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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.
Given below are features available in the ICICI Pru Loan Protect plan:
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 |
Below are the benefits of ICICI Pru Loan Protect term plan
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.
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.
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 |
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.
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/- |
Given below are some exclusions of the 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?
What’s Lacking?
You can find other term policies offered by the ICICI Term Insurance company in the section below:
Comprehensive 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
Critical Illness Plan
The plan offers coverage for 64 critical illnesses, 360-degree protection, and enhanced safeguarding against accidental death.
Unique Features
Comprehensive Plan
The plan provides coverage for road and train accidents, physical incapacity and comes with discounts for women.
Unique Features
Comprehensive Plan
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
Comprehensive Plan
This policy includes benefits for death and disability, along with valuable add-ons like sum insured protector and claim protector.
Unique Features
Standard Plan
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
Standard Plan
A standard pure protection term plan that offers coverage on affordable premiums.
Unique Features
Specialized Plan
The plan covers cancer survivors, pre-existing conditions, post-surgery individuals and offers lump sum and income benefits.
Unique Features
Standard Plan
A pure term plan that offers low coverage of 5 lakhs and premium discounts.
Unique Features
Affordable Plan
ICICI Pru Loan Protect protects your family from the outstanding home and car loans in your absence.
Unique Features
Affordable Plan
The plan covers death, accidental death, critical illness, and total and permanent disability offering loan benefits during periods of income loss.
Unique Features
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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