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 ICICI Pru Life Raksha comes with a number of benefits. A few advantages of the plan are mentioned below:
- In the unfortunate event of death of the life covered (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.
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
- 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.
- What is the grace period to pay premiums?
A grace period of 15 to 30 days, after the premium due date, is offered.
- Does the company provide loans?
No. Loans are not provided under this insurance policy.
- 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.
- 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