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ICICI Pru Loan Protect Plus Plan

Life Insurance
  • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
  • Claim up to Rs. 1,50,000 deduction under section 80C**
  • Choose between annual and monthly premium payment options

ICICI Pru Loan Protect Plus Plan is a non-participating non-linked term insurance plan with comprehensive benefit options that offer life cover as well as protection against permanent disability, critical illness, and accidental death. The Loan Protect Plus Plan allows you to choose your protection cover and policy terms based on your needs and requirements.

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

The table below enlists certain eligibility criteria that need to be met when applying for this plan:

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 Plus Plan is indicated in the table below:

Minimum Sum Assured Rs.5,00,000
Policy Term Coverage options Policy term in years
Reducing 5 – 20, 25, 30
5 or 7 year Moratorium period 8 – 20, 25, 30
Premium Payment Term (PPT) Five Pay, Single Pay
Premium Payment Mode Five Pay - Yearly

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

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

The ICICI Pru Loan Protect Plus Plan offers the following benefits:

Death Benefit Payable on death of the Life Assured to the nominee, with three reducing cover options
Accidental Death (AD) Benefit Payable on death of the Life Assured due to an accident, in addition to Death Benefit
Accelerated Critical Illness (CI) & Total and Permanent Disability (TDP) Payable if the Life Assured is diagnosed with a covered Critical Illness or declared TPD
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: Under this plan, the Life Assured can select from three reducing cover options as Death Benefit. The benefit is equivalent to Sum Assured at the beginning of the policy. However, it reduces monthly throughout the policy term based on the reduction schedule selected or remains at the same level for 5 or 7 years and then decrease thereafter.

Accidental Death Benefit: It is equivalent to Death Benefit and is payable on death of the policyholder due to accident. It is paid along with the Death Benefit.

Accelerated Critical Illness & Total and Permanent Disability: It is equivalent to Death Benefit and is payable if the Life Assured is declared TPD and Critically Ill. CI & TPD cover is an accelerated benefit and is terminated on its payment.

Surrender Benefit: This benefit is payable if the policy is voluntarily terminated or the policyholder stops paying premiums or does not revive the policy on time.

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

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

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

For details of exclusion, please read the brochure of the plan.

Other Key Features:

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

Particulars Details
Policy Revival
  • Policy can be revived within the two years from the date of the first unpaid premium
  • If policy has a CI & TPD Benefit, a three-month waiting period is applicable unless waived
Grace Period
  • 15 days - Monthly mode
  • 30 days - Other modes
Waiting Period Benefit is not payable when:
  • Any CI & TPD symptoms have occurred already and care, treatment, or advice has been recommended or
  • If any CI & TPD has been contracted in the first six months of the policy

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

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

Other Benefits ICICI Pru Loan Protect Plus Plan:

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

  • Download the online brochure of ICICI Pru Loan Protect Plus Plan
  • Make comparison with other plans
  • Opt for a financial advisor from the company
  • Request for a call back from the company
  • Purchase a plan online
  • Locate the nearest ICICI Prudential branch

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

The Loan Protect Plus Plan from ICICI Prudential Life is an excellent plan with a wide range of policy terms. With adequate choice of premium payment terms and coverage options, the Loan Protect Plus Plan is an ideal comprehensive cover. The company is an ideal choice for policyholders as operates on four key values – Passion, Customer focus, Integrity, Humility, and Boundaryless, thereby making it a trustworthy company to purchase a policy from.

Frequently Asked Questions (FAQs):

  1. What is the minimum Sum Assured of the ICICI Pru Loan Protect Plus Plan?

    A. The minimum Sum Assured of the plan is Rs.5, 00,000.

  2. What is the Premium Payment Mode that is applied for the Five Pay option under the plan?

    A. The Premium Payment Mode for the Five Pay option is yearly, under the Loan Protect Plus Plan.

  3. Can I change the Sum Assured under the ICICI Pru Loan Protect Plus Plan at any time during the policy term?

    A. No, the Sum Assured of the plan cannot be changed once selected at the beginning of the policy.

  4. How many days of grace period will I get under the Five Pay option for monthly mode of premium payment under the plan?

    A. A 15-day grace period is allowed under the Five Pay option of the plan for monthly mode of premium payment.

  5. What are the Premium Payment Terms offered under the Loan Protect Plus Plan of ICICI Prudential?

    A. The Premium Payment Terms offered under the plan are Single Pay and Five Pay option.

  6. How old would I have to be to take up the ICICI Pru Loan Protect Plus Plan?

    A. You have to be at least 18 years to be able to take up the plan.

  7. What is the maximum permissible age at maturity of the Loan Protect Plus Plan?

    A. The maximum age at maturity of the plan can be 70 years.

  8. Does the waiting period apply if Critical Illness and Total & Permanent Disability is caused by an accident?

    A. No, the waiting period does not apply in case an accident leading to Critical Illness and Total & Permanent Disability.

  9. What will happen if I fail to pay the due premium of the ICICI Pru Loan Protect Plus 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.

  10. What happens once the Critical Illness and Total & Permanent Disability is paid to the policyholder?

    A. Once the CI and TPD benefits are paid, the policy is terminated.