ICICI Pru POS Life Raksha

You strive to provide comfort, happiness, and security to your family. Even if something unfortunate were to happen to you, you would want your family's future to be secured at all times.

By taking ICICI Pru POS - Life Raksha, protect your family hassle free without medical examination and provide them with a lump sum to meet immediate liabilities that may arise in your absence.

Key features & benefits

Death benefit: In the unfortunate event of death of the life covered (Life Assured) during the term of the policy, the nominee shall receive the Death Benefit. Death Benefit is the Sum Assured chosen by you.

Five year regular pay: This is a five year policy. For life cover to continue throughout the policy term you must pay premiums throughout the policy term.

Maturity benefit: There is no maturity benefit or survival benefit payable under this plan.

Surrender benefit: There is no surrender benefit under this plan.


Terms and Conditions

Free look period: If you are not satisfied with the policy, you may return the policy document to the Company for cancellation
with reasons within:
15 days from the date you received it, if your policy is not purchased through Distance marketing*
30 days from the date you received it, if your policy is an electronic policy or policy is purchased through Distance marketing*

On cancellation of the policy during the free look period, we will return the premium paid subject to the deduction of:
1. Stamp duty paid under the policy,
2. Proportionate risk premium for the period of the cover

The policy shall terminate on payment of this amount and all rights, benefits and interests under this policy will stand extinguished.

Tax benefits: Tax benefits under the policy are subject to conditions u/s 80C of the Income Tax Act, 1961. Goods and Services Tax and cesses, if any will be charged extra, as per applicable rates. The tax laws are subject to amendments from time to time.
Suicide clause: In case of death due to suicide within 12 months:
i. from the date of commencement of risk of the policy, the company will refund 80% of the total premiums paid, including extra premiums, if any till the date of death provided the policy is in force or ii. from the date of revival of the policy the Company will refund 80% of the total premiums paid including extra premiums, if any till the date of death. On payment of this all rights, benefits and interests under the policy will stand extinguished.

Grace period: A grace period for payment of premium of 15 days after the premium due date applies for monthly premium payment mode and 30 days for other modes of premium payment.

Premium discontinuance: If the premium is not paid either on the premium due date or within the grace period, the policy will become a lapsed policy and risk cover will cease. No benefit shall become payable in case of death of the Life Assured while the policy is in lapsed condition.

Policy revival: A policy, which has lapsed for non-payment of premium within the days of grace, may be revived subject to the following conditions.
The application for revival is made within 5 years from the due date of the first unpaid premium and before the termination date of policy. Revival will be based on the prevailing Board approved underwriting policy.
The Policyholder furnishes satisfactory evidence of health of the Life Assured as required by the Company.
The arrears of premiums together with interest, at such rate as the Company may charge for late payment of premiums
are paid. The interest rate applicable in December 2019 is 7.97% p.a. compounded half yearly.

The revival of the policy may be on terms different from those applicable to the policy before it lapsed for example, extra
mortality premium may be applicable. The Company reserves the right to not revive the policy. The revival will take effect only on its being specifically communicated by the Company to the Policyholder. Any change in revival conditions will be subject to prior approval from IRDAI and will be disclosed to policyholders.

Sum Assured once chosen at the inception of the policy cannot be changed.

We will not provide loans under this policy.

Nomination Requirements: Nomination in the Policy will be governed by Section 38 of the Insurance Act, 1938, as amended from time to time. For more details on this section, please refer to our website.

Assignment requirements: Assignment in the policy will be governed by Section 38 of the Insurance Act, 1938, as amended from time to time. For more details on this section, please refer to our website.

Section 41: In accordance with Section 41 of the Insurance Act, 1938, no person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.

Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer. Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to ten lakh rupees.

Section 45: In case of fraud or misrepresentation the company can cancel the policy. The company shall pay the surrender value or refund the premiums paid as applicable. This shall be as per Section 45 of the Insurance Act, 1938, as amended from time to time. For more details on this section, please refer to our website.

For further details, please refer to the policy document and the benefit illustration.