ICICI PRU Loan Protect Plan
  • Protection against mortgage
  • Protection against the car loan
  • Sum assured starts with 5 lacs
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ICICI PRU Loan Protect Term Plan

Are you worried about who will be responsible for the loan amount you have taken after your demise? Will your family or loved ones will have to pay back the loan after you?

The answer is no! Because today, we have got you a term plan named ICICI pru loan protect that not only protects your life but also covers up the loan amount that you have taken against your home, car, mortgage, business, and much more.

ICICI Pru Loan Protect is a non-participating term insurance plan, that provides life cover to individuals who have taken a mortgage or car loan from a bank or any other financial institution. With the option of choosing between a fixed cover and a reduced cover, you can cover yourself up to 70 years of age.

In this article, you will get to know all the details regarding the ICICI Pru loan protect plan.

ICICI PRU Loan Protect Plan: Features

Given below are features available in the ICICI Pru Loan Protect plan:

  • Policy term

    Under the ICICI pru protect loan plan, you can select the policy term as per your loan tenure, such as 20 years, 25 years, 30 years, and so on.

  • Flexible-Premium payment term

    Under the ICICI Pru Protect loan plan, you can choose from the option to pay premium only once or for a limited period of 5 years. So that you can better plan your financial spending over a longer period.

  • Reducing cover

    Under the ICICI Pru Protect loan plan, You have the option of reducing cover from the second month of the policy purchase, as per the reduction of your loan amount over time.

ICICI Pru Loan Protect: Eligibility Criteria

Criteria

Specifications
Age (In Years) Min:18 Years
Max: 65 Years
Policy term Min: 5 Years
Max :30 years
Sum assured 5 lacs
30 lacs
Maturity term Min: 23 years
Max: 70 years
Premium paying modes Annual
Premium paying terms Single Premium/5 years
Tax benefit Yes available under section 80C
Grace period 30 Days
Policy Loan Not Available

ICICI Pru Loan Protect: Benefits

Below are the benefits of ICICI Pru Loan Protect term plan

  1. Death Benefit

    Upon the demise of the life assured during the policy term, ICICI Pru Loan Protect pays the nominee among the highest of the below:

    For single pay:

    The sum assured, as chosen by you, is always greater than 125% of a single premium.

    For a policy term of 5 years:

    The sum assured as chosen by you is always greater than 7 times the annual premium and 105% of premiums paid.

  2. Tax Benefits

    You can get a tax rebate for all the premiums paid for the ICICI Pru Loan Protect term plan by up to 1.5 lacs under section 80C of the Income Tax Act 1961.

  3. Surrender Benefit

    For the One Pay option, a surrender value will be paid to you if you surrender the policy.

How Does ICICI Pru Loan Protect Plan Work?

Suppose Vaibhav, a 30-year-old software engineer, bought an ICICI Pru Loan Protect Plan with a sum assured of 30 lacs with an outstanding loan amount of 10 years, for reducing cover option.

Given below are details of the premium and death benefits he can opt over the policy term.

Year Outstanding loan tenure: 10 years Policy term: 5 years Outstanding loan tenure: 10 years Policy term: 10 years
- Premium Death Benefit Premium Death Benefit
1 Rs. 3,900 Rs.30 lakh Rs. 6,780 Rs.30 lakh
2 Rs.3,900 Rs.26.1 lak Rs. 6,780 Rs.28.9 lakh
3 Rs.3,900 Rs.21.4 lakh Rs. 6,780 Rs 27.7 lakh
4 Rs.3,900 Rs.15.6 lakh Rs. 6,780 Rs 26.1 lakh
5 Rs.3,900 Rs.8.6 lakh Rs. 6,780 Rs 24.2 lak
6 Not applicable - Rs 21.9 lakh
7 - Rs 19.1 lakh
8 - Rs 15.6 lakh
9 - Rs 11.4 lakh
10 - Rs 6.3 lakh

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Wanna know more about the ICICI PRU Loan Protect Plan?

If you have doubts or queries regarding the ICICI PRU Loan Protect Plan or need assistance, you can contact us at the following details. A certified financial advisor from policyx.com will get in touch with you.

Toll-free no: 1800-4200-269

Office address: 1st Floor, Landmark Tower, Plot no-2, Southcity-1, Opposite C-113, Ashok Marg, Sector-41, Gurugram - Haryana - 122001 India.

Premium Illustration of ICICI PRU Loan Protect Plan

Given below are the premium illustrations of ICICI PRU Loan Protect Plan for a 30-year-old non-smoker male, looking for a policy term of 5 years with a sum assured of 30 lacs.

Age Policy term Premium paying term Sum assured Premium amount (Single)
30 years 5 years Single 30 lacs 3900/-

Exclusions of ICICI PRU Loan Protect Plan

Given below are some exclusions of the ICICI PRU Loan Protect Plan:

  • Suicide within 12 months of policy inception.
  • Consumption of any type of intoxicants.
  • Death due to any aviation accident.
  • Death due to any adventurous sports.

Overview of ICICI PRU Loan Protect Plan

Want to know the ICICI PRU Loan Protect Plan in short? For your convenience, we are providing a short overview of the plan. By knowing what's good here and what's lacking, you can easily decide to purchase.

What’s Good?

  • Reducing cover
  • Fixed cover
  • Flexible Premium paying option

What’s Lacking?

  • No zero cost
  • No waiver of premium
  • No return of premium

Explore Other ICICI Term Insurance Plans

You can find other term policies offered by the ICICI Term Insurance company in the section below:

Comprehensive Plan

ICICI Pru iProtect Smart Term Plan

This plan offers an optional accidental death benefit of up to 2 crores, extended coverage until age 99, and includes coverage for Covid-19 claims.

Unique Features

  • Unlimited Maximum Sum Assured
  • Smart Exit Benefit
  • Waiver of Premium Benefit

iProtect Smart Term Plan (Pros)

  • Major Organ Benefit
  • Accelerated Critical Illness Benefit
  • Choose your Policy Term

iProtect Smart Term Plan (Cons)

  • No Loans Allowed
  • Modal Loadings
  • No Maturity Benefit

iProtect Smart Term Plan (Other Benefits)

  • Brain and Nervous System Benefit
  • Heart and Artery Benefit
  • Terminal Illness and Disability Enhanced Protection

iProtect Smart Term Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - NA
  • Maximum Maturity Age - 75 Years
  • Premium Payment Term - RP/SP/LP

Critical Illness Plan

ICICI Pru iProtect Return of Premium

The plan offers coverage for 64 critical illnesses, 360-degree protection, and enhanced safeguarding against accidental death.

Unique Features

  • 4 plan options
  • Live-stage coverage
  • Enhanced protection with riders

iProtect Return of Premium (Pros)

  • Income Benefit Post 60 Years
  • ROP with Life-stage cover
  • Survival Benefits

iProtect Return of Premium (Cons)

  • Income Benefits for a non-smoker
  • No Critical Illness Cover With LP
  • Critical Illness Caused by Sterility and Infertility

iProtect Return of Premium (Other Benefits)

  • Loyalty Discount of 5% & 2%
  • Critical Illness (CI) Benefit
  • Accidental Death Benefit Cover up to 2 Cr

iProtect Return of Premium (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - NA
  • Maximum Maturity Age - 85 Years
  • Premium Payment Term - 5 To 40 Years

Comprehensive Plan

ICICI Pru POS iProtect Smart

The plan provides coverage for road and train accidents, physical incapacity and comes with discounts for women.

Unique Features

  • 4 Payout Options
  • AIDS Cover
  • Accident Benefit of 2 Cr

POS iProtect Smart (Pros)

  • Life Coverage upto 99 Years
  • Buy Online With MWP Act
  • 34 Critical Illnesses Covered

POS iProtect Smart (Cons)

  • No Survival Benefit
  • No Loans Allowed
  • No ACI for Single Pay

POS iProtect Smart (Other Benefits)

  • Covers Suicide
  • Special Premium Rates for Women
  • Accelerated Critical Illness (ACI Benefit)

POS iProtect Smart (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - NA
  • Max Maturity Age - 75 Years (SP)
  • Premium Payment Term - 5yrs (RP), (SP), 10 yrs(LP)

Comprehensive Plan

ICICI Pru Protect N Gain

This plan provides accidental death cover with lump sum payouts for accidental death and disability, also offering to grow wealth through market-linked returns.

Unique Features

  • 4 Portfolio Strategies
  • Unlimited Free Switches of Funds
  • Systematic Withdrawal Plan

ICICI Pru Protect N Gain (Pros)

  • Surrender Value
  • Maturity Benefit
  • Accidental Disability Cover Upto 1 Cr

ICICI Pru Protect N Gain (Cons)

  • No Loan Benefit
  • Return of Mortality
  • Premium Allocation Charges

ICICI Pru Protect N Gain (Other Benefits)

  • Maturity Booster
  • Choose the PPT & PT
  • First Five Policy Years Partial Withdrawal Allowed

ICICI Pru Protect N Gain (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 5L
  • Maximum Maturity Age - 90
  • Premium Payment Term - SP/RP/LP

Comprehensive Plan

ICICI Pru iShield

This policy includes benefits for death and disability, along with valuable add-ons like sum insured protector and claim protector.

Unique Features

  • Restore Benefit
  • 3 Payout Options
  • Terminal Illness Cover

ICICI Pru iShield (Pros)

  • Life cover Till the age of 85 years
  • Day Care Treatment Covers
  • Waiver of Future premiums For Permanent Disability

ICICI Pru iShield (Cons)

  • No Loan Benefit
  • Only Regular Pay is Available
  • No Survival Benefit

ICICI Pru iShield (Other Benefits)

  • Suicide Cover
  • Increasing Income Benefit
  • Pre and Post Hospitalisation Cover

ICICI Pru iShield (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 50L
  • Maximum Maturity Age - NA
  • Premium Payment Term - Regular Pay

Standard Plan

ICICI Pru iCare II

ICICI Pru iCare II is a term plan that lets you secure your family’s future, and allows you to choose the number of years for which you wish to pay the premiums.

Unique Features

  • Choose Your Cover
  • Accidental Death Cover
  • Unlimited SA Options

ICICI Pru iCare II (Pros)

  • 2 Crore Accidental Death Benefit
  • One Pay & Single Pay Option
  • Unexpired Risk Premium Value

ICICI Pru iCare II (Cons)

  • No Maturity Benefit
  • No Loans Allowed
  • Death Due To Drugs

ICICI Pru iCare II (Other Benefits)

  • Suicide Cover
  • Tax Benefit
  • Affordable Plan

ICICI Pru iCare II (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - Adaptable
  • Maximum Maturity Age - NA
  • Premium Payment Term - SP

Standard Plan

ICICI Pru Saral Jeevan Bima

A standard pure protection term plan that offers coverage on affordable premiums.

Unique Features

  • Choose premium payment term
  • Death by accident cover
  • Tax benefits available

ICICI Pru Saral Jeevan Bima (Pros)

  • Available For Online Buying
  • Max Sum Assured 1 Cr
  • Choose To pay Premium Once

ICICI Pru Saral Jeevan Bima (Cons)

  • No Survival Benefit
  • No Surrender Benefit
  • No Maturity Benefit

ICICI Pru Saral Jeevan Bima (Other Benefits)

  • Suicide Cover
  • Spouse Cover
  • Policy Revival Within 5 Years

ICICI Pru Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP(5&10 Years)

Specialized Plan

ICICI Pru Precious Life

The plan covers cancer survivors, pre-existing conditions, post-surgery individuals and offers lump sum and income benefits.

Unique Features

  • Increasing Income Benefit
  • Non-smoker Benefit
  • Medical Reports On Request

ICICI Pru Precious Life (Pros)

  • 4 Flexible To Take Death Benefit
  • Loyalty Benefit For 5% RP, 2% LP
  • Unexpired Risk Premium Value or LP/SP

ICICI Pru Precious Life (Cons)

  • Extra Mortality Premium
  • No Loans Allowed
  • No Maturity Benefit

ICICI Pru Precious Life (Other Benefits)

  • Suicide Cover
  • Tax Benefit
  • Obesity, Diabetes, High BP, Asthma

ICICI Pru Precious Life (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 2 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP(5&10 Years)

Standard Plan

ICICI Pru Life Raksha

A pure term plan that offers low coverage of 5 lakhs and premium discounts.

Unique Features

  • A 5-year regular pay policy
  • Immediate payout
  • Flexible premium payment options

ICICI Pru Life Raksha (Pros)

  • Death Benefit
  • Suicide Cover
  • Policy Revival Within 5 Years

ICICI Pru Life Raksha (Cons)

  • No Maturity Benefit
  • No Loans Allowed
  • No Surrender Benefit

ICICI Pru Life Raksha (Other Benefits)

  • 30 Days Grace Period
  • Tax Benefit
  • Affordable Plan

ICICI Pru Life Raksha (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 50 K
  • Maximum Maturity Age - NA
  • Premium Payment Term - 5 Years

Affordable Plan

ICICI Pru Loan Protect Plan

ICICI Pru Loan Protect protects your family from the outstanding home and car loans in your absence.

Unique Features

  • Flexible premium payment term
  • Fixed/Reducing cover option
  • Avail tax benefit

ICICI Pru Loan Protect Plan (Pros)

  • 125% Death Benefit
  • Suicide Cover After 12 Months
  • Surrender Value For One Pay Option

ICICI Pru Loan Protect Plan (Cons)

  • No Maturity Benefit
  • No Disability Cover
  • Only Single Pay Option

ICICI Pru Loan Protect Plan (Other Benefits)

  • Home Equity Loan
  • Commercial Property Loan
  • Land Loans

ICICI Pru Loan Protect Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 50L
  • Maximum Maturity Age - NA
  • Premium Payment Term - SP/5 Yrs

Affordable Plan

ICICI PRU Loan Protect Plus Plan

The plan covers death, accidental death, critical illness, and total and permanent disability offering loan benefits during periods of income loss.

Unique Features

  • Accelerated CI Cover
  • Total and Permanent Disability
  • Fixed / Reducing Coverage

ICICI PRU Loan Protect Plus Plan (Pros)

  • 125% Death Benefit
  • Suicide Cover After 12 Months
  • Surrender Value For One Pay Option

ICICI PRU Loan Protect Plus Plan (Cons)

  • No Suicide Cover For AD Benefit
  • No Tumor Treatment
  • No Pre Existing Diseases Cover

ICICI PRU Loan Protect Plus Plan (Other Benefits)

  • Choice of Premium Payment Terms
  • Tax Benefit
  • Choice of Coverage Options

ICICI PRU Loan Protect Plus Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 5L
  • Maximum Maturity Age - NA
  • Premium Payment Term - SP/5 Yrs

ICICI PRU Loan Protect Plan: FAQ's

1. What is the minimum eligibility age for purchasing an ICICI pru loan protect plan?

The minimum age to purchase an ICICI PRU loan protect plan is 18 years.

2. How much grace period is available in the ICICI pru loan protect plan?

30 days of interest-free grace period is available in the ICICI pru loan protect plan, so repay the premium amount even after the due date.

3. Can I opt for tax benefits for the premium paid for the ICICI Pru loan plan?

Yes, you can opt for tax benefits of up to 1.5 lacs under section 80c of Income Tax 1961.

4. How many premium paying modes are available in the ICICI Pru loan plan?

There is only an annual premium paying mode available in the ICICI Pru loan plan.

5. What is the minimum maturity age of the ICICI Pru loan plan?

The minimum maturity age to purchase to ICICI Pru loan plan is 23 years.

6. What is the best term plan for a home loan?

The ICICI PRU loan term plan is the best term plan anyone can purchase against any loan.

7. What do you mean by reducing coverage in term insurance?

As per the word reducing, in reducing term insurance, your overall cover amount will reduce with time, as per the completion of your liabilities.

8. In ICICI Pru Loan Protect, can I choose a policy term equal to my loan tenure?

Yes, in the ICICI PRU loan protect plan, you can choose a policy term equal to your policy term.

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ICICI Term Insurance Reviews

Read what our customers have to say about ICICI term insurance company

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Preety Kamat

Bhopal

April 8, 2024

Got ICICI Pru iProtect Smart term insurance plan via PolicyX; so far, I& 039;ve hassle-free renewal service and have not faced any kind of nuisance.

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Anil kumar

Gurgaon

March 18, 2024

I had to purchase term life insurance for my mother, So I decided to consult with the insurance advisor of Policyx.com, after analysing all details carefully. Mr Nikhil suggests me to go with I...

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Vaibhav gupta

Belgaum

February 16, 2024

Recently I turned 18 years old, and the first thing that comes to mind is to opt for a term plan. So I visited policyx.com for a better understanding, and an advisor named Vishal properly under...

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Suraj Jha

Chandigarh

January 25, 2024

Getting term insurance from PolicyX.com was easy. The online application was simple, and I could easily compare different plans. The website gave clear information, and I got my policy without ...

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Pradeep Verma

Agra

October 5, 2023

I recently purchased Kotak Life Term Insurance Plans through Policyx.com, and I must say the process was incredibly smooth. Highly recommended!

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Tanushree Sengupta

Hyderabad

October 5, 2023

I highly recommend PolicyX.com for anyone looking to purchase an ICICI Prudential term insurance plan. They made the process simple and efficient.

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Aniket Verma

Jaipur

October 5, 2023

PolicyX.com s guidance and support were instrumental in helping me choose the right ICICI Prudential term insurance plan.

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Naina Kapoor

Kolkata

October 5, 2023

I m grateful to PolicyX.com for helping me secure my family s financial future with an ICICI Prudential term insurance plan.

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Varun Saxena

Written By: Varun Saxena

Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.