ICICI Life Raksha Plan: Key Features & Benefits | PolicyX
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ICICI Pru Life Raksha Plan

ICICI Pru Life Raksha is a pure protection term insurance plan designe ...Read More

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Written by Naval Goel
Reviewed by Apeksha Parsai
Published: 24 Oct 2024
Updated: 14 Aug 2026
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IRDAI Licensed

Overview

ICICI Life Raksha is a pure protection term insurance plan designed to provide affordable financial security for families. The plan offers life cover ranging from ₹50,000 to ₹5 lakh with tax benefits on premiums paid.

Offered by ICICI Life Insurance Company, the premium payment term for the Life Raksha plan is a regular pay for 5 years. It is important to note that this plan does not come with any maturity or surrender benefits.

Key Benefits of ICICI Life Raksha Plan

  • 5-year regular pay
  • Affordable premiums
  • Tax benefits
  • Short-term cover
  • Option to choose a low sum assured

Video reviews

Walkthroughs from the PolicyX team — pros, cons, real claim experiences and who should buy.

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Detailed Benefits

Death Benefit

In case of an unfortunate event, the company will provide a lump sum payout to the nominee, equivalent to 105% of the sum assured.

Five-Year Regular Pay

This plan requires regular premium payments for 5 years. To continue the policy, the insured must pay the premium throughout this 5-year term.

Tax Benefits

Policyholders who buy this plan are eligible for tax benefits under Section 80C of the Indian Income Tax Laws.

No Medical Examination

The policyholder does not have to undergo any medical examination to buy this plan.

Exclusions

  • Death due to a pandemic
  • Death due to adventure sports
  • Death due to consumption of drugs and alcohol
  • Death due to any pre-existing disease not declared at policy inception
  • If the policyholder commits suicide within 12 months of policy purchase, the nominee will receive either the premiums paid to date or the surrender value, whichever is higher. No death benefits will be paid.

Eligibility Criteria for ICICI Pru Life Raksha Plan

Entry age
Entry age
Minimum Age: 18 years, Maximum Age: 60 years
Maturity age
Maturity age
Maximum Maturity Age - 70 years
Policy term
Policy term
Minimum term: 5 years, Maximum term: 5 years
Sum assured
Sum assured
10 times annual premium
Policy loan
Policy loan
Policy loan is not available under ICICI Life Raksha Plan
Payment Modes
Payment Modes
Annual, half-yearly, quarterly & monthly

Pros & cons

A quick honest summary — the strengths and the trade-offs.

Pros

  • Five-Year Regular Pay
  • No medical examination
  • Tax benefits

Cons

  • No policy loan
  • No Investment option
  • No Terminal illness benefit

Who can buy this plan

Eligibility criteria pulled straight from the policy wording.

Minimum entry age: 18 years
Maximum entry age: 60 years
Minimum sum assured: ₹50
Minimum policy term: 5 years
Maximum policy term: 5 years.

Conclusion

ICICI Pru Life Raksha plan is a pure-term insurance plan that offers death benefits and life cover.

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Frequently Asked Questions

The 1 most-asked questions about ICICI Pru Life Raksha Plan, answered.

The minimum sum assured of the Life Raksha Plan is Rs 50,000.

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