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ICICI Pru iProtect Smart Term Insurance Plan
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ICICI Term Insurance
ICICI Pru Life Raksha
ICICI Pru Life Raksha plan helps you protect your family against loss ...Read More
🛡️ IRDAI Approved
⭐ 4.6/5 · 932 reviews
📊 213.2% solvency ratio
✅ 99.33%% claim settlement ratio
🌐 506+ pan-India
About ICICI Pru Life Raksha
A quick read on what this ICICI Term Insurance term plan covers and why it might be a fit for you.
ICICI Pru Life is a pure protection term insurance plan designed to provide affordable financial security for families. The plan offers life cover ranging from ₹50,000 to ₹5 lakh with tax benefits on premiums paid.
The plan is offered by ICICI Pru Life Insurance company and comes with tax benefits against the premiums that you pay. The premium payment term of the Life Raksha plan is regular pay for 5 years. It is to be noted that this plan does not come with any maturity or surrender benefits.
Here are some benefits of this plan:
- 5 year regular pay
- Affordable premiums
- Tax benefits
- Short term cover
- Option to choose low sum assured
Eligibility Criteria for ICICI Pru Life Raksha
Entry age
Minimum Age - 18 years Maximum Age - 60 years
Maturity age
Maximum Maturity Age - 70 years
Policy term
Minimum term - 5 years Maximum term - 5 years
Sum assured
10 times annual premium
Policy loan
Policy loan is not available under ICICI Life Raksha Plan
Payment Modes
Annual, half-yearly, quarterly & monthly
Pros & cons
A quick honest summary — the strengths and the trade-offs.
Pros
- Five-Year Regular Pay
- No medical examination
- Tax benefits
Cons
- No policy loan
- No Investment option
- No Terminal illness benefit
Video reviews
Walkthroughs from the PolicyX team — pros, cons, real claim experiences and who should buy.
ICICI Prudential Term Insurance
Who can buy this plan
Eligibility criteria pulled straight from the policy wording.
Minimum entry age-18 years
Maximum entry age- 60 years
Minimum sum assured- 50
Minimum policy term -5 years
Maximum policy term- 5 years.
Features of ICICI Pru Life Raksha
Key features that make ICICI Pru Life Raksha stand out.
Death Benefit
In case of any unfortunate event, the company will provide a lump sum payout to the nominee which is equivalent to 105% of the sum assured.
Five-Year Regular Pay
Life Raksha is a five-year plan that offers life cover and to continue the policy the insured has to pay the premium throughout the policy term.
Tax Benefits
If the policyholder buys this plan they are eligible for the tax benefit under section 80(C) of the Indian Tax Laws.
No Medical Examination
The policyholder doesn't have to undergo any medical examination to buy this plan.
Benefits of ICICI Pru Life Raksha
Here are the key benefits of the ICICI Pru Life Raksha.
Death Benefit
In case of unfortunate demise of life insured during the policy term, ICICI Pru Life Raksha Plan offers death benefit in a lump sum.
Tax Benefits
The policyholder can enjoy tax exemptions for paying the premiums of ICICI Pru Life Raksha Plan. The amount of tax exemptions are up to INR 1.5 lakhs under section 80 C and 2.5 lakhs under section 10 (10)D of the Income Tax Act.
Short Policy Tenure
The policy is great option for someone who is looking for a short term coverage with lower premiums and a short policy term.
What are the exclusions of ICICI Pru Life Raksha
Here is the list of exclusions associated with the plan:
- Death occurred due to a pandemic is not covered by the company.
- Death caused due to any type of adventure sports.
- Death by consumption of any type of drugs and alcohol.
- Death due to any pre-existing disease that isn't mentioned during the start of the policy.
- If the policyholder commits suicide within the first 12 months of purchasing the policy, then no death benefits are paid to their nominee. Either premiums paid to date or the surrender value of the policy whichever is higher is paid to them.
Conclusion
ICICI Pru Life Raksha plan is a pure-term insurance plan that offers death benefits and life cover. The policyholder can buy the plan without any medical examination and avail tax benefits on premium payments.
For more info related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
Conclusion
ICICI Pru Life Raksha plan is a pure-term insurance plan that offers death benefits and life cover.
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ICICI Pru Life Raksha Plan: Overview
The 1 most-asked questions about ICICI Pru Life Raksha, answered.
The minimum sum assured of the Life Raksha Plan is Rs 50,000.
Written and reviewed by
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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