Policy Review – ICICI Prudential iProtect

What is ICICI iprotect term plan?

Yet another simple yet innovative plan in the field of online term life insurance, this time from ICICI Prudential Life Insurance has been launched in the market. ICICI Prudential iProtect is pure term life insurance plan which can be bought online directly as well as offline through agents. Policy can be bought online here. When buying this iProtect policy online you need to enter your personal and health related details, etc.

Premium to be paid is calculated then and there. Payment can be made online via netbanking or through credit card. In case you have no health related complications (also referred to as non medical cases), life insurance cover will start as soon as the premium is realized by the Company. Also, when bought online, the premium costs around 25% less than when bought offline.

Details of ICICI iProtect Term Insurance

Two options are available in this ICICI Prudential iProtect policy:
  • Option I where the death benefit will be exactly equal to the sum assured.
  • Option II where there will be an additional death benefit which will be equal to that of the base sum assured or Rs. 50 lakhs whichever is lower is payable to the nominee in case of accidental death of the insured person.

iProtect plan can be bought by any individual of Indian origin between 20 - 65 years of age. Policy terms available are 10/15/20/25/30 years, and mode of payment is yearly only. Key features of ICICI Prudential iProtect term plan
  • Discounted rates for non tobacco users.
  • Accident benefit available.
  • Lower premiums when bought online, lower by almost 25% - Compare premiums of various term insurance plans
  • Tax benefits under Section 80C
  • Suicide clause: If the Life Assured, whether sane or insane, commits suicide within one year from the date of commencement of this policy, no benefits shall become payable.

ICICI iprotect complaints & review

[caption id="attachment_656" align="alignright" width="300" caption="Read comments section to know User Reviews"]ICICI_Prudential_iProtect[/caption] Though ICICI iprotect policy has innovative features at cheap cost the user reviews of this policy have not been positive. Complains about icici iprotect range from poor customer care and grievance rederessal to policy not being initiated despited documents being collected, to frustrating refund process in case of dissatisfaction with the policy, the reviews have been negative.
Read the comments below to see what users feel. Hence despite the positive features of this policy we advise you to exercise caution when buying this policy. Also read comparison of ICICI iprotect term insurance with Aegon iTerm Plan.

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  • Kothaisiva

    Dear All,

    Recently ICICI Pru Life had launched a online policy called iProtect where you can buy this insurance product without any advisor and thus you can save lot of money on the premium payment. They call it as a first of its kind policy in India. I lured by this and bought this product online by paying the premium Rs.2356/- for 12 Lakhs coverage. My application number is# OL00031197. I bought this policy on 30-Sep-2010 and I have got a mail saying someone from the nearest branch will collect the necessary documents before issuing the policy. But till today no one had contacted and I had sent around 30 Mails to customer care, grievance rederessal team but no response from them.

    It clearly shows that ICICI had come up with the very good fake insurance product just to loot the customer money. This is a classic case of Corporate robbery.

    I advise all the readers not to take this policy… Instead of taking this policy you can donate that money into your nearest temple Hundi / Charrity.. Atleast you and they will be happy.

    Kindly call me at mobile 8124676122 before you make any decision.

    • pushking

      Dear Reader,
      Thank you for sharing your experience here. I am very disappointed to hear this. Try contacting ICICI Pru office nearby and if that also doesn't work, you can file a complaint in Consumer Court as well.

    • Nayan_jadeja

      I was planning on purchasing the same policy. Can you update me whether you received any feedback from them?

  • Vikash

    It's been a month since I paid the premium in full. Those people collected document TWICE and everything is still pending. The email support is terrible as well, as they do not answer for 5-6 days.

    Being a victim, I will strongly advise AGAINST it. If they are this bad in just issuing the policy, imagine the unfortunate scenario of claim.

  • Vikas Tayal

    ICICIPru iProtect – WHY A FLOP SHOW ?

    .by Vikas Tayal on Friday, November 26, 2010 at 6:22pm.1. Flaw in the software for Online Application

    2.Money Accepted but Policy not being issued. 3.On taking up the issue it was informed that it cannot be issued on the pretext that the premium has been paid from the Account other than that of the Applicant. If that is the case then why it is not clearly flashed before processing the payment to ensure that the payment should be from the Account of the Applicant only and /or why the payment has been accepted.

    4.On taking up the issue for refund every time whole story is to be spelt out to the customer care and every time a new Call ID is provided. It is so frustrating!!

    5.For refund ICICIpru is seeking certificate from my bank sating that the payment has been made to ICICIPru by my bank, which is incidentally ICICI, belonging to the same institution. In spite of sending the Bank statement downloaded from the Bank website, can’t ICICIPru link the payment received by them thru ICICI Bank inspite of the bank statement giving all the details? Can they not see the credit in their account on the particular day of particular Amount by the particular account??

    6.Resolution has not being done even after pursuing the matter since two moths.

    7.The whole process is so harassing – why ICICIpru should not be sued?

    8.If such a simple problem can’t be resolved in an era of IT what will happen when a claim is raised ???????


  • KAS

    Thanks to All of you for the comments and Information. I bought an i-term policy on 1st week of DEC,2010 with premium Rs.8272/- per year, age@35yrs for 25yrs term,a Non-tobacco user. But later on, I got the mail from Aegon Religare that they found ‘COTINEN TEST Beyond acceptable limit’ and they provide a counter offer of Premium Rs.11,857/-. I already informed them that I am not a tobacco user in any form niether a smoker, but i drink capuccino coffee 3-4 times a day mostly empty stomach. And also suggested them I would like to re-test my COTINEN level. But they were not ready to accept it. And atlast, I decided to Cancel my policy. And today I got the cheque of full payment of my first premium from Aegon Religare.
    Pls. let me know your valuable comments on this. What should I do next? KOTAK E-Prefferred OR ICICI iProtect????

    From some of the forums/blog i came to know that ICICI Pru Services are not satisfactory:http://www.perfinindia.com/201

    • pushking

      Dear reader, yes we have got pretty bad feedback about ICICI iprotect so try to avoid it. Instead go for a conventional term life insurance through an agent.