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.
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|
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
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|
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.
There are no add-on plans under the ICICI Pru Loan Protect Plan.
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.
|Policy Revival||Policy can be revived within the two years from the date of the first unpaid premium|
|Grace Period||30 days|
Under the Loan Protect Plan, policyholders can avail tax benefits as per prevailing tax laws.
Some of the other benefits that can be utilised by a policyholder while purchasing the ICICI Pru Loan Protect Plan are:
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.
A. The minimum life cover available under the plan is Rs.5, 00,000.
A. You can apply for the plan at any time between the ages of 18 to 65 years.
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.
A. A 30-day grace period is allowed under Loan Protect Plan from ICICI Prudential.
A. The longest policy term under the plan is 30 years.
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.
A. The Premium Payment Mode under the Loan Protect Plan is yearly.
A. The minimum death benefit under the One Pay option of the plan is:
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.
A. If the due premium remains unpaid during the grace period, the policy ceases to exist and the risk cover is considered void.