Loan Protect Plus offered by ICICI Prudential life is available to individuals who have taken a loan from any financial institution, subject to underwriting. It an ideal protection-oriented plan that protects the family, in case of the policyholder’s untimely death. Since this plan comes with a lump sum amount, it can be used to meet immediate liabilities such as loan repayment, that may arise in the policyholder’s absence.
Eligibility Criteria for ICICI Pru Loan Protect Plus
- Minimum entry age (as on completed birthday) - 18 years
- Maximum age at entry (as on completed birthday) - 65 years
- Minimum age at maturity (last birthday) - 23 years
- Maximum maturity age (last birthday) - 70 years
Features of ICICI Pru Loan Protect Plus
A few of them are mentioned below:
- Minimum sum assured: Rs 500,000
- Policy term (in years):
- Fixed/reducing - 5-20, 25, 30
- :5/7 year Moratorium period - 8-20, 25, 30
- Premium payment: Single pay or five pay
- Grace Period for Five Pay option: For monthly mode of premium payment -15 days Otherwise 30 days
- Coverage option: Fixed, Reducing/5 or 7 year moratorium period
- Modes of available premium payment: Yearly, Half-yearly and Monthly for five pay option
Benefits of ICICI Pru Loan Protect Plus
A few advantages of the plan are mentioned below:
- Accidental Death (AD) Benefit will be paid in addition to death benefit. AD benefit will remain the same as the base death benefit, throughout the term for the fixed cover option and reduces for the reducing cover option.
- Accelerated Critical Illness & Total and Permanent Disability benefit will be payable on the Life Assured being diagnosed with a covered Critical Illness or on being regarded as totally and permanently disabled. CI & TPD cover is only for the first seven years of the policy or policy term, whichever is lower.
- Tax benefits on the premiums paid and benefits received under the policy, as per Section 80C of the Income Tax Act, 1961.
Aged 30, Shyam has bought a house, in one of the posh localities in the city, on credit. He purchases ICICI Pru Loan Protect Plus with a Sum Assured of Rs 1 crore and policy term of 10 years. However, during the policy term he meets with an accident and is permanently disabled. In this case, the nominee will receive the entire sum assured of Rs 1 crore, which can be used to repay the loan.
ICICI Pru Loan Protect Plus FAQs
- Can I pay my premiums online?
Yes, you can pay premiums using your debit card, credit card, or even net banking online at ICICI Prudential web portal.
- What are the documents required for a death claim?
In order to file a death claim, you will require the following documents:
- Claimant’s statement and intimation form.
- Copy of death certificate issued by a competent authority.
- Original policy document.
- Photo ID of the claimant.
- Address proof of the claimant.
- Cancelled cheque from the claimant’s bank.
- Does the company offer loans under the Loan Protect Plus plan?
No. Loans are not provided under this insurance policy.
- Can I change the sum assured in the mid of the insurance policy?
No. Once you have chosen a sum assured at the beginning of the policy, it remains the same 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.