ICICI Pru Loan Protect Plus

ICICI Pru Loan Protect Plus

Why is ICICI Pru Group Loan Protect Plus special?

Pay premiums as per your comfort

This plan allows you to choose the number of years for which you wish to pay premiums. You can opt for either the One Pay option (one time lump sum premium payment) or the Limited Pay option (payment of premiums for 5 years).

Secure your loved ones even in your absence

ICICI Pru Loan Protect Plus provides your family complete protection from the burden of paying any loan. In case of an unfortunate event during the policy term, your family receives a lump sum amount This amount will help you ensure that your loan is repaid.

How much money will my family receive in my absence?
You can choose your family to receive the lump sum amount with the Reducing cover. Under this option, the value of the lump sum will be equal to the Sum Assured* when the policy begins, i.e., in the first month. From the second month, its value will reduce on a monthly basis. In case of an unfortunate event during the policy term, your family will receive the total lump sum applicable after monthly reductions depending on the chosen reducing cover option listed below:



Receive additional pay-outs in case of an unfortunate event

In order to protect you against any major illness, disability or accident, ICICI Pru Loan Protect Plus offers you additional pay-outs. This is extremely helpful, as you may need money to repay any loan and pay other daily expenses if your regular income discontinues due to an unforeseen event.

How much money does my family receive in case of death by accident?
In case of an accident, ICICI Prudential Life Insurance will pay your loved ones an additional lump sum amount called Accident Cover. The amount of this benefit will be equal to the lump sum amount. The value of Accident Cover declines for the reducing cover option. This benefit will take care of your family's future and financial well-being in difficult times.

How much money will I receive in case of Critical Illness (CI) or Total and Permanent Disability (TPD)?
The CI and TPD benefit paid to you are equal to the lump sum amount. This benefit is paid to you when you are diagnosed with a critical illness for the first time or declared as 'Total and Permanently Disabled'*.

Does the policy end after I receive the CI and TPD benefit?
Yes, the CI and TDP Benefit is an 'accelerated' benefit which means the policy will end once the value of the benefit is paid out to you.

Get tax benefits
With this plan, you can reduce your taxable income by investing up to Rs. 1.5 lakh under Section 80C. This will help you save tax. What's more, the amount received on death is also tax-free*.

*Tax benefits under the policy are subject to conditions under Section 80C, 10(10D) and other provisions of the Income Tax Act, 1961. Applicable taxes will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time.

Product Snapshot
The home you worked so hard to provide for your family holds an important place in your heart. Regardless of what may happen, you would want your loved ones to be secure in the comfort of your home. Presenting ICICI Pru Loan Protect Plus, a plan that will ensure your family's well-being even in your absence.

PRODUCT INFORMATION

Product at a Glance - ICICI Loan Protect Plus
You can choose between the One Pay option (one time lump sum premium payment) or the Five Pay option (payment of premiums for 5 years).

Details

Which coverage options can I choose from?
You can choose Monthly Reducing cover with / without 5 or 7 years moratorium period.

How long does the policy last?
For Reducing Cover, you can choose your policy term from 5-20, 25 or 30 years.

For 5 or 7 years Moratorium, you can choose your policy term from 8-20, 25 or 30 years.

How many years do I have to pay premiums for?
You can choose between the One Pay (one time lump sum premium payment) and Five Pay options (payment of premiums for 5 years).

What is the minimum money my family could receive in my absence?
The minimum Sum Assured* your family could receive is Rs. 5,00,000.

At what age can I start this plan?
You can start this plan from the age of 18. But, the maximum age of entry should not exceed 65 years.

How old should I be when the plan reaches maturity?
Your minimum age when the policy reaches maturity should be 23 years and the maximum age should not be more than 70 years.

Benefit Illustrator