling the claims form might be a little time-consuming for your family.
    • Claims Complaints: According to our research, we found that ICICI Prulife has a greater number of complaints compared to other insurers. This could result in an uneven claim settlement process and your family could experience some hassle during this process. 
    • Personal Relationship Manager: A lot of insurance companies provide a personal relationship manager to help your nominee at the time of claim. ICICI Prulife, however, does not provide any personal relationship manager. 
    • Home Pick up of Claims: The insurer does not provide the benefit of picking up the required documents for the claim settlement from your home. Your family or nominee will have to visit the ICICIs branch to submit the respective documents themselves.

    How is the Customer Service provided by ICICI Prulife? 

    ICICI Prulife provides its claimants and customers the opportunity to connect with the insurer via Toll-Free services and social media platforms, such as Twitter. 

    • Toll-Free Services: Based on our in-house team’s research, we found that ICICI Prulife’s toll-free service was average compared to other insurers. 
    • Response over Twitter: Further, we found that the response rate of the insurer over Twitter too is slow compared to other insurers. 

    About the Insurer- ICICI Prulife

    ICICI Prulife, also known as ICICI Prudential Life Insurance Company Limited, is a Life Insurance Company in India. It offers Term Life Insurance Plans, Traditional Savings Plans, and Unit Linked Insurance Plans. Founded in the Year 2001, it is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. The company is headquartered in Mumbai and has 5,324 bank branches across India. The CEO / CMD of the company is Mr. N S Kannan.

    Final Review of ICICI Prudential POS iProtect Smart

    Looking at the product benefits, customer service, claims experience and, based on the 100+ parameters analyzed by our in-house research team, ICICI Prudential POS iProtect Smart gets a Beshak⭐Rating of 2.9/5. 

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