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Overview
The ICICI Life Loan Protect Plus Plan is a simple term insurance plan, specially designed to manage the risk associated with ongoing loan amounts. The plan is designed to protect the policyholder and their family from the burden of a loan, in case they are unable to pay due to an unforeseen situation such as death or accident.
With the ICICI Life Loan Protect Plus Plan, a lump sum is payable to the policyholder or their family to fulfill immediate liabilities. The plan offers comprehensive benefits covering critical illness, accident cover, and disability cover. Let us explore the plan more in the later sections of this article.
Key Benefits of the Plan
- Critical illness benefit
- Accidental disability benefit
- Flexible policy term
- Tax benefit
- Long-term coverage
- Reducing cover option
Riders Associated with ICICI Life Loan Protect Plus Term Plan
You can add the following riders to your ICICI Life Loan Protect Plus Term Plan:
ICICI Life Accidental Death Benefit Rider
With the ICICI Life Accidental Death Benefit Rider, you can cover yourself with a maximum sum assured of ₹2 crore against any unfortunate accident that results in the death of the life insured.
ICICI Life Critical Illness Rider
With the ICICI Life Critical Illness Rider, you can protect yourself with a maximum sum assured of ₹1 crore against 34 critical illnesses.
Plan Features
Comprehensive Benefit Options
The ICICI Life Loan Protect Plus term plan offers an all-inclusive cover that protects the loan if the policyholder experiences 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 less than or equal to the loan tenure.
Exclusions
- Death due to a pandemic is not covered.
- Death caused by adventure sports.
- Death due to consumption of drugs or alcohol.
- Death due to any pre-existing disease not declared at policy inception.
- If the policyholder commits suicide within the first 12 months of purchasing the policy, no death benefits are paid to the nominee. Instead, either the premiums paid to date or the surrender value of the policy, whichever is higher, is paid.
Benefits Offered
Death Benefit
In case of unfortunate demise during the policy term, the ICICI Life Loan Protect Plus Plan offers a death benefit to the nominee. The sum assured can be chosen as a level cover or a reducing cover, which may remain level for the initial 5 or 7 years before reducing.
Tax Benefit
You can get a tax rebate for all the premiums paid for the ICICI Life Loan Protect Plus term plan of up to ₹1.5 Lakh under Section 80C of the Income Tax Act, 1961.
Surrender Benefit
The policy offers a surrender benefit in case the policyholder decides to surrender the plan in the middle of the policy term. However, this benefit is only available with the Five Pay Option.
