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Overview
ICICI Prudential Life Insurance offers ICICI Pru Loan Protect, a non-participating term insurance plan designed to secure borrowers against outstanding loan liabilities in case of unforeseen events. The plan helps protect home, car, or other loans by providing financial coverage during the policy term.
The plan provides life cover for individuals with mortgage or vehicle loans from banks or financial institutions. Policyholders can choose between fixed cover and reducing cover options, with coverage available up to 70 years of age.
Here are some benefits of this plan:
- Reducing cover
- Fixed cover
- Flexible policy term
- Affordable premiums
- Tax benefits
- Single premium payment term
Key Features of ICICI Pru Loan Protect
Flexible Policy Term
Under the ICICI Pru Loan Protect 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 Loan Protect plan, you can choose from the option to pay the premium only once or for a limited period of 5 years, allowing you to better plan your financial spending over a longer period.
Reducing Cover
Under the ICICI Pru Loan Protect 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.
Riders Associated with ICICI Pru Loan Protect Term Plan
You can add the following riders to your ICICI Pru Loan Protect Term Plan:
ICICI Pru Accidental Death Benefit Rider
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.
ICICI Pru Critical Illness Rider
With ICICI Pru Critical Illness Rider, you can protect yourself with a maximum sum assured of ₹1 crore against 34 critical illness diseases.
Benefits of ICICI Pru Loan Protect
Death Benefit
Upon the unfortunate demise of the life insured during the policy term, ICICI Pru Loan Protect will pay the death benefit, which will be the highest of the following: 125% of a single premium, 7 times the annual premium, or 105% of premiums paid.
Tax Benefit
You can get a tax rebate for all the premiums paid for the ICICI Pru Loan Protect term plan up to ₹1.5 Lakhs under Section 80C of the Income Tax Act 1961.
Surrender Benefit
For the one-pay option, a surrender value will be paid to you if you surrender the policy. For the five-pay option, the surrender value will be given only if premiums are not paid as per the term.
Exclusions
- Death due to a pandemic is not covered by the company.
- Death caused by any type of adventure sports.
- Death caused by consumption of any type of drugs or alcohol.
- Death due to any pre-existing disease not mentioned at the start of the policy.
- If the policyholder commits suicide within the first 12 months of purchasing the policy, no death benefits are paid to their nominee. Instead, either premiums paid to date or the surrender value of the policy, whichever is higher, is paid.
