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ICICI Pru Life Raksha Plan

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.

Eligibility - Who is the ICICI Pru Life Raksha Plan for?

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

Sum Assured and Premium Range - What you Get and What it Costs?

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

Plan Coverage - What the ICICI Pru Life Raksha Plan Covers?

The ICICI Pru Life Raksha Plan offers the following benefits:

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

Benefits in Detail:

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.

Exclusions - What the ICICI Pru Life Raksha Plan doesn’t Cover?

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.

Other Key Features:

Some of the other main features of the ICICI Pru Life Raksha Plan are:

Particulars Details
Free-look period
  • 15 days from the receipt of the policy document, if policy not purchased through Distance marketing
  • 30 days from the receipt of the policy document, if policy purchased through Distance marketing
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:
  • Application to be made within 2 years from the due date of the first unpaid premium and before policy termination
  • Satisfactory evidence of health of the Life Assured
  • Arrears of premium with interest for late payment
  • All decisions are subject to approval from the prevailing Board’s underwriting policy
However, the policy revival may be in effect on different terms than the one before it lapsed. ICICI Prudential has the right to refuse to revive the policy and the revival holds true only when it is clearly communicated to the policyholder.
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

Tax Benefits – How you can save with the ICICI Pru Life Raksha Plan?

The ICICI Pru Life Raksha Plan helps you avail some tax benefits, while availing a protection through this plan.

  • Tax benefits under this plan are subject to conditions in the 80C of the Income Tax Act, 1961
  • Service tax and cess is charged additionally, as per applicable rates
  • Tax laws are subject to periodic amendments

Other Benefits of ICICI Pru Life Raksha 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:

  • Plan brochure available for download
  • Find the nearest ICICI Prudential branch
  • Arrange for a call back by filling in personal information online
  • Contact a financial advisor
  • Compare different protection plans
  • Purchase the plan online
  • Contact customer care
  • Read terms and conditions of the plan online

Why you should Buy the ICICI Pru Life Raksha Plan from ICICI Prudential?

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.

Frequently Asked Questions (FAQs):

  1. What will happen if I fail to make premium payments towards the ICICI Pru Life Raksha Plan within the grace period?

    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.

  2. If I apply for revival of the lapsed policy within two years from the first unpaid premium, is there a guarantee that ICICI will reinstate the policy?

    A. No, the company reserves the right to refuse the revival of the policy as per its conditions.

  3. Can I change the Sum Assured under the plan, at a later date within the term of the policy?

    A. No, the Sum Assured once chosen at the policy’s commencement, cannot be changed again.

  4. Can I take a loan under the ICICI Pru Life Raksha Plan?

    A. No, there is no option of loan availability under this plan.

  5. Is there a maturity benefit under this plan?

    A. No, there is no maturity benefit under this policy.

  6. What is the minimum eligibility age for purchasing the ICICI Pru Life Raksha Plan?

    A. The minimum eligibility age for purchasing the ICICI Pru Life Raksha Plan is 18 years.

  7. Is there a surrender benefit under the Life Raksha Plan from ICICI Prudential?

    A. No, there is no surrender benefit available under the plan.

  8. Are there any charges levied on the policyholder on cancellation of the policy within the free-look period?

    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.

  9. What happens in case of misrepresentation or fraud while purchasing 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.

  10. What is the maximum Sum Assured that can be chosen under the ICICI Pru Life Raksha Plan?

    A. The maximum Sum Assured that can be opted for under the plan is Rs.5,00,000.