Bankbazaar

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

 4.0 / 5.0   by 898 users
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ICICI Pru Loan Protect Plan Reviews

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  • ICICI Prudential Life Insurance
    "Good Term policy with less benefits"
    0.5 4.0/5 "Great!"
    ICICI people have approached me hence i bought the life insurance policy with them. Every year i pay the premium amount of Rs. 15000 for the sum assured amount of Rs. 50 lakhs. This is a term insurance policy. It will cover upto 75 years of my age. In the documents, there is not mentioned about the partial disability and medical illness.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 16, 2019
  • ICICI Prudential
    ICICI Prudential Life Insurance
    "Nneed to be reduce premium amount"
    0.5 4.0/5 "Great!"
    I have taken a term insurance in ICICI PRUDENTIAL on one year before. The policy is for 65 years but I have taken for 32 years. I am paying premium in the monthly package and the amount is high. While getting a policy I came to know about an information about the policy details through an online.I use to do payment through an online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 15, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the life insurance policy with ICICI PRUDENTIAL since from last 1.5 years, the premium i am paying for monthly once, maturity period of the policy is for 15 years, policy coverage is for family, premium period was 10 years latter after 15 years sum assured will be given.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 12, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the term plan with ICICI PRUDENTIAL where i am using it since from last few years and the premium paying for yearly once added on that there are good returns available with the policy, it gives the self coverage with the policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 09, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken a TERM PLAN with ICICI PRUDENTIAL, the maturity period of the policy is for 15 years where the rprem9um have to paid for 10 years and 5 years it gets matured. I got the hard copy also soft copy regarding the policy. The policy has the good returns, it can be converted as pension.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 30, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using from last 4-5 months and the name of the policy is TERM PLAN but the documentation process was done through online also the customer support explained the policy details. The premium paying for monthly once also the maturity period is for 30 years. It has the coverage for self.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 27, 2019
  • ICICI Prudential Life Insurance
    "GOOD POLICY"
    0.5 4.0/5 "Great!"
    ICICI PRUDENTIAL is the company where i have purchased the policy on 2011 but i am not aware of the name of the policy also the policy premium paid for 6 months once for 5 years and the policy maturity period is for 16 years. I am not aware of the name of the policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 27, 2019
  • ICICI Prudential Life Insurance
    "Good Investment Plan"
    0.5 5.0/5 "Blown Away!"
    I pay Rs.12100 of premium for per year, now it got closed. I paid nearly for five years. I will get sum assured and bonus interest almost Rs. 40,000 extra. It doesn't have tax cover but the customer executive calls me regularly, I used to make card payment its easy to make my premium.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 25, 2019
  • ICICI Prudential Life Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy it was referred by ICICI Bank.This policy i have taken on 2013 and this policy premium paid on monthly basis .I am paying the premium of Rs.563.The agent gave all the required details about the policy and there was no difficulties faced so far on using this policy ,I have submitted the documents through the agent .
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 24, 2019
  • ICICI Prudential Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    Its a term plan which I taken for my family, I make around Rs. 9000 per annum it has the tenure period around 30 years. I have selected coverage of Rs.75 lakhs, its gives lump sum benefits to my family, the insurance company claim settlement ratio and grievance resolved is great but there is no critical illness benefits.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 18, 2019
  • ICICI Prudential Life Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    Purchased my term insurance policy from ICICI Prudential. For the financial security for my family, i have chosen this one. They are providing the coverage amount of Rs. 15 lakhs and i have been paying the premium amount of Rs. 10,850 and i made the premium through online and they have sent me the hard copy of the document through online.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jun 13, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken the ULIP PLAN with the ICICI PRUDENTIAL where the policy has the coverage for self. The policy has the locking period for 3 years. The premium paying for 25600 rupees for yearly once. It has the good customer support with long maturity period.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 12, 2019
  • ICICI Prudential Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in ICICI PRUDENTIAL for more than 3 years.The policy is for 30 years. Now I am paying premium in the quarterly package. While getting a policy I came to know about the details and received hard copy documents as well. I use to do payment through an online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 10, 2019
  • ICICI Prudential Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in ICICI PRUDENTIAL. The policy is for 2 years. Now I am paying premium in once for two years. While getting a policy my agent has given an information about the policy details and provided documents as well. I use to do payments through an online.
    Was this review helpful? 0
    , panchkula
    Reviewed on Jun 09, 2019
  • ICICI Prudential Life Insurance
    "Good ULIP Policy"
    0.5 4.5/5 "Excellent!"
    Bought my ULIP policy from ICICI Prudential. I get a normal benefits from this card. I get a good life cover, disability benefits and illness benefits as well. I am investing in ULIP for last 1 year back. I have been paying the premium amount which is convenient for me.
    Was this review helpful? 0
    , kolkata
    Reviewed on May 28, 2019
  • ICICI Prudential Life Insurance
    "Very Good policy"
    0.5 5.0/5 "Blown Away!"
    I have bought my term insurance policy from ICICI. One of my friend who is there in ICICI has referred me about this policy. I have been paying the premium amount of Rs. 18000 which is yearly basis. I have selected the coverage value of Rs. 50 lakhs. Its covers for disability and partial disability also. I pay the premium through online. Each and every responsible family person need to take this term insurance policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 27, 2019
  • ICICI Prudential Life Insurance
    "Best way to protect the family"
    0.5 5.0/5 "Blown Away!"
    I have term plan with ICICI Prudential for that I pay the premium of Rs. 13,000 per annum . I need to pay upto my 75 years old and if any certain demise happen. My family will be getting Rs. 1 crore. The claim settlement ratio is good upto 90% and they give critical illness cover upto Rs. 25 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 27, 2019
  • ICICI Prudential Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in ICICI PRUDENTIAL before one year ago. The policy is for 75 years. Now I am paying premium in the monthly package for the amount of 680 rupees. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. Through an online I use to do the payments.
    Was this review helpful? 1
    , vadodara
    Reviewed on May 24, 2019
  • ICICI Prudential Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am most happy with ICICI Prudential, they are very transparent and the allocation value is less, they have explained everything clearly on their app. I can customized the products according to my needs. I have taken a normal policy and term plan, totally 3 policies. I got the insurance paper on time.
    Was this review helpful? 0
    , silvassa
    Reviewed on May 19, 2019
  • ICICI Prudential Life Insurance
    "GOOD POLICY"
    0.5 5.0/5 "Blown Away!"
    I have purchased the TERM PLAN with the ICICI PRUDENTIAL and using it since from many years. The documentation process was done through online without hassle process and the customer executive explained the details of the policy and they were responsive too.
    Was this review helpful? 0
    , pune
    Reviewed on May 17, 2019
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