ICICI Prudential Life Insurance for Home Loan

“Home is where the heart is”, this phrase states a lot about the importance of a home in our lives. A majority of us spend our entire life trying to make sufficient money to purchase our dream home, ensuring we provide safety and comfort to our family. Given the cost associated with owning a home, most of us end up availing a home loan to build the house of our dreams. Availing and repaying a home loan is an arduous task and it becomes crucial for us to take steps to prevent this dream of owning a home from turning into a nightmare, which is where ICICI Prudential Life Insurance for home loans come in, helping us move towards our perfect home.

Types of ICICI Prudential Life Insurance Plans:

ICICI Prudential Home Assure:

ICICI Prudential Home Assure is a unique product which provides protection for the loan amount you have availed to build your dream house. is suited for individuals who have the best interest of their loved ones in mind. This scheme works in tandem with your home loan provider, ensuring both you and your home stay protected.

ICICI Prudential Life Insurance for Home Loan Eligibility Criteria:

Individuals who are keen to reap the benefits of this loan protection scheme should satisfy the following basic criteria.

Minimum age at entry

An applicant should be at least 18 years old.

Maximum age at entry

An applicant should not be over 60 years old.

Maximum age at which cover ceases

The cover ceases when an applicant reaches the age of 70 years.

Minimum premium

The minimum premium to avail this protection is Rs 6,000.

Features of ICICI Prudential Home Assure:

Some of the main features of this life insurance scheme are mentioned below.

Flexible policy term

Individuals can opt for a policy term ranging between 2 years and 30 years, as per their needs.


A low premium amount, starting from Rs 6,000 makes it pocket friendly.

Premium payment mode

A single premium payment mode is available to individuals, ensuring that they do not have to worry about annual renewals or due dates.

Sum assured

The minimum sum assured is Rs 25,000/-, with individuals having an option to increase it as per their needs.

Benefits of ICICI Prudential Home Assure:

Individuals who opt for life insurance for home loan enjoy the following benefits.

Death Benefit

A death benefit equivalent to the sum assured will be paid on the death of an applicant, depending on the loan schedule.

Partial prepayment

The cover an individual is entitled to will not end if he/she chooses to partially prepay the loan.

Surrender value

In the event of an individual prepaying the full loan amount, he/she will be entitled to a surrender value which depends on the premium paid.

How to purchase ICICI Prudential Home Assure:

Individuals who are keen to purchase a policy have two options – they can either ask for an advisor to visit them at their home/office or they could visit the nearest branch of ICICI Prudential. After understanding the aspects of the policy, one needs to fill a few documents and pay the premium to stay protected. Additionally, one can also log onto the BankBazaar website to find information on the policy and to get assistance in purchasing it.

Working of ICICI Prudential Home Assure:

The working of plans which offer such protection is simple and straightforward, with individuals required to pay a single premium amount to avail protection. An initial sum assured which is equal to the loan amount can be chosen. In the event of unfortunate demise of a policyholder during a policy term, the sum assured will be paid. There is, however, no contingency for a maturity benefit on survival at the end of a term.

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

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