1) Life cover is the benefit payable on the death of the Life Assured during the policy term.
2)In the event of the death of the Life Assured and upon subsequent receipt of intimation of the death claim (with required supporting documents) by the Company, the Company shall pay an accelerated Death Benefit of Rs. 3,00,000/- (Rupees Three Lakhs only). Thiswill only be applicable where sum assured is greater than or equal to ₹1 crore and is not payable in case of death of the Life Assured during the first three Policy Years from the Date of Commencement of Risk or that from the Date of Revival of the policy whichever is later.. The immediate payout will be done within 1 working day from the Claim Registration Date, subject to submission of required documents. In case, after the evaluation or investigation of the claim records, it is found that the Death Benefit (including the applicable accelerated death benefit) is not payable to the Claimant owning to any reason whatsoever, the Claimant shall refund the entire amount paid towards accelerated Death Benefit within 7 days of receipt of communication. In case the policyholder has opted for a Death Benefit Payout Option whereby a part or the whole of the death benefit is payable in monthly instalments, this accelerated death benefit amount will be the lowest of:
o monthly income applicable in the first month as per the Death Benefit Payout Option chosen at policy inception
o amount payable as lumpsum (if Lumpsum and Income Option is chosen as Death Benefit Payout Option at policy inception), and
o ₹ 3,00,000.
3) Flat 15% lifetime discount is applicable for females as compared to male lives for across all sum-assured, Policy Term, Premium Payment Term and age combinations. The discount is only available on the base premium.
4) Tax benefits are subject to conditions under Sections 80C, 80D, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Taxes, if any will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for more details.
5) Monthly income: This is one of the four available death benefit payout options. Under ‘Income’ option, a percentage of the benefit amount is payable every year throughout the income term of 10 years as chosen at policy inception. This will be paid in equal monthly instalments in advance at for income term of 10 years i.e. 0.83333% of death benefit will be payable as monthly in advance. At the time of death claim approval and at any time after the start of monthly income, the beneficiary will have the option to convert the outstanding monthly income into lump sum pay out and the Policy will terminate after the lump sum payout. The lump sum amount will be the present value of future payouts calculated at a discount rate.
6) You can choose to increase the Death Benefit at the key milestones of marriage, child birth/ adoption of child or disbursement of a home loan provided this feature is exercised within 6 months from the date of the event, age of the policy holder is less than 50 years, no claim has been admitted for any benefits under the policy and the policy is in force.
On exercising the option, you will have to pay an additional premium for the additional Sum Assured for the outstanding term of the policy based on your then age. This feature is available only with Regular premium payment option. Such increase in sum assured is only applicable to base death benefit.
7) MWPA: Nothing herein contained shall operate to destroy or impede the right of any creditor to be paid out of the proceeds of any policy of assurance, which may have been effected with intent to defraud creditors. In case of any third-party claim in the Courts of India with regards to the insurance proceeds, the amount shall be subject to the judiciary directions. Please seek professional legal advice for the applicability of this provision.
8) Standard Chartered Bank, India having its principal place of business at Crescenzo Building C-38/C-39 G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051. Phone: 6601 4444, is a licensed Corporate Agent of ICICI Prudential Life Insurance Company Limited (IRDAI registration no. 105) for life insurance products vide license number CA0028. The benefits/ features of the products are indicative only. For more details on risk factors and terms and conditions, please read sales brochure carefully before concluding sale. Insurance is the subject matter of solicitation. Insurance is underwritten by ICICI Prudential Life Insurance Company Limited and not by Standard Chartered Bank, India. Participation of the customers of Standard Chartered Bank in the policy is entirely voluntary. In facilitating insurance arrangements, the Bank is acting as a corporation agent of the insurer and not as an agent for customers. This webpage is being distributed for general information only. This webpage has not been prepared for any particular person or class of persons and it has been prepared without regard to the specific investment or insurance objectives, financial situation or particular needs of any person.
ICICI Prudential Life Insurance Company Limited – ICICI Pru Life Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400 025. IRDA Registration No.105. CIN-L66010MH2000PLC127837. Phone: 1-860-266-7766 (10am-7pm, Monday to Saturday, except national holidays and valid only for calls made from India). ICICI Pru iProtect Smart Plus (UIN:105N205V07), A Non-Participation, Non-Linked Life Individual Pure Risk Insurance Product. ADVT No: W/II/2474/2025-26
