ICICI Prudential · Term · Term + Return of Premium
iProtect Smart Return of Premium
A term life plan that returns 100% of your premiums back to you if you outlive the policy term, combining protection with a savings-style refund at maturity.
Product data last fetched 26 August 2026. Features, premiums and availability may change — verify against the official brochure/policy wording before deciding.
The truth card
PurposeProtection
CategoryTerm + Return of Premium
InsurerICICI Prudential
Life CoverNot available in the current product data
PremiumNot available in the current product data
Policy TermNot available in the current product data
Premium-Paying TermNot available in the current product data
GuaranteeNot available in the current product data
Market ExposureNot applicable — non-linked
LiquidityNot available in the current product data
Lock-inNot available in the current product data
ChargesNot available in the current product data
Maturity BenefitNot available in the current product data
Death BenefitNot available in the current product data
SurrenderNot available in the current product data
Paid-upNot available in the current product data
Tax NotesDepends on policy structure, premium amount, issue date and applicable tax law — see our tax notes
XIRRNot available in the current product data
What this product is
A term life plan that returns 100% of your premiums back to you if you outlive the policy term, combining protection with a savings-style refund at maturity.
You might need this if…
- You might need this if you want life cover but dislike the idea of "losing" premiums if nothing happens during the term.
- You might need this if you want a plan that gives you something back at the end, functioning almost like a forced savings vehicle alongside protection.
- You might need this if you're comfortable paying a higher premium than pure term insurance in exchange for the maturity refund.
- You might need this if you're a woman looking to take advantage of the discounted premium rate on this plan.
How it actually works
- Death benefit is the highest of 7x annualized premium, 105% of total premiums paid, or the sum assured.
- Maturity benefit: 100% of total premiums paid, returned as a lump sum if you survive the policy term.
- Entry age up to 60 years; policy terms of 5, 7, 10, 12, or 15 years (regular pay), or matching the limited-pay term; minimum sum assured ₹10 lakh.
- Premium payment modes are annual, half-yearly, or monthly, with modal loadings of up to 2.5%; a 0.7% discount applies for online purchase.
- Death benefit can be taken as a lump sum or as income spread over 5 years.
- Policy loans up to 80% of surrender value are available; surrender value itself only becomes available after 1 full year of premiums paid.
Worked example
A 35-year-old male buying ₹1 crore cover over a 40-year term with a 10-year premium payment period pays about ₹74,638/year (₹7,46,380 total). If he dies during the term, the family gets ₹1 crore; if he survives to maturity, he gets the full ₹7,46,380 of premiums paid back.
Worth knowing before you decide
- Return-of-premium plans typically have meaningfully higher premiums than pure term plans for the same cover — the refund isn't "free."
- The refund at maturity is just your premiums back, with no investment growth factored in.
- Suicide within 12 months of commencement/revival limits payout to the higher of 80% of premiums paid or surrender value.
- Revival after lapse is only possible within 5 years, and requires fresh health evidence plus interest on arrears.
Official source
⌟ Official product brochure
Learn about this category
Read the full term insurance explainer → · See all protection products →