Loan Protect Plus Plan
  • Death Benefit Options
  • Flexible Policy Term
  • Life Cover Options
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ICICI Pru Loan Protect Plus Plan

ICICI Pru Loan Protect Plan is a term plan available for the person who has taken a loan from any financial institution, the plan is offered by ICICI Prudential Life Insurance Company. The plan is designed to protect the policyholder and his family from the burden of the loan, in case they are unable to pay the loan due to an unforeseen situation such as death or accident. A lump sum is payable to the policyholder or their family to fulfil the immediate liabilities. The plan offers comprehensive plan benefits options which cover critical illness, accident cover, and disability cover. Let us explore more about the plan in the later sections of the article.

Key Features of ICICI Protect Plan

The plan has ample key features that make this plan unique. Here are the features:

  • Comprehensive Benefit Options

    The plan offers an all-inclusive cover that provides protection against the loan if the policyholder meets death, accidental death, critical illness, or total and permanent disability. The plan allows the policyholder to choose their coverage option and a wide range of policy terms.

  • Choice of Coverage Options

    The plan offers an opportunity to choose between the 'Fixed or Reducing Cover' option.

  • Wide Range of Policy Terms

    The policyholder can choose a policy term that is lesser than or equal to the loan tenure.

  • Tax Benefits

    If the policyholder buys this plan they are eligible for tax benefit under section 80 (C) of the Indian Tax Law.

Eligibility Table

Criteria

Specifications
Age (In Years)Min:18
Max: 65
Age at MaturityMin: 5 Years
Max :70 years
(Age Completed Birthday)
Min Sum Assured5,00,000
Death Benefits OptionsFixed Cover
Reducing Cover
Policy TermsMin: 5 Years
Max: 30 Years
Premium Payment TermSingle Pay/Five Pay
Premium Payment ModesAnnual
Grace Period30 Days

Benefits of the ICICI Loan Protect Plus Plan

The plan comes with a plethora benefits such as:

  • Death Benefit
    The plan offers a lumpsum payout in case of the demise of the policyholder. The payout is paid in the following ways:

    One Pay

    125% of Sum Assured
    Five Pay105% of The Sum Assured
  • Life Cover
    The policyholder can choose the life cover option and get protection for life. The plan offers two types of life cover and they are :
    • Fixed Cover: The sum Assured chosen at the inception of the policy will be paid in case of death during the policy term.
    • Reducing Cover: At the inception of the policy, the death benefit will be equal to the Sum Assured. The death benefit will be reduced monthly starting from the beginning of the second policy month. In case of death during the policy term, the death benefit is applicable at the end of the death paid.
  • Surrender Benefit
    The policy offers a surrender benefit in case the policyholder decides to drop the plan in the middle of the policy term. But this benefit will be provided only in the case of the Five Pay Option.

How Does The Policy Work

Let us see how this policy works:

Mr Shubham, a 30-year-old man bought a house, in the city on loan. Along with the loan, he purchased the ICICI Pru Laon Protect Plus Plan with a:

  • Sum Assured of 1 Crore
  • Policy Term of 10 Years

Suppose in an accident he loses his life or becomes permanently disabled during the policy term.

  • In this case, his family will receive the entire Sum Assured of 1 crore that can be used to repay the loan.

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Conclusion

ICICI Pru Loan Plus Plan is a term plan that offers protection against liabilities if the policyholder is unable to pay his loans. The plan offers coverage if the insured meets unforeseen cases such as death, critical illness, total and permanent disability. So buying this plan along with drawing the loan is helpful in case you are not able to repay the loan.

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

ICICI Pru Loan Protect Plus Plan: FAQs

1. What is the Grace Period of the ICICI Loan Protect Plus Plan?

The plan offers a grace period of 30 days.

2. What is the revival period of the ICICI Loan Protect Plus Policy?

The revival period of the policy is 5 years.

3. What is the freelook period of the policy?

The policy offers a free look period of 15 days.

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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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Priya Singh

Written By: Priya Singh

Priya has been in the content writing industry for over 8 years. She has been religiously following the insurance sector since the start of her career which makes her an avid insurance expert. Her forte lies in health, term, and life insurance writing, along with her knowledge of the latest developments in the insurance sector.