Below is my experience in buying ICICI Prudential iProtect Term insurance plan. I have explained each step of the process in this post.
Once I learned about the importance of insurance. I have decided to take a term insurance. Once decided it was very hard to decide which one to select. I have gone through the insurance types before deciding. I have taken the below factors into account before I zeroed on one term plan
1. The company history
2. Claim success ratio
3. Ease of Application
What is my objective in taking term insurance?
You probably wondering why I have not mentioned the premium amount and benefits. The reason is the premium amount and the benefits are depending on what your objectives are.
In my case my objective is to get life cover till my age is 65, BTW I am now 35.
Why I chose not to take return plan
I am not interested in any returns from the term insurance plan. I believe insurance is not investment. It I just transferring risk.
My idea is that the term plan normally pays you back when the term is matured that is , in my case after 30 years. And the amount I get from the plan will have very less value in future. But we will be paying more to get this return which I though not that valuable.
Anyway, finally I decided to talk to an adviser about ICICI Prudential iProtect Term plan.
ICICI Prudential iProtect Term insurance Application process
Request for Advisor
Once decided I went into ICICIPrudential website, and I entered my details like below and requested for an adviser.
Immediately I have received a message on my phone that an adviser being assigned for me, and he will be visiting me soon. After that I have received a call from the adviser asking for the address and appointment time.
Meeting with Advisor
Once time and place decided, he promptly showed up at the right time. Since I have already decided on which plan, I wanted to buy I have directly asked him about ICICI Prudential iProtect Term plan.
Then he started explaining me about the options they have within the ICICI Prudential iProtect Term plan. The options vary depending on the term limit, return expectations, any additional benefits etc.
Like I mentioned before I have opted for 30 yr term plan without any returns and only life cover. My premium per year is 50,736 rs for 5 years. That mean for the next 5 years I will be paying 50 thousand rupees every year for 5 years and I get life cover for 1 core rupees until next 30 years.
And I opted for yearly payment of the premium, but there is option of monthly and quarterly premium payments as well.
I have provided him below documents
- Id proof (Aadhar or Passport or Voter ID)
- Income proof (payslips for employees, bank statement for self-employed)
- Id proof of your nominee
- Photos of applicant and nominee
- First premium payment
- Cancelled cheque for Bank account details
The first payment of premium is mandatory. Then only the proposal gets sent to underwriters for review.
Please not that the agents do not accept cash if the premium is more than 50 thousand. So be ready for payment with cheque or net banking. They will send you a link by which we can do online payment.
Once the payment is done the agent has left and told me to wait until he submits all the documents online.
Within a day I got a reference number to track my term plan proposal.
Tele Medical Process
The adviser told me that depending on Age, and the health information we provided the medicals can be either through a phone call or a physical examination.
Telemedical Process is done by qualified Doctors. Medicals might be triggered basis your response to our questions, if there is no hiding of material information. ICICI Prudential will ensure the best of the service during the life cycle of the Policy.
In my case I just got a phone call from a physician. And he just asked me a list of questions about my health example: am I a smoker or drinker? Any health issues before? Family health history. Etc.
Most of the answers are Yes or No type.
This took a 10 to 15-minute call.
Issuance of policy document
Within a day or two once the medicals are done, we will receive a message on phone with a link to our policy details.
Also, we will get an email with PDF attachment which is password protected. And password guidelines are provided in the message as well as in the email.
I suggest you immediately forward that policy document to your nominee and make them aware of the policy.
I see there is about Rs 15,167 crore of policyholder’s money was lying unclaimed with 23 life insurers as on March 31, 2018.
This is because most of the cases the nominees are not aware that their partner or family member took an insurance policy and made them a nominee.
To avoid this, we should share the policy details with our near and dears.
I also recommend you to check some low premium postal life insurance plans.