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.
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.
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.
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.
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.
Here are some of the drawbacks of buying from 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.
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.
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.