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ICICI Pru Loan Protect

ICICI Pru Loan Protect Plan is a non-participating non-linked term insurance plan that offers life cover to the Life Assured who has either taken an auto loan or mortgage from a financial institution or a bank.

Eligibility - Who is the ICICI Pru Loan Protect Plan for?

When applying for the ICICI Pru Loan Protect Plan, applicants must fulfil the following eligibility criteria:

Minimum age at entry 18 years
Maximum age at entry 65 years
Minimum age at maturity 23 years
Maximum age at maturity 70 years
Type of Plan Non-linked Term Insurance Plan

Sum Assured and Premium Payment Term - What you Get and What it Costs?

The sum assured, the policy term and the premium payment term under the ICICI Pru Loan Protect Plan is indicated in the table below:

Minimum Sum Assured Rs.5,00,000
Minimum Policy Term 5 years
Maximum Policy Term 30 years
Premium Payment Term (PPT) Single Premium or Five years
Premium Payment Mode Annual

*Premiums vary based on age, location, plan term and other factors

Plan Coverage - What the ICICI Pru Loan Protect Plan Covers?

The ICICI Pru Loan Protect Plan offers the following benefits:

Death Benefit Payable as fixed cover or reducing cover, on death of the Life Assured
Surrender Benefit Payable on voluntary termination of policy or discontinuance of premium payments
Tax Benefit On Premiums and Benefits received as per prevailing tax laws

Benefits in Detail:

Death Benefit: If the Life Assured meets with a sudden demise during the policy term, Death Benefit is payable and the amount is decided by the option selected at the beginning of the policy. For One Pay option, the Sum Assured is always higher than 125% or 110% of single premium. While for Five Pay option, the Sum Assured is always higher than 5 or 10 or 7 times annual premium and 105% of total premiums paid.

Surrender Benefit: For One Pay option, the Surrender Value is only paid if the policy is voluntarily terminated. For Five Pay option, the benefit is payable either if the policy has been terminated voluntarily or premiums have not been paid and the policy has not been revived within the revival period.

Add-On Plans – Additional Coverage under the ICICI Pru Loan Protect Plan:

There are no add-on plans under the ICICI Pru Loan Protect Plan.

Exclusions - What the ICICI Pru Loan Protect Plan doesn’t Cover?

Suicide Exclusion: If the Life Assured, whether sane or insane, commits suicide within a period of one year from the commencement of policy, the nominee will receive 80% of the premiums paid until the date of death. Once the payment is made, the policy is considered terminated and all benefits stand extinguished.

Other Key Features:

Other key features of the ICICI Pru Loan Protect Plan are:

Particulars Details
Policy Revival Policy can be revived within the two years from the date of the first unpaid premium
Free-look Period
  • 15 days from the date of receipt of policy document – If policy not purchased through Distance marketing
  • 30 days from the date of receipt of policy document – If policy purchased through Distance marketing
Grace Period 30 days

Tax Benefits – How you can save with the ICICI Pru Loan Protect Plan?

Under the Loan Protect Plan, policyholders can avail tax benefits as per prevailing tax laws.

Other Benefits of the ICICI Pru Loan Protect Plan:

Some of the other benefits that can be utilised by a policyholder while purchasing the ICICI Pru Loan Protect Plan are:

  • Online brochure available for download
  • Online comparison with other plan
  • Arrange for a call back from ICICI
  • Apply for the plan online
  • Get a financial advisor from ICICI by requesting for it online
  • Locate the nearest ICICI Prudential branch

Why you should Buy the ICICI Pru Loan Protect Plan from ICICI Prudential?

The Loan Protect Plan from ICICI Prudential Life is an ideal plan for those who have taken loans such as home loans, auto loans, loans against property, land loan, etc. This plan allows its policyholders to pay premiums as per their comfort. ICICI is a company that has continued to dominate the Indian life insurance sector since its inception. As one of the company’s core values is customer focus, it is an ideal choice to buy the Loan Protect Plan from ICICI.

Frequently Asked Questions (FAQs):

  1. What is the minimum life cover that can be availed under the ICICI Pru Loan Protect Plan?

    A. The minimum life cover available under the plan is Rs.5, 00,000.

  2. What is the age range within which I can apply for the Loan Protect Plan from ICICI Prudential?

    A. You can apply for the plan at any time between the ages of 18 to 65 years.

  3. Till when will life cover be provided if the policy term of the Loan Protect Plan chosen is lower than the tenure of the loan?

    A. Under the Loan Protect Plan, ICICI provides life cover only until the end of the policy term and not till the end of the loan tenure.

  4. How many days of grace period will I get under the ICICI Pru Loan Protect Plan?

    A. A 30-day grace period is allowed under Loan Protect Plan from ICICI Prudential.

  5. What is the longest policy term that I can choose if I take up the Loan Protect Plan?

    A. The longest policy term under the plan is 30 years.

  6. What does reducing cover option in the ICICI Pru Loan Protect Plan mean?

    A. The reducing cover option under the plan implies that the Death Benefit is equivalent to the Sum Assured at the beginning of the policy and thereby reduce each month from the second policy month.

  7. What is the Premium Payment Mode of the Loan Protect Plan offered by ICICI Prudential?

    A. The Premium Payment Mode under the Loan Protect Plan is yearly.

  8. What is the minimum death benefit under the One Pay option of the Loan Protect Plan by ICICI Prudential?

    A. The minimum death benefit under the One Pay option of the plan is:

    • For entry age below 45 years – Highest of 125% of a premium or the Sum Assured
    • For entry age above and equal to 45 years – Highest of 110% of a premium or the Sum Assured
  9. Will I be charged anything If I cancel the plan within the free-look period?

    A. Yes, ICICI Prudential charges stamp duty fees, medical examination expenses, and the proportionate risk premium for the period of cover. These charges are deducted from the premiums paid till date, before returning.

  10. What will happen if I fail to pay the due premium of the ICICI Pru Loan Protect Plan within the grace period?

    A. If the due premium remains unpaid during the grace period, the policy ceases to exist and the risk cover is considered void.