ICICI Pru Life Raksha Plan

Overview

ICICI Pru 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 Pru 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 Pru Life Raksha Plan:

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

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.