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  • 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 BenefitDeath benefit is payable for a policy 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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