Overview of ICICI Pru Group Term Plus:
The ICICI Pru Group Term Plus offerslife 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.
Eligibility for ICICI Pru Group Term Plus:
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|
Key features of ICICI Pru Group Term Plus:
The ICICI Pru Group Term Plus comes with a myriad of features. These features are as follows:
|Members under the plan||
|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|
Benefits of ICICI Pru Group Term Plus:
ICICI Pru Loan Protect Policy comes with several benefits. These benefits are as follows:
- All the members under the ICICI Pru Group Term Insurance scheme can enjoy life cover at a very low cost.
- A can prove to be a very strong retention tool and a measure for loyalty building for the employers.
- Tax deductions can be availed on the premiums that are paid as per the prevalent tax laws.
- The administration process for deletion and addition of members is very simple.
- This particular plan is ideal for the employees as it provides life cover to secure the future of their close ones.
- In order to avail this coverage, there is no need of a medical examination. However, the life cover will be up to the limit of free cover. The maximum amount of life cover that can be offered without any medical test is known as free cover limit. This particular limit will differ from one group to another group.
- It is ideal for employers as it offers coverage to your employees in the event of an unfortunate event.
How does ICICI Pru Group Term Plus plan work?
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