Bankbazaar

ICICI Pru Life Raksha Plan

 ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group. Life Raksha offered by ICICI Prudential Life is an ideal protection oriented plan that protects the family, in case of the policyholder’s untimely demise. Since this plan comes with a lump sum amount, it can be used to meet immediate liabilities, that may arise in the policyholder’s absence.

Eligibility Criteria for ICICI Pru Life Raksha

  • Entry age (last birthday) - 18 years
  • Maximum maturity age (last birthday) - 60 years

Features of ICICI Pru Life Raksha

. A few of the features are mentioned below:

  • Minimum sum assured: Rs 50,000
  • Maximum sum assured: Rs 500,000
  • Policy term: Regular pay - 5 years
  • Premium payment: Based on the policy taken
  • Minimum and Maximum Premium: Depends on the minimum and maximum Sum Assured and age of the life assured
  • Modes of available premium payment: Yearly, Half-yearly and Monthly. For monthly frequency there is a premium loading of 5% unless the payment is made by direct debit

Benefits of ICICI Pru Life Raksha

Getting a policy from comes with a number of benefits. A few advantages of the plan are mentioned below:

  • In the unfortunate event of death of the (Life Assured) during the term of the policy, the nominee shall receive the Death Benefit.
  • The insurance policy also offers tax benefits under section 80C of the Income Tax Act 1961.

Illustration Scenario

Mr. Sameer is 25 years old and has bought a two wheeler on credit. He purchases ICICI Pru Life Raksha with a Sum Assured of Rs 1 lakh and policy term of 5 years. His premium is just 831 each year minus the service tax and cesses. In case he meets an untimely death, the nominee will receive the entire sum assured of 1 lakh, which can be used to repay the loan.

ICICI Pru Life Raksha FAQs

  1. What if I cancel my policy?

    The company offers a free look in period of 15 to 30 days. In case you are not satisfied with the policy, you can return it within the look in period. The premium paid will be returned after deducting stamp duty and other expenses borne by the company.

  2. What is the grace period to pay premiums?

    A grace period of 15 to 30 days, after the premium due date, is offered.

  3. Does the company provide loans?

    No. Loans are not provided under this insurance policy.

  4. Can I change the sum assured in the mid of the term?

    No. Once you have chosen a sum assured at the beginning of the policy, it remains through the entire term till maturity.

  5. Can the policy be revived in case of non-payment?

    A policy, which has lapsed for non-payment of premium within the days of grace, can be revived within 2 years from the due date of the first unpaid premium and before the termination date of policy. The policyholder will have to furnish satisfactory evidence of health of the Life Assured, as per company regulations.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

 4.0 / 5.0   by 922 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

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ICICI Pru Life Raksha Plan Reviews

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  • ICICI Prudential Life Insurance
    "Average"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in ICICI PRUDENTIAL on 6 months before. The policy is for 15 years. Now I am paying premium for 25 thousands rupees. While getting a policy my agent has given an information about the policy details, however there are some charges applicable.
    Was this review helpful? 0
    , saharsa
    Reviewed on Oct 14, 2019
  • ICICI Prudential
    ICICI Prudential Life Insurance
    "Better"
    0.5 3.0/5 "Satisfactory"
    My term insurance is with ICICI Prudential because of the good benefits. The tenure is 2years, if Incase any demise happened then nominee would be getting 2L from the insurer. I am paying monthly Rs.258 through ECS. The customer service is not up to the mark.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • ICICI Prudential Life Insurance
    "Better Policy"
    0.5 5.0/5 "Blown Away!"
    ICICI prudential is providing me a best policy so i have taken them. Its ULIP (Unit Linked Insurance Policy) policy. I am paying the premium amount of Rs. 30000 every year. I pay the sum assured amount of Rs. 2.10 lakhs. I used to pay the premium through online.
    Was this review helpful? 0
    , dibrugarh
    Reviewed on Oct 04, 2019
  • ICICI Prudential Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    ICICI Prudential premium was less for my life insurance so i chosen. I am holding the policy for past 3 years and they are providing me a satisfactory coverage amount. This is a term policy. Its covers with the accidental cover and disability cover.
    Was this review helpful? 0
    , pune
    Reviewed on Oct 03, 2019
  • ICICI Prudential Life Insurance
    "Good policy"
    0.5 4.5/5 "Excellent!"
    My husband is working in ICICI Prudential so have taken 2life insurance policy. They are giving better benefits than others. I am not sure about the tenure details and premium because it has been dealt by husband. The payment mode is online.
    Was this review helpful? 0
    , thiruvananthapuram
    Reviewed on Sep 29, 2019
  • ICICI Prudential Life Insurance
    "Happy with the benefits"
    0.5 5.0/5 "Blown Away!"
    I have taken an accidental policy with ICICI prudential. They have insured me 1crore and the premium is very low which am happy. I have taken the policy last year and got the insurance paper on time. They are offering information time to time and the response was very nice.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 24, 2019
  • ICICI Prudential Life Insurance
    "Benefits need to be increased"
    0.5 3.5/5 "Pretty good"
    From ICICI Prudential I took term plan it has the premium Rs. 511 per month, if there is any accident at the time the family member get Rs. 10 lakhs of coverage. They gave me the acknowledge from their end but response is lacking and I feel its not good plan which has other benefits after the maturity.
    Was this review helpful? 0
    , bangalore
    Reviewed on Sep 22, 2019
  • ICICI Prudential Life Insurance
    "Good policy "
    0.5 4.0/5 "Great!"
    I want to all the financial portfolio to be with ICICI hence i am using all the services through ICICI so i took the term insurance policy from ICICI prudential. I am paying the premium amount of Rs. 10000 every year and this policy has coverage value of Rs. 50 lakhs. This covers upto 75 years of my age.
    Was this review helpful? 0
    , new delhi
    Reviewed on Sep 19, 2019
  • ICICI Prudential Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I am having a good relationship with ICICI BANK so I have taken life plan from ICICI Prudential. I need to pay the premium for 7 years and the maturity is 10 years. I am paying monthly 5K through auto debit and am not sure about the benefits. I got the insurance paper.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Sep 17, 2019
  • ICICI Prudential Life Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    My company has provided me a life insurance policy from ICICI Prudential. Its a life insurance policy which gives for the customer who takes the loan. This policy has a coverage value of Rs. 10 lakhs. I'm paying the premium amount of Rs. 5000 and i have chosen the annual payment mode.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Sep 10, 2019
  • ICICI Prudential Life Insurance
    "Secure life with a term policy"
    0.5 4.0/5 "Great!"
    Bought my term plan from ICICI Prudential and i have closed the fore-closed policy from ICICI prudential which is a pension policy and wealth plus hence i have chosen the term plan. It was a ULIP plan earlier. In this ICICI terms, critical illness also covered. I am satisfied with the coverage value. I need to keep a balance in my account when they are taking a premium.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 27, 2019
  • ICICI Prudential Life Insurance
    "Not recommendable policy"
    0.5 2.0/5 "Expected more"
    The money which i invested its not in a growth mode hence i won't recommend the Life insurance policy from ICICI Prudential. That time I was an agent for ICICI thats the reason, i have taken this policy. I am paying the premium amount of RS. 14000 in a yearly basis. Total sum assured amount is Rs. 2 to 5 lakhs. No one has contacted me from ICICI. This is a market based policy.
    Was this review helpful? 1
    , mumbai
    Reviewed on Aug 27, 2019
  • ICICI Prudential Life Insurance
    "No experience with the policy"
    0.5 3.5/5 "Pretty good"
    My company has provided me a life insurance policy from ICICI Prudential. This policy covers for death cover and life cover. I didn't get a chance to speak with call the customer care. They have provided me a coverage value of Rs. 25 lakhs. The premium amount is taken by corporate people.
    Was this review helpful? 0
    , noida
    Reviewed on Aug 20, 2019
  • ICICI Prudential Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance with ICICI PRUDENTIAL on 4 years before which was taken for 10 years but after that can also continue for this policy. It covers for my whole family members for this insurance. I use to do payment through an online. I am paying premium in the yearly package.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 17, 2019
  • ICICI Prudential Life Insurance
    "Good plan"
    0.5 3.0/5 "Satisfactory"
    I have a life insurance with ICICI prudential and there is no specific parameter for taking this policy. It was taken for the tax benefits. The benefits are okay. I am getting good rate of returns and the policy period is 7 years but I need to pay the premium for only 4 years. I am charging monthly around 3,700 rupees through online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 13, 2019
  • ICICI Prudential Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have life cover with ICICI Prudential which was taken on 5 years before.The policy is for 10 years. I used to make the premium on a yearly basis. I use to payment through an online. An agent has given all the details about the policy and given documents as well.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 12, 2019
  • ICICI Prudential Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have my term policy with ICICI Prudential. They need to improve the benefits and not providing the suggestion for the customer to avail a better policy. I have been paying the premium for more than one year and need to pay 2more years. The payment mode is online and its good.
    Was this review helpful? 0
    , bhilai
    Reviewed on Aug 06, 2019
  • ICICI Prudential Life Insurance
    "Helpful policy "
    0.5 4.5/5 "Excellent!"
    I also recommend this term insurance to my friendly. Based on the claim ratio, i have taken the policy from ICICI Prudential. Their claim settlement ratio is 95% and above. This policy cover upto 60 years of my age and 6 years ago, i bought the policy. The sum assured amount is Rs. 1 Crore
    Was this review helpful? 0
    , hyderabad
    Reviewed on Aug 04, 2019
  • ICICI Prudential Life Insurance
    "Good for future savings"
    0.5 5.0/5 "Blown Away!"
    I have life cover with ICICI Prudential, I used to make the premium around Rs. 5000 per annum it has the tenure period around three years. After that I will be getting some sum assured and bonus interest. Each and every payment I used to make through I mobile.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 31, 2019
  • ICICI Prudential Life Insurance
    "Satisfactory"
    0.5 4.0/5 "Great!"
    I have ICICI prudential term plan, the premium amount is around Rs. 6500 per annum it has some certain tenure period . It covers upto 75 years, sum assured is good. They have good claim settlement ratio. I got the policy copy on time, it has critical illness cover too.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jul 27, 2019
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