ICICI Pru Life Raksha Plan is an ideal protection oriented plan that serves as a safety net for your family, in case of your untimely demise. The lump sum amount that your family receives in your absence can be utilised to meet immediate liabilities. This is a term insurance plan that provides comfort, happiness, and financial security to your family in times of need, even though you are not present.
The ICICI Pru Life Raksha Plan is a five year policy with benefits such as Death Benefit, Maturity Benefit, Surrender Benefit and Five year policy. However, there are certain eligibility criteria that must be met to avail the ICICI Pru Life Raksha Plan, they are:
|Minimum age at entry||18 years|
|Maximum age at entry||60 years|
|Premium payment term||Policy term|
|Type of plan||Term Insurance Plan|
The table given below indicates the sum assured, premium range, the frequency of payment, and the payment mode under the ICICI Pru Life Raksha Plan.
|Minimum Sum Assured||Rs.50,000|
|Maximum Sum Assured||Rs.5,00,000|
|Minimum and Maximum Premium||Depends on the minimum and maximum Sum Assured and age of the Life Assured|
|Premium Payment Mode||Monthly, Half-yearly, Yearly Monthly frequency – Premium loading of 5% unless the payment is made using direct debit|
|Premium Payment Option||Single, Regular|
|Policy Term||Regular Pay – 5 years|
*Premiums vary based on age, location, plan term and other factors
|Death Benefit||In the event of death of Life Assured, the nominee receives Death Benefit|
|Maturity Benefit||No Maturity or Survival Benefit|
|Surrender Benefit||No Surrender Benefit|
|Tax Benefit||Premium paid towards policy is eligible for tax benefits|
Death Benefit: In case of death of the Life Assured while the policy is active, the nominee receives the Death Benefit. The Death Benefit amount which is either the Sum Assured or 10 times the annualised premium excluding applicable premium payment frequency, or 105% of the total premiums paid as on date of death, whichever is the highest.
Tax Benefit: Under the ICICI Pru Life Raksha Plan, policyholders can avail tax benefits subject to conditions under 80C of the Income Tax Act, 1961. However, education cess and service tax is charged as per applicable rates.
Add-On Plans – Additional coverage under the ICICI Pru Life Raksha Plan
There are no add-on plans under the ICICI Pru Life Raksha Plan.
Suicide Exclusion: Under the ICICI Pru Life Raksha Plan, if the Life Assured commits suicide despite being either sane or insane, within a year from the policy’s commencement date, the policy is considered void and is thereby terminated. 80% of premium, benefits, and interests under this policy are nullified. In case of revival of the policy, if the Life Assured, whether sane or insane, commits suicide within a year from the reinstatement of the policy, ICICI Prudential will refund 80% of the premiums paid post revival of the policy.
|Policy Revival||Only applicable for Regular Pay option. Policy can be revived within the grace period, if it has lapsed due to non-payment of premium. It is subject to following conditions:
|Grace Period||15 days from the due date of unpaid premium for monthly mode, 30 days for other modes|
|Premium Discontinuance||If premium not paid within the grace period, all benefits will be void under the policy|
The ICICI Pru Life Raksha Plan helps you avail some tax benefits, while availing a protection through this plan.
There are benefits galore that can be availed from the registered website of ICICI Prudential Life. You can connect with financial advisors through the website or contact the customer care by filling in your information and requesting a call back from the company. Customers can also find all important information about the plan through online brochures available on the website. The following benefits can be availed by customers of ICICI Prudential planning to purchase the Life Raksha Plan:
Through its four significant values – Humility, Passion, Integrity, Customer First, and Boundaryless, ICICI Prudential has grown to become one of the country’s largest private sector banks. With a plethora of financial products available in sectors such as investment, savings, and protection, the company has managed to build a strong customer base. Its cost-effective initiative, consistent fund performance, superior quality services, and hassle-free settlement, make ICICI Pru Life Raksha Plan a good purchase from ICICI Prudential.
A. In case of missed premium payments either on the due date or within the grace period, the ICICI Pru Life Raksha Plan is lapsed and the risk cover will no longer be active. No benefits will be payable in case of the death of the Life Assured.
A. No, the company reserves the right to refuse the revival of the policy as per its conditions.
A. No, the Sum Assured once chosen at the policy’s commencement, cannot be changed again.
A. No, there is no option of loan availability under this plan.
A. No, there is no maturity benefit under this policy.
A. The minimum eligibility age for purchasing the ICICI Pru Life Raksha Plan is 18 years.
A. No, there is no surrender benefit available under the plan.
A. Yes, the stamp duty charges as well as the medical examination fees borne by the company, must be paid by the policyholder on cancellation of the policy.
A. ICICI Prudential has the right to cancel the policy in such cases. The company pays the surrender value or refund the premiums paid.
A. The maximum Sum Assured that can be opted for under the plan is Rs.5,00,000.