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Term Life Insurance · head to head

Smart Secure Plus Plan vs iProtect Smart Return of Premium

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Quick verdict

  • Smart Secure Plus Plan is better for insurer's claim payout record.
  • iProtect Smart Return of Premium is better for low minimum cover.

Computed from stored specifications, the published term life insurance scoring rules and recorded prices. Not an opinion.

Specifications side by side

Spec
Smart Secure Plus Plan
iProtect Smart Return of Premium
Eligibility
Minimum entry age
18 years
18 years
Maximum entry age
65 years
55 years
Maximum maturity age
85 years
85 years
Policy term
10 to 67 years (Return of Premium variant: up to 50 years; POS: up to 47 years)
20 to 40 years
Minimum sum assured
₹20,00,000
₹10,00,000
Maximum sum assured
No Limit, subject to limits determined in accordance with the Board approved underwriting policy
As per Board approved underwriting policy
Plan
Plan options
Life Cover, Increasing Life Cover; optional Return of Premium variant, Joint Life, Premium Break, Accident Cover, Voluntary Sum Assured Top-up
Limited Pay, Regular Pay
Premium payment
Single Pay, Regular Pay, 5 Pay, 10 Pay, 12 Pay, 15 Pay, Pay Till 60; Annual, Semi-annual, Quarterly & Monthly modes
Limited pay 5, 7, 10, 12 or 15 years, or pay up to age 60; Regular pay equal to policy term; annual, half-yearly or monthly
Return of premium option
Yes
Yes
Death benefit payout
Lumpsum; Monthly Income; Part Lumpsum and Part Monthly Income (chosen by nominee at claim)
Lump sum (default), income over 5 years, or part lump sum and part income over 5 years
Riders
Axis Max Life Waiver of Premium Plus Rider (UIN 104B029V06), Axis Max Life Critical Illness and Disability Rider (UIN 104B033V02)
ICICI Pru Non-Linked Accidental Death and Disability Rider
Terminal illness benefit
Yes
—
Waiver of premium
Optional Axis Max Life Waiver of Premium Plus Rider (death, disability & critical illness)
—
Premium
Sample annual premium
₹16,178
₹74,638
Sample premium is for
Prospectus 'Sample Premium Rates': non-smoker male, age 30, coverage till age 70 (40-year term), Life Cover Rs 1 crore, Regular Pay, annual, purchased online: Rs 16,178; 'excluding underwriting extra premium, taxes, cesses, if any'. NOTE: 40-year term (to age 70), not 30 years.
Brochure illustration: Mr. Kumar, 35-year-old healthy male non-smoker, Sum Assured Rs 1 crore, policy term 40 years, premium payment term 10 years (limited pay), annual premium Rs 74,638 (total Rs 7,46,380); 'Taxes (if any) will be charged extra, as per applicable rates.' NOTE: different profile (age 35, 40-year term, 10-pay); no age-30 regular-pay figure published.
Insurer
Death claims settled (insurer)
99.7%
99.31%
Claims figures for
FY 2024-25: individual death claims paid out of claims decided and pending, by number, computed from IRDAI Handbook on Indian Insurance Statistics (Table 15)
FY 2024-25: individual death claims paid out of claims decided and pending, by number, computed from IRDAI Handbook on Indian Insurance Statistics (Table 15)
IRDAI UIN
104N118V13
105N195V02

A tick marks the better value where the category rules say higher (or lower) is better. Text values are shown without a winner. Ties have no winner.

Pros and cons

Smart Secure Plus Plan

  • Pro: Insurer paid 99.70% of individual death claims, higher than 88% of the 27 term life insurance plans on Comparezi that state it
  • Pro: Return-of-premium option available

iProtect Smart Return of Premium

  • Pro: Return-of-premium option available
  • Con: Lower maximum entry age than 86% of the 29 term life insurance plans on Comparezi that state it (age 55)
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