ICICI Pru Loan Protect Plan

ICICI Pru
Loan Protect Plan

Why is ICICI Pru Group Loan Protect special?

Pay premiums as per your comfort
The plan allows you to choose the number of years for which you wish to pay premiums.

You can opt for:

1. One Pay option (pay premium only once) or

2. Limited Pay option (payment of premiums for 5 years)

Secure your loved ones even in your absence
ICICI Pru Loan Protect provides protection to your family against mortgage and auto loan taken by you. In case of an unfortunate event during the policy term, your family receives a lump sum amount. This amount will ensure that your loved ones are able to live the life you have planned for them.

How much money will my family receive in my absence?
You can choose for your family to receive either of the coverage options mentioned below:

1. Fixed cover: The Life Cover chosen at the beginning of the policy remains fixed throughout the policy term. In case of an unfortunate event during the policy term, this lump sum amount will be paid out.

2. Reducing cover: The Life Cover chosen at the beginning of the policy reduces from the second month onwards, on a monthly basis. In case of an unfortunate event during the policy term, the Life Cover applicable at the time of death will be paid out.

*Life Cover is the amount your family receives in your absence.

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
You take loans to provide the best lifestyle and comforts that your loved ones desire. But, in case of an unfortunate event, the burden of repaying these loans may fall on their shoulders. We present ICICI Pru Loan Protect, a plan that protects your family's future and ensures your loans are taken care of when you are not around.

Product Information

Product at a Glance - ICICI Loan Protect

Details

How long does the policy last?
You can choose a policy term from 5, 10, 15, 20, 25 to 30 years.

What happens if I miss the premium payment due date?
After the due date, you will get a grace period of 30 days for premium payment, after which your policy will lapse.

How many years do I have to pay premiums for?
You can choose to pay the premium once or regularly over 5 years.

What is the minimum Life Cover I can take?
The minimum Life Cover is Rs. 5,00,000.

At what age can I start this plan?
You can start this plan anytime between the age of 18 to 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 exceed 70 years.

Benefit Illustrator