The ICICI Pru Group Term Plus offers life insurance cover to all the members of the insured's group. In case of death of the insured, the loved ones will be receiving a lump sum amount of money that would ensure their financial security. As the main policy holder, the lump sum amount can be chosen by the insured which would be given to the nominee after his/her demise.
In order to be eligible for the ICICI Pru Group Term Plus, an individual must meet the following criteria:
Minimum age at entry | 15 years |
Maximum age at entry | 79 years |
Minimum assured sum | Rs.5,000 per member |
Minimum term of the policy | 1 year |
Maximum policy term | Not Applicable |
Minimum age at maturity | Not Applicable |
Maximum age at maturity | Not Applicable |
Minimum premium payment | Rs.10,000 |
The ICICI Pru Group Term Plus comes with a myriad of features. These features are as follows:
Members under the plan |
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Minimum life cover offered | Rs.5,000 for every member |
Frequency of paying premiums | Premiums can be paid on monthly, quarterly, half yearly and annual basis |
Tax benefits | Avail tax benefit on premiums and the benefits listed under this policy according to the current Income Tax Laws |
ICICI Pru Loan Protect Policy comes with several benefits. These benefits are as follows:
The insurance scheme is offered via a Master Policy that is issued to the individual. As the group administrator or master policy holder. The members of the group you create will be covered for span of 1 year. Under the Formal plan of the ICICI Pru Group Term Plus insurance scheme there can be 10 members. Under the Informal plan of the Pru Group Term Plus insurance scheme there can be 50 members. The lump sum is paid to the nominee after the demise of the master policy holder due to any unfortunate event. It may be a flat cover amount or a graded cover amount. If all members of the group have different life covers it is called graded cover. In case all the members of the group have the same cover, it is known as flat cover.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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