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ICICI Pru Loan Protect is a non-participating term insurance plan offered by ICICI Pru Life Insurance Company. It 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.
ICICI Pru Loan Protect Plan also offers tax benefits for up to Rs. 1.5 lacs under section 80C and for up to 2.5 lacs under section 10(10D) of Income Tax Act 1961.
Here are some benefits of this plan:
Minimum Age - 18 years Maximum Age - 65 years
Maximum Maturity Age - 70 years
Minimum term - 5 years Maximum term - 30 years
Base sum assured: 5 Lac to 30 Lac
The policy loan is not available under ICICI Loan Protect Plan.
Annual, half-yearly, quarterly & monthly
Let's understand how the ICICI Pru Loan Protect works with a simple premium illustration.
Suppose Vaibhav, is a 30-year-old Hyderabad based C.A, has taken a home loan of Rs. 1 crore. For the same, he is looking for a term plan that covers the same amount and also reduces as per loan period.
His friend suggests he visit PolicyX.com to learn more about the term plans with a reducing life cover. PolicyX.com carefully analyzed his query and guided him to purchase the ICICI Pru Loan Protect term insurance plan.
Let us see a brief illustration of Mr. Vaibhav ICICI Pru Loan Protect
Age of policyholder | Annual premiums | Premium payment mode | Policy tenure | Premium payment term | Total premiums paid | Sum assured for Life |
30 years | Rs 42,765 | Annually | 30 years | 30 years | Rs 1282950 | Rs 1 crore |
Key Takeaways: Mr. Vaibhav will be covered until the age of 60 years and with each passing year his sum assured also decreases as per repayment of home loan. In case of any unfortunate event, his nominee will receive a death benefit equal to 1 crore.
Here are the benefits associated with the ICICI Pru Loan Protect
Upon the unfortunate demise of the life insured during the policy term, ICICI Pru Loan Protect will pay the death benefit among the highest of the following: 125% of a single premium or 7 times the annual premium or 105% of premiums paid.
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.
For the one pay option, a surrender value will be paid to you if you surrender the policy. In five pay option, the surrender value will be given only if you don't pay the premiums as per term.
You can add the following riders to your ICICI Pru Loan Protect Term Plan:
With ICICI Pru Accidental Death Benefit Rider, you can cover yourself with a maximum sum assured of 2 crore against any unfortunate accident that causes death to the life insured.
With ICICI Pru Critical Illness Rider, you can protect yourself with a maximum sum assured of 1 crore against 34 critical illness diseases.
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.
Under the ICICI Pru Protect loan plan, you can choose from the option to pay the premium only once or for a limited period of 5 years. So that you can better plan your financial spending over a longer period.
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.
Here is the list of exclusions associated with the plan:
ICICI Pru Loan Protect is a non-participating term insurance plan. With its decreasing life cover, this plan is best for individuals who have taken a loan against a mortgage or auto loan from a bank or any other financial institution. With its flexible policy term, you can purchase this plan for up to the age of 65 years of age.
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 age to purchase an ICICI PRU loan protect plan is 18 years.
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.
Yes, you can opt for tax benefits of up to 1.5 lacs under section 80c of Income Tax 1961.
There is only an annual premium paying mode available in the ICICI Pru loan plan.
The minimum maturity age to purchase to ICICI Pru loan plan is 23 years.
The ICICI PRU loan term plan is the best term plan anyone can purchase against any loan.
As per the word reducing, in reducing term insurance, your overall cover amount will reduce with time, as per the completion of your liabilities.
Yes, in the ICICI PRU loan protect plan, you can choose a policy term equal to your policy term.
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