ICICI Pru Loan Protect Plan

Overview of ICICI Pru Loan Protect Policy:

ICICI Pru Loan Protect provides life coverage to a person who has taken an auto loan or a mortgage from a financial institution or a bank. Mortgage loans include Home Equity Loan, Home Loan, Commercial Property Loan, Land Loan and Loan against rent receivables. Loans that are taken in order to purchase a car fall under Auto Loan.

Eligibility criteria of ICICI Pru Loan Protect Policy:

In order to be eligible for the ICICI Pru Loan Protect Policy, an individual must meet the following criteria:

Minimum age at entry 18 years
Maximum age at entry 65 years
Minimum assured sum Rs.500,000
Minimum term of the policy 5 years
Maximum policy term 30 years
Minimum age at maturity 23 years
Maximum age at maturity 70 years

Key features of the ICICI Pru Loan Protect Policy:

The ICICI Pru Loan Protect Policy comes with a myriad of features. These features are as follows:

Premium payment term 5 years / Single Premium
Death benefit options
  • Reducing Cover
  • Fixed Cover
Reducing cover At the beginning of the policy, the sum assured and the death benefit will be equal. It will gradually decrease from the 2nd policy month. If death occurs during the policy term, then the death benefit applicable at that time will be paid off.
Fixed cover The assured sum selected at the beginning of the policy term will be the amount paid in the event of demise of the insured
Mode of premium payment Annual
Grace period 30 days
Tax benefit Avail tax benefit on premiums and the benefits listed under this policy according to the current Income Tax Laws

Benefits of ICICI Pru Loan Protect Policy:

ICICI Pru Loan Protect Policy comes with several benefits. These benefits are as follows:

  • Death Benefit – that is in force in the event of demise of the insured during the term of the policy. The amount that is payable at that time depends on what option was chosen by the insured at the beginning of the term. The death benefit for the Fixed Cover plan is provided below:

      Entry age less than 45 Entry age 45 or more
    Five pay when policy term is more than or equal to 10 years Highest of ten times the yearly premium or 105% of total premiums paid on date of demise or absolute assured amount to be paid at the time of demise Highest of seven times the yearly premium or 105% of total premiums paid on date of demise or absolute assured amount to be paid at the time of demise
    Five Pay when policy terms is more than or equal to 5 years but less than 10 years Highest of five times the yearly premium or 105% of total premiums paid on date of demise or absolute assured amount to be paid at the time of demise Highest of five times the yearly premium or 105% of total premiums paid on date of demise or absolute assured amount to be paid at the time of demise
    One Pay Highest of 125% of single premium or absolute assured amount to be paid at the time of demise Highest of 110% of single premium or absolute assured amount to be paid at the time of demise
  • For this ICICI Prudential Life Insurance product, the assured sum, as selected by the insured is the absolute amount assured and it will be paid in the event of death of the insured.
  • In case of One Pay, the assured sum selected by the insured is more than 110%/125% of single premium.
  • In case of Five Pay, the assured sum is always more than 5/7/10 times more than the annual premium.
  • Surrender Value – In case on One Pay option, the Surrender value is payable if the insured voluntarily terminates the policy. In case of Five Pay, Surrender Value is payable if the policy is voluntarily terminated by the insured or if the insured discontinues paying the premiums and does not revive the policy within the period of revival. In case the grace period expires then it will be marked as policy discontinuance. The benefit is payable when the revival period ends.
  • Grace period – A period of 30 days is allotted as grace period under this policy. In case the policy premium is not paid within this period then the policy will be discontinued and the coverage will cease.
  • Revival of policy – A policy which has lapsed for not paying the premiums within grace period can be revived within a time span of two years from the date of first unpaid premium. In case it is not revived, then the Surrender Value will be cleared and the policy will be terminated.

How ICICI Pru Loan Protect Policy works?

  • An individual must choose the policy term. In case the tenure of the loan is below 5 years, then the individual may choose a 5 year policy term.
  • The individual must choose a premium payment term. One can either pay the entire premium at once or for a span of 5 years.
  • The individual must choose the assured sum amount. It must be equal to or less than the outstanding loan amount.
  • The individual can choose Fixed Cover or Reducing Cover as per his/her needs and convenience. In case of Fixed Cover, the assured sum selected at the beginning of the policy term will be the amount paid in the event of demise of the insured. In case of Reducing Cover, at the beginning of the policy, the sum assured and the death benefit will be equal. It will gradually decrease from the 2nd policy month. If death occurs during the policy term, then the death benefit applicable at that time will be paid off.

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

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ICICI Pru Loan Protect Plan Reviews

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  • ICICI Prudential Life Insurance
    "Good Plan"
    0.5 4.0/5 "Great!"
    I have taken my term insurance from ICICI prudential. I have trusted this bank because its a top most high, that is the reason i have chosen them. I'm happy about the claim ratio. I'm satisfied with the sum assured amount. I have chosen the annual payment mode after 1 year, i will change the payment mode on a monthly basis.
    Was this review helpful? 0
    , rajahmundry
    Reviewed on Dec 05, 2019
  • ICICI Prudential
    ICICI Prudential Life Insurance
    "Not that much good Policy"
    0.5 1.0/5 "Really Bad"
    I took my life insurance policy from ICICI prudential and the agent cheated by saying the benefits. In this plan, i need to pay for 7 years with the amount of Rs. 50000. Once i paid the money, there is a lock in period of 8 years but the interest rates are getting less and i feel like end of the term i won't get any additional benefit.
    Was this review helpful? 2
    , tirupur
    Reviewed on Nov 26, 2019
  • ICICI Prudential Life Insurance
    "Not worthy"
    0.5 1.0/5 "Really Bad"
    Earlier i was having a life insurance policy from ICICI Prudential. Agent were explained me about the policy details. They said my money will get doubled after 5 years hence i have paid the premium amount of Rs. 25000 annually for 3 years and there is a lock in period for 2 years. Once i went to withdraw the policy i got Rs. 1000 extra.
    Was this review helpful? 1
    , tiruchirapalli
    Reviewed on Nov 25, 2019
  • ICICI Prudential Life Insurance
    "Good insurer"
    0.5 4.5/5 "Excellent!"
    I have taken term insurance with ICICI PRUDENTIAL on 4 years before. They have updated same policy so I discontinued old one and opened new policy. It is a term policy with tenure period of 30 years. I use to pay premium amount on annual basis of 18K. Agent has provided all the details and I received soft copy. One drawback with this insurer is their rates are high.
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 12, 2019
  • ICICI Prudential Life Insurance
    "Average Service"
    0.5 3.0/5 "Satisfactory"
    Taken my life insurance policy from ICICI Prudential one of my friend has recommended me about this policy. It was a systematic investment plan. I have paid the premium amount of Rs. 1,500 on every month. Total term period of policy is 3 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 08, 2019
  • ICICI Prudential Life Insurance
    "Daring policy"
    0.5 4.0/5 "Great!"
    My life insurance was taken from ICICI Prudential. I have a kid so that i have thought of investing them . ICICI people have suggested me a good product based on my investment amount. If i invest of Rs. 1 lakh per year for the payment of 6 years and the next 15 years, i don't need to pay any money after 21 years, i get some lumpsum sum assured amount. They are providing the life insurance policy worth of Rs. 10 lakhs for myself. They will give some ULIP when i pay the premium. Its a market based policy.
    Was this review helpful? 0
    , nellore
    Reviewed on Nov 07, 2019
  • ICICI Prudential Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    On 5 years before I have taken a life insurance from ICICI PRUDENTIAL. The policy is for 15 years. I am paying premium in the annual package the amount of 13 thousands which is nominal. It is a retirement policy for the amount of 15 lakhs. While getting a policy my agent has given an information about the policy details. It covers my whole family.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 31, 2019
  • ICICI Prudential Life Insurance
    "Good "
    0.5 4.0/5 "Great!"
    I took term insurance policy with ICICI PRUDENTIAL on one year before , they have given clear details about benefits and are good. The agent has given hard copy documents on time. My premium is paying through credit card on monthly basis for 14 thousands. The tenure period for 20 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 24, 2019
  • 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 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
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