ICICI Prudential iProtect Smart vs ICICI Prudential iProtect Smart Plus
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Introduction
In principle, term insurance comparisons should be relatively straightforward. It's a commodity after all. The insurance company is expected to pay a certain sum to the nominees in the event the policyholder passes away. And there isn't any room for confusion either since death is final in most cases. However, in reality, it can be extremely complicated considering the number of life insurance companies plying their trade in India and the variety of features and add-ons they market alongside their term insurance product.
So to fully understand the difference between two term insurance products we have to be nuanced in our approach and we have to set some ground rules.
For starters, both policies, iProtect Smart and iProtect Smart Plus are marketed by the same insurance company. So in some ways, a lot of the differences within the product will be limited to the features themselves.
Second, we have to look at pricing. Unfortunately, we cannot capture this data fully considering the final price can depend on many factors including your age, location, smoking habits etc. This means we are limiting our comparison in some ways and it isn't a perfect evaluation.
Finally, it's important to talk to an actual advisor before you make up your mind. So we recommend booking a call with us before you go ahead.
And with that introduction out of the way, we can get to comparing the actual policies themselves.
Both products come from ICICI Prudential's stable:
ICICI Prudential Life Insurance was established in 2001 through a partnership between ICICI Bank and Prudential Corporation Holdings. Over the years, it has grown into one of India's largest private life insurers. The company is also the first Indian insurer to list on domestic stock exchanges in 2016.
For term insurance buyers, ICICI Prudential is widely recognized for its popular iProtect range, flexible payout structures, and strong digital capabilities. The insurer reported an annual business of ₹19,774 crore and a decent claim settlement ratio of 98.03% (average for FY 2022-25).
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ICICI Prudential iProtect Smart vs ICICI Prudential iProtect Smart Plus
Compare Insurances Insurance Parameters |  | |
|---|---|---|
| Claim Settlement Ratio (avg. of last 3 years) | 99.3% | 99.3% |
| Amount Settlement Ratio (avg. of last 3 years) | 95.94% | 95.94% |
| Annual Business | ₹22,239 Cr. | ₹22,239 Cr. |
| Complaints per 10,000 claims settled (avg. of last 3 years) | 8 | 8 |
| Zero Cost Option | ||
| Waiver of Premium | Available (Only on Permanent Disability) | Available (Only on Critical Illness) |
| Accidental Death Benefit | ||
| Payout on Disability | ||
| Terminal Illness | Available (100% of the base SA) | Available (100% of the base SA) |
| Increasing Cover | ||
| Decreasing Cover | ||
| Cover amount Top-up | Available (Via Life stage benefit feature) | Available (Via Life stage benefit feature) |
Feature Comparison
If you're ever diagnosed with a debilitating illness, you would want your insurance policy to pay a fixed sum so that you can deal with any monetary obligations you may have. This is called a critical illness benefit. And with the two policies in question, it seems both extend pretty good critical illness riders. However in both cases the payout is subject to several conditions, and payment of an extra premium.
Payouts for critical illnesses aren't made immediately. Instead, most policies expect you to survive for a certain duration before they make the payment. In this case, however, iProtect Smart will initiate the payment immediately after the diagnosis is confirmed while iProtect Smart Plus will initiate the payment 15 days after the diagnosis is confirmed.
Some policies will pay out the critical illness (CI) benefit from the total term cover available (Accelerated payout) while also offering you the option to avail it on top of the total term cover available. In this case, however, iProtect Smart makes the payout from the total cover available, by carving out a small portion from your corpus, while iProtect Smart Plus will pay out the critical illness benefit on top of the total term cover available, offering you a little extra security. So if both policies were selling this option at the same price, iProtect Smart would be a better alternative here. However, if there's an additional cost involved while picking iProtect Smart, iProtect Smart Plus would be a better choice in our opinion.
Most policies impose a waiting period before they make the Critical Illness Benefit available. And in this case, iProtect Smart imposes a 180 days waiting period before making the benefit available while iProtect Smart Plus imposes a 90 days waiting period.
What is the Critical Illness Benefit?
A Critical Illness Benefit is a paid rider that provides a lump-sum payout if the policyholder is diagnosed with any of the specified serious illnesses covered under the policy, such as cancer, heart attack, or stroke. The payout can be used for medical treatment, household expenses, debt repayments, or income replacement during recovery. This benefit supplements health insurance by paying a fixed amount regardless of actual hospitalization expenses.
Some insurers will return all your premiums if you forego your policy before maturity, during a period specified by the insurer. In essence, you get all your premiums back, while also being protected under the term plan during this time. And it seems both policies offer this benefit.
What is the Zero Cost Option?
The Zero Cost Option allows policyholders to exit their term insurance policy after a specified period and receive a refund of the premiums paid, subject to the policy terms and conditions. It provides flexibility for individuals whose insurance needs may reduce over time due to financial independence, asset accumulation, or retirement planning. At Ditto, we believe it is better to opt for this free built-in feature rather than go with options like Return of Premium (ROP).
iProtect Smart Plus waives off all future premium payments if you are ever diagnosed with a select list of critical illnesses, while iProtect Smartonly waives off all future premium payments if you're disabled (in an accident).
What is the Waiver of Premium Benefit?
The Waiver of Premium Benefit ensures that future policy premiums are waived if the policyholder suffers a covered disability or specified critical illness. Even though premiums stop, the life insurance coverage continues uninterrupted for the remaining policy term. This feature protects policyholders during periods when their earning capacity may be affected by illness or disability. It can be added as an optional paid rider or is an inbuilt feature in some policies. Ditto strongly recommends this rider for everyone.
Some policies offer you the option of adding extra protection for accidental deaths. In which case, you get the option of choosing your death and accidental death cover separately. And while we recommend customers choose a comprehensive cover without worrying about the specifics of death precisely, you should find comfort in the fact that both policies extend this option anyway.
What is the Accidental Death Benefit?
Accidental Death Benefit is an optional rider that provides an additional payout if the policyholder dies due to an accident. The extra sum is paid in addition to the base life insurance cover. For example, a policyholder with a ₹1 crore cover and a ₹50 lakh accidental death rider gets a ₹1.5 crore payout if death occurs due to a covered accident. Since accidental death is already covered by term insurance, we don’t typically recommend this rider at Ditto, unless you’re ineligible for a higher base cover.
Some policies offer you a monthly income or a large lumpsum in the event you are disabled totally for life. However, it seems only iProtect Smart Plus extends this option.
What does Payout on Disability mean?
Payout on Disability is a benefit that provides financial compensation when the insured suffers a permanent disability due to an accident or a specified event. Depending on the policy, the payout may be a lump sum, periodic income, or a combination of benefits. The purpose is to replace lost income and help manage lifestyle adjustments, rehabilitation costs, and ongoing financial obligations.
Some policies will disburse the entire cover amount the moment you are diagnosed with a terminal illness. So even in the absence of death, you can still get the money and use it any way you wish. In this case however, both policies extend the terminal illness benefit.
What is the Terminal Illness Benefit?
A Terminal Illness Benefit allows the policyholder to receive the life insurance payout in advance if they are diagnosed with a terminal illness. The illness must be expected to result in death within 6 to 12 months, as specified by the insurer. Instead of waiting for the death claim, the insured can access funds while alive to cover treatment costs, manage financial obligations, or improve the quality of their remaining life.
Some policies automatically increase your cover by a certain amount (usually inflation) to always provide you with the necessary protection. And it's disappointing to note that neither policy extends this benefit.
What does Increasing Cover mean?
Increasing Cover is a feature in which the sum assured automatically increases over time, typically by a fixed percentage at regular intervals. The objective is to help the policy keep pace with inflation, rising living costs, and increasing financial responsibilities. Instead of maintaining a static cover amount throughout the policy term, the benefit gradually enhances protection without requiring a new policy purchase. At Ditto, we believe it is better to opt for a higher base cover from the outset rather than waiting for your cover to increase over time, especially if your lifestyle demands higher cover now.
Some policies extend the option of increasing your total term cover (by a certain margin) even after you buy the policy. Unfortunately, in this case, neither policy makes this option available.
What does Cover Amount Top-Up mean?
Cover Amount Top-Up is a feature that allows policyholders to increase their life insurance coverage during specific life events or predefined milestones without purchasing a separate policy. Common triggers include marriage, childbirth, home loans, or income growth. The feature helps ensure that insurance protection remains aligned with evolving financial responsibilities. Depending on the insurer, the increase may require minimal documentation and may not always need fresh medical underwriting.
Final Conclusion
After evaluating the individual policy features we believe iProtect Smart Plus is a clearly better alternative when compared to iProtect Smart.
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