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ICICI Pru Life Raksha is a simple pure protection plan offering death benefits ranging from INR 50,000 to INR 5 lakhs.
The plan is offered by ICICI Pru Life Insurance company and comes with tax benefits against the premiums that you pay. The premium payment term of the Life Raksha plan is regular pay for 5 years. It is to be noted that this plan does not come with any maturity or surrender benefits.
Here are some benefits of this plan:
Minimum Age - 18 years Maximum Age - 60 years
Maximum Maturity Age - 70 years
Minimum term - 5 years Maximum term - 5 years
10 times annual premium
Policy loan is not available under ICICI Life Raksha Plan
Annual, half-yearly, quarterly & monthly
Here are the benefits associated with the ICICI Pru Life Raksha
In case of unfortunate demise of life insured during the policy term, ICICI Pru Life Raksha Plan offers death benefit in a lump sum.
The policyholder can enjoy tax exemptions for paying the premiums of ICICI Pru Life Raksha Plan. The amount of tax exemptions are up to INR 1.5 lakhs under section 80 C and 2.5 lakhs under section 10 (10)D of the Income Tax Act.
The policy is great option for someone who is looking for a short term coverage with lower premiums and a short policy term.
ICICI Prudential Term Insurance
ICICI Pru iProtect Smart Term Insurance Plan
In case of any unfortunate event, the company will provide a lump sum payout to the nominee which is equivalent to 105% of the sum assured.
Life Raksha is a five-year plan that offers life cover and to continue the policy the insured has to pay the premium throughout the policy term.
If the policyholder buys this plan they are eligible for the tax benefit under section 80(C) of the Indian Tax Laws.
The policyholder doesn't have to undergo any medical examination to buy this plan.
Here is the list of exclusions associated with the plan:
ICICI Pru Life Raksha plan is a pure-term insurance plan that offers death benefits and life cover. The policyholder can buy the plan without any medical examination and avail tax benefits on premium payments.
For more info related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
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The minimum sum assured of the Life Raksha Plan is Rs 50,000.
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Bindiya is a seasoned content writer specializing in keeping readers acquainted with the insurance industry, term insurance developments, and life insurance sector shifts. With an experience of 3 years in insurance, Bindiya ensures that her readers stay well informed with the insurance developments and factually correct information.
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