ICICI Prudential Loan Protect Group Insurance Plan and Policy - ICICI Pru Loan Protect provides life coverage to a person who has taken an auto loan or a mortgage from a financial institution or a bank. Mortgage loans include Home Equity Loan, Home Loan, Commercial Property Loan, Land Loan and Loan against rent receivables. Loans that are taken in order to purchase a car fall under Auto Loan.
In order to be eligible for the ICICI Pru Loan Protect Policy, an individual must meet the following criteria:
Minimum age at entry | 18 years |
Maximum age at entry | 65 years |
Minimum assured sum | Rs.500,000 |
Minimum term of the policy | 5 years |
Maximum policy term | 30 years |
Minimum age at maturity | 23 years |
Maximum age at maturity | 70 years |
The ICICI Pru Loan Protect Policy comes with a myriad of features. These features are as follows:
Premium payment term | 5 years / Single Premium |
Death benefit options |
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Reducing cover | At the beginning of the policy, the sum assured and the death benefit will be equal. It will gradually decrease from the 2nd policy month. If death occurs during the policy term, then the death benefit applicable at that time will be paid off. |
Fixed cover | The assured sum selected at the beginning of the policy term will be the amount paid in the event of demise of the insured |
Mode of premium payment | Annual |
Grace period | 30 days |
Tax benefit | Avail tax benefit on premiums and the benefits listed under this policy according to the current Income Tax Laws |
ICICI Pru Loan Protect Policy comes with several benefits. These benefits are as follows:
Death Benefit – Death benefit is payable for a policy that is in force in the event of demise of the insured during the term of the policy. The amount that is payable at that time depends on what option was chosen by the insured at the beginning of the term. The death benefit for the Fixed Cover plan is provided below:
Entry age less than 45 |
Entry age 45 or more |
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Five pay when policy term is more than or equal to 10 years |
Highest of ten times the yearly premium or 105% of total premiums paid on date of demise or absolute assured amount to be paid at the time of demise |
Highest of seven times the yearly premium or 105% of total premiums paid on date of demise or absolute assured amount to be paid at the time of demise |
Five Pay when policy terms is more than or equal to 5 years but less than 10 years |
Highest of five times the yearly premium or 105% of total premiums paid on date of demise or absolute assured amount to be paid at the time of demise |
Highest of five times the yearly premium or 105% of total premiums paid on date of demise or absolute assured amount to be paid at the time of demise |
One Pay |
Highest of 125% of single premium or absolute assured amount to be paid at the time of demise |
Highest of 110% of single premium or absolute assured amount to be paid at the time of demise |
GST of 18% is applicable on life insurance effective from the 1st of July, 2017.
ICICI Prudential Saving Plans |
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ICICI Prudential Cash Advantage |
ICICI Prudential Saving Suraksha |
ICICI Prudential Assured |
ICICI Prudential Future Perfect |
ICICI Prudential Retirement Plans |
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ICICI Prudential Easy Retirement |
ICICI Prudential Immediate Annuity Retirement |
ICICI Prudential Group Insurance Plans |
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ICICI Prudential Rural Insurance Plans |
ICICI Prudential SarvJana Suraksha Rural |
ICICI Prudential Anmol Bachat Rural |