When it comes to securing your family's future, ICICI Prudential Life Insurance offers reliable protection through its flagship iProtect Smart Term Insurance Plan. Known for its comprehensive coverage and flexible features, the ICICI Pru iProtect Smart is one of the most trusted term plans in India.
But beyond its benefits and features, understanding the premium payment options of this plan is equally important. Let's explore the various payment modes, how they work, and how you can manage your ICICI Prudential Life Insurance policy with ease.
What is ICICI Pru iProtect Smart Term Plan?
The ICICI Pru iProtect Smart is a pure protection term insurance plan offered by ICICI Prudential Life Insurance (ICICI Pru Life). It provides life cover at affordable premiums and offers optional add-ons like:
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Accidental Death Benefit
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Critical Illness Coverage
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Terminal Illness Benefit
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Waiver of Premium
This plan is ideal for those looking for a robust life insurance policy to safeguard their family financially in case of an untimely demise.
Available Payment Options in ICICI Pru iProtect Smart
ICICI Prudential offers flexible and hassle-free premium payment modes for its policyholders. You can choose the payment frequency and method that best suits your financial situation.
🔁 1. Premium Payment Frequencies
You can pay premiums in the following modes:
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Monthly
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Half-Yearly
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Yearly
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Single Pay (One-time payment)
This flexibility ensures that you can align your ICICI Pru iProtect Smart premium payments with your income schedule.
💳 2. Online Payment Options
ICICI PruLife makes digital payments easy and secure. You can pay your ICICI life insurance premium online using:
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Credit Card / Debit Card
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Net Banking
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UPI
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Mobile Wallets
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Auto-debit via ECS or NACH
These online options are available through:
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ICICI Prudential Life Insurance mobile app
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ICICI Bank Net Banking (for ICICI Bank customers)
✅ These payment modes offer instant receipt generation and real-time updates to your policy account.
🏦 3. Offline Payment Options
Prefer offline methods? ICICI Prudential Life Insurance allows premium payments through:
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ICICI Prudential Life branch offices
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ICICI Bank branches
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Cash / Cheque / Demand Draft
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Axis Bank branches (selected locations)
Always collect a physical receipt after any offline transaction for your records.
How to Set Up Auto-Debit for ICICI Life Term Insurance?
Setting up auto-debit ensures your premium is paid on time, avoiding policy lapses. Here’s how:
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Log in to your ICICI Pru Life account.
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Navigate to "Manage Policy" > "Set up Auto Debit."
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Choose your bank and payment frequency.
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Authorize via OTP or physical form (depending on bank).
Auto-debit is especially helpful for monthly premium payment mode and long-term policy management.
ICICI Pru iProtect Smart: Key Benefits
Before you choose your payment option, here’s a quick look at what makes ICICI Pru iProtect Smart so popular:
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Coverage up to age 99 years
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Terminal illness and COVID-19 cover
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Option to add critical illness rider
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Claim settlement ratio of 97.9%*
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Available for both salaried and self-employed individuals
(*As per IRDAI Annual Report FY 2023-24)
How to Check ICICI Prudential Policy Details?
You can view your ICICI Prudential policy details anytime through:
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Official website: www.iciciprulife.com
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ICICI PruLife Mobile App
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SMS ‘POLICY’ to 56767 from registered number
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Call customer care: 1860 266 7766
Ensure your mobile number and email are updated to receive timely alerts on due dates and renewals.
ICICI Pru iProtect Smart – Payment Flexibility Summary
| Payment Mode | Options Available |
|---|---|
| Frequency | Monthly, Half-Yearly, Yearly, Single Pay |
| Online Methods | UPI, Cards, Net Banking, Wallets |
| Offline Methods | Branch, Cash, Cheque, DD |
| Auto-Debit Setup | Yes (ECS/NACH) |
| Customer Support | 1860 266 7766 |
Final Thoughts
The iProtect Smart Plan by ICICI Prudential is more than just life cover—it's a promise of security. With flexible and multiple payment options, managing your policy becomes smooth and convenient. Whether you’re paying online or offline, annually or monthly, ICICI Pru Life Insurance ensures a seamless experience.
Explore more ICICI Prudential Life Insurance plans today and secure your future with trusted financial protection.
FAQs on ICICI Pru iProtect Smart Payment
Q1. Can I change my premium payment mode later?
Yes, you can modify the payment frequency by submitting a request online or via customer care.
Q2. Is there a grace period for premium payment?
Yes, a 30-day grace period is available for annual, half-yearly, and monthly payments.
Q3. What happens if I miss a payment?
Your policy enters a grace period. If not paid, the policy may lapse, but it can be revived within a specified period.
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