Can one avail any kind of tax benefits under this policy?

Yes, tax benefits may be applicable on premiums paid and benefits received as per the prevailing tax laws.

No, insurance plans are not tax-deductible.

Only on the premiums paid, not benefits.

Can we enhance the protection under this plan by attaching a rider along with this plan?

Yes,2 types of benefits under this plan - a. Accidental Death Benefit b. Accidental Total and Permanent Disability Benefit

Only health riders can be attached.

Only critical illness riders can be attached.

Can the tax benefits be availed under the rider too?

Yes, tax benefits can be availed on the premiums paid and benefits received under the rider too.

No, riders do not offer tax benefits.

Only on the rider premiums paid.

Only on the rider benefits received.

What are the maximum sum assured that can be availed under the rider?

The sum assured limits for both the riders are as follows: Min SA = 10Lacs, Max SA = base sum assured

Max SA is double the base sum assured.

What is Premium Break?

payment of premiums can be deferred by 12 months and the cover including rider cover will remain active.

A permanent stop to premium payments.

When can the customer avail Premium Break?

The first time a customer can avail this benefit is after completion of 5 years. This benefit can be availed multiple times subject to a. A 5-year gap between 2 premium breaks b. No premium break can be availed in the last 3 years

Only once during the policy term.

Every year after the first 3 years.

What is the procedure to opt for Premium Break?

The customer has to opt for this by giving a servicing request at least 30 days in advance of the due date of premium.

Automatically applied if premiums are not paid.

Can be opted for after the due date.

A medical examination is required.

What will happen to riders if customer avails Smart Exit Benefit?

If the customer avails Smart Exit Benefit then base policy will be surrendered and the riders will also get surrendered. On rider surrender, surrender value of the rider will be payable.

Riders can be continued separately.

What are the different options that the claimant can opt to avail the death benefit?

The claimant has the following options to avail the death benefit payable: Income option (paid in equal instalments for 5 years), Combination (part lump sum, part income), Lumpsum Option.

Only a lump sum payment is available.

The death benefit is paid as a monthly income for life.

The claimant chooses the payment duration.

What is the GST% on the product?

18% GST will be applicable every year

GST is included in the premium.

GST is only applicable on the first year's premium.

What are Top 35 locations?

To select pincodes of top 35 locations, the product offers lower premiums as compared to other locations. You can view this list on the Saksham App.

Locations with the highest population density.

Locations with the lowest claim rates.

Is there a discount for female lives?

Yes, female customers get to pay 15% lower premiums compared to the male lives.

No, premiums are the same for all genders.

Female lives pay higher premiums.

A 5% discount for female lives.

Can customers avail all discounts at once?

Yes, if a female life assured residing in one of the top 35 locations is an existing policyholder and buys online, then, she will receive 15% lifetime discount as compared to male lives, Lifetime discount for top location, 7% year 1 discount for loyalty, 5% year 1 discount for online.

No, only one discount can be availed.

A maximum of two discounts can be combined.

Discounts are mutually exclusive.

What is the educational criteria for sourcing?

Minimum educational criteria is HSC

Is the sourcing open for housewives, agriculturists and students?

Housewife/ student/ retired/ NRI profiles not allowed.

Only agriculturists and students are allowed.

Is the product medically underwritten?

Yes, physical medicals and PIVV are mandatory for this product.

No, it's a non-medical product.

Only medicals are required for high Sum Assured.

What happens to negative pincodes?

Negative pincodes will not be allowed.

Any specific profiles that are excluded?

If profile is tagged as 'High Risk' in DRC then, such profiles will be excluded.

Only profiles with pre-existing diseases are excluded.

Profiles with a history of claims are excluded.

Will income proof be required?

The cases will be digitally verified for income and hence no income documents will be asked from customers. In absence of digital income verification: Income surrogates will be applicable. If above are not sufficient then, income documents will be required.

Yes, income proof is always mandatory.

No income proof is ever required.

Only bank statements are accepted as income proof.

iProtect Super - FAQ

Authored by VISHAL GAWADE

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Professional Development

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does this plan work?

Death Benefit + Terminal Illness

It's a pure investment plan.

It provides only maturity benefits.

It covers only accidental death.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On survival of the Life Assured till the Date of Maturity what is the maturity benefit offered to the customer under this policy?

No Maturity is payable in this product

The Sum Assured is paid.

Total premiums paid are refunded.

A percentage of the Sum Assured is paid.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the grace period for premium payment available under this plan?

The Grace Period for payment of premium is 15 days for monthly mode of premium payment and 30 days for other frequencies of premium payment,1 commencing from the premium due date.

30 days for all payment modes.

15 days for all payment modes.

60 days for all payment modes.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens if the life assured dies during the grace period?

In case of death of the Life Assured during the Grace Period, applicable Death Benefit will be payable.

The policy is cancelled.

Only the premiums paid are refunded.

A reduced death benefit is paid.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the freelook period associated with the plan?

30 days from the date of receipt of the Policy Document.

15 days from policy issuance.

60 days from premium payment.

90 days from policy receipt.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

During the freelook period, what is the amount payable to the customer?

Refund the premium paid after deduction of Stamp duty, proportionate risk premium for the period of cover and the expenses borne by2 the company on medical tests, if any.

The full premium paid.

Premium paid minus a surrender charge.

Only the stamp duty is refunded.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Can one avail a loan against this plan?

No, loan is not available in the product.

Yes, up to 50% of the premiums paid.

Yes, up to the surrender value.

Yes, with a co-applicant.

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