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ICICI Pru Loan Protect Plan

 4.0 / 5.0   by 819 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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

ICICI Pru Loan Protect Plan Reviews

Page 1 of 41 1 2 3 4 5
  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with ICICI bank,the agent had clearly explain me about the policy and benefit coverage, and i use to pay premium amount on monthly basis.they have charged me premium nominal,they have charged me up to 712 on monthly.and my premium amount use to get auto debited from my account.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
  • ICICI Prudential Life Insurance
    "Best Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance policy was bought from ICICI Prudential. The plan name is money growth. I have been paying the premium amount of Rs. 250000 per annum. I have selected the annual mode. I used to make the premium through online. I will get a sum assured amount of Rs. 25 lakhs. Total tenure period the policy is 10 years.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • ICICI Prudential Life Insurance
    "worst policy ever"
    0.5 1.0/5 "Really Bad"
    I am not aware that i am opening insurance with icici while opening my salary Acc. But not they are not closing it . I just feel like i made a big mistake by considering icici for my salary account . Think again if you really think icici is a good choice .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 17, 2019
  • ICICI Prudential Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance was bought from ICICI prudentuial. One of my friend who is working over there has recommended me about this policy. I paid the premium amount of Rs. 25000 annually. I have paid the premium for 2 years after that i have discontinued the policy due to the personal reasons. I have to pay the premium for 7 years actually.
    Was this review helpful? 1
    , tiruchirapalli
    Reviewed on Jan 09, 2019
  • ICICI Prudential Life Insurance
    "Good for nominees"
    0.5 3.5/5 "Pretty good"
    I have one more term plan with ICICI prudential , I took the life insurance for the tenure of 7 years, monthly I need to Rs. 1565, policy coverage is around Rs. 20 lakhs, they give critical cover, premium terminal on disability. The agent gave me the clear information
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 08, 2019
  • ICICI Prudential Life Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    I have life insurance with ICICI Prudential, half yearly I make the payment of Rs. 10,000 for the tenure of 12 years. The maturity benefits are good and with the tax benefits. The customer care is good they send the bond on time. I don't have any issues.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 08, 2019
  • ICICI Prudential Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy a while back and i had been paying the premium on a monthly basis. The premium has been paying online and the payment method has been easy and the premium amount has not been too high. The services with them has been quite good so far and it has been a good policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 08, 2019
  • ICICI Prudential Life Insurance
    "Cheated people"
    0.5 1.0/5 "Really Bad"
    My life insurance policy was taken from ICICI Prudential and i have purchased this policy for my child's benefits. I have invested the amount of Rs. 1 lakh and i have to pay the premium for 5 years. I have not received any kind of renewal notifications hence i have not paid anything after the first premium since they don't provide the policy documents. When i called the customer care for my issue, they have asked me to contact the branch and when i visited their branch and they said since because of the no renewal payment hence policy got expired.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 04, 2019
  • ICICI Prudential Life Insurance
    "Useless policy"
    0.5 1.0/5 "Really Bad"
    I had taken the health insurance with ICICI Lombard. I had a plan name of G type. I have taken the child insurance policy. As per the premium amount given them but i have not received any kind of documents. In 2009 i purchased a policy with them. I visited their branch regarding the documents issue but there is no resolution.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 04, 2019
  • ICICI Prudential Life Insurance
    "wealth builder"
    0.5 3.5/5 "Pretty good"
    I have taken wealth builder insurance plan in 2015. I don't feel this is a great plan except for the insurance coverage. after 3 years my son has not increased much. also feel my son is blocked for a period of 5 years. except for the insurance coverage there is not much benefit from this.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 04, 2019
  • ICICI Prudential Life Insurance
    "One must have some term plan"
    0.5 5.0/5 "Blown Away!"
    Their application process was so fantastic. The documentation was fine and i have done everything through online. Since because of the brand value, i have selected the ICICI prudential for my term insurance. The claim ratio is very high which is98.3%. I have selected the premium is a accelerated one. First I have to pay the premium upto 10 years and it will cover next 34 years. I have selected the coverage value of Rs. 1 Cr upto 65 years. I pay the premium amount of Rs. 2311.
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 29, 2018
  • ICICI Prudential Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy a while back and i had been paying the premium every month. The premium amount has not been too high and the payment method has been easy as well. Their customer support has also been responsive and has been helpful as well.
    Was this review helpful? 2
    , kolkata
    Reviewed on Dec 20, 2018
  • ICICI Prudential Life Insurance
    "More than satisfactory"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance from ICICI Prudential. It is a cash back policy and the policy coverage and the plan benefits are fine and satisfactory. The payment options are also fine as I can pay my premium with ease online. The customer support is supportive.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 11, 2018
  • ICICI Prudential Life Insurance
    "Good policy for life"
    0.5 5.0/5 "Blown Away!"
    Through mobile I came to know about the ICICI prudential life insurance, for the coverage of Rs. 1 lakh, I paid the premium of Rs.20 it has accidental cover and critical illness cover but there is no medical cover. The Policy documentation process is easy.
    Was this review helpful? 0
    , visakhapatnam
    Reviewed on Dec 10, 2018
  • ICICI Prudential Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have taken a term plan with ICICI preudential from last 2 years, i pay a premium of Rs 525 every month for this insurance policy and i am convenient with the payment options. Customer service was good and they explained every detail of this policy.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Dec 10, 2018
  • ICICI Prudential Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance with ICICI Prudential and I need to pay a premium till the age of 60 and it has a coverage till the age of 65 to 66. The policy coverage is for 50 lakhs and if anything external happens to the policy holder another 50 lakhs is provided to the family. The premium is economical, it is of 897 which goes through on a ECS basis.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 05, 2018
  • ICICI Prudential Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    My experience with the life insurance policy from the ICICI PRUDENTIAL and it is a annual term plan policy. The maturity period of this policy is for 10 years where i am paying my premium of r yearly once for this policy. The process of getting the policy is good.
    Was this review helpful? 1
    , jaipur
    Reviewed on Nov 27, 2018
  • ICICI Prudential Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with ICICI prudential , i have been taken two policy through icici , the premium they have charged me was nominal, and premium amount for one policy they are charging up to yearly basis, and for another policy on half yearly basis, overall service is good.
    Was this review helpful? 0
    , pune
    Reviewed on Nov 25, 2018
  • ICICI Prudential Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have applied for the life insurance which is TERM PLAN with the ICICI PRUDENTIAL. The process of getting and also applying the life insurance is simple process with this ICICI. The service is very good also i am satisfactory with this loan.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 24, 2018
  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have a Term insurance policy from the ICICI Prudential . The premium gets auto debited from the account. I Don't have to worry about the due date because ECS makes life so much easier. Their services also needs improvements. They need to raise their standards and provide quality support all the customers.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 21, 2018
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