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.
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|
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
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|
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.
There are no add-on plans under the ICICI Pru Loan Protect Plus Plan.
For details of exclusion, please read the brochure of the plan.
Benefit is not payable when:
Under the Loan Protect Plus Plan, policyholders can avail tax benefits as per prevailing tax laws.
Some of the benefits that can be utilised by a policyholder while purchasing the ICICI Pru Loan Protect Plus Plan are:
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.
A. The minimum Sum Assured of the plan is Rs.5, 00,000.
A. The Premium Payment Mode for the Five Pay option is yearly, under the Loan Protect Plus Plan.
A. No, the Sum Assured of the plan cannot be changed once selected at the beginning of the policy.
A. A 15-day grace period is allowed under the Five Pay option of the plan for monthly mode of premium payment.
A. The Premium Payment Terms offered under the plan are Single Pay and Five Pay option.
A. You have to be at least 18 years to be able to take up the plan.
A. The maximum age at maturity of the plan can be 70 years.
A. No, the waiting period does not apply in case an accident leading to Critical Illness and Total & Permanent Disability.
A. If the due premium remains unpaid during the grace period, the policy ceases to exist and the risk cover is considered void.
A. Once the CI and TPD benefits are paid, the policy is terminated.