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ICICI Prudential Term Insurance Review
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ICICI Term Insurance
ICICI Pru Loan Protect
ICICI Pru Loan Protect term plan provides life cover to an individual ...Read More
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About ICICI Pru Loan Protect
A quick read on what this ICICI Term Insurance term plan covers and why it might be a fit for you.
ICICI Prudential Life Insurance offers ICICI Pru Loan Protect, a non-participating term insurance plan designed to secure borrowers against outstanding loan liabilities in case of unforeseen events. The plan helps protect home, car, or other loans by providing financial coverage during the policy term.
The plan provides life cover for individuals with mortgage or vehicle loans from banks or financial institutions. Policyholders can choose between fixed cover and reducing cover options, with coverage available up to 70 years of age.
Here are some benefits of this plan:
- Reducing cover
- Fixed cover
- Flexible policy term
- Affordable premiums
- Tax benefits
- Single premium payment term
Eligibility Criteria for ICICI Pru Loan Protect
Entry age
Minimum Age - 18 years Maximum Age - 65 years
Maturity age
Maximum Maturity Age - 70 years
Policy term
Minimum term - 5 years Maximum term - 30 years
Sum assured
Base sum assured: 5 Lac to 30 Lac
Policy loan
The policy loan is not available under ICICI Loan Protect Plan.
Payment Modes
Annual, half-yearly, quarterly & monthly
Pros & cons
A quick honest summary — the strengths and the trade-offs.
Pros
- Flexible PPT
- Reducing Cover
- Long term Policy term
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- 65 years
Minimum sum assured- 5 Lac
Maximum sum assured- 30 Lac
Maximum policy term- 30 years.
How Does ICICI Pru Loan Protect Plan Work?
Let's understand how the ICICI Pru Loan Protect works with a simple premium illustration.
Problem
Suppose Vaibhav, is a 30-year-old Hyderabad based C.A, has taken a home loan of Rs. 1 crore. For the same, he is looking for a term plan that covers the same amount and also reduces as per loan period.
Solution
His friend suggests he visit PolicyX.com to learn more about the term plans with a reducing life cover. PolicyX.com carefully analyzed his query and guided him to purchase the ICICI Pru Loan Protect term insurance plan.
Let us see a brief illustration of Mr. Vaibhav ICICI Pru Loan Protect
| Age of policyholder | Annual premiums | Premium payment mode | Policy tenure | Premium payment term | Total premiums paid | Sum assured for Life |
| 30 years | Rs 42,765 | Annually | 30 years | 30 years | Rs 1282950 | Rs 1 crore |
Key Takeaways: Mr. Vaibhav will be covered until the age of 60 years and with each passing year his sum assured also decreases as per repayment of home loan. In case of any unfortunate event, his nominee will receive a death benefit equal to 1 crore.
Riders Associated with ICICI Pru Loan Protect Term Plan
You can add the following riders to your ICICI Pru Loan Protect Term Plan:
ICICI Pru Accidental Death Benefit Rider
With ICICI Pru Accidental Death Benefit Rider , you can cover yourself with a maximum sum assured of 2 crore against any unfortunate accident that causes death to the life insured.
ICICI Pru Critical Illness Rider
With ICICI Pru Critical Illness Rider, you can protect yourself with a maximum sum assured of 1 crore against 34 critical illness diseases.
Features of ICICI Pru Loan Protect
Key features that make ICICI Pru Loan Protect stand out.
Flexible Policy Term
Under the ICICI Pru Protect loan plan, you can select the policy term as per your loan tenure, such as 20 years, 25 years, 30 years, and so on.
Flexible-Premium Payment Term
Under the ICICI Pru Protect loan plan, you can choose from the option to pay the premium only once or for a limited period of 5 years. So that you can better plan your financial spending over a longer period.
Reducing Cover
Under the ICICI Pru Protect loan plan, You have the option of reducing cover from the second month of the policy purchase, as per the reduction of your loan amount over time.
Benefits of ICICI Pru Loan Protect
Here are the key benefits of the ICICI Pru Loan Protect.
Death Benefit
Upon the unfortunate demise of the life insured during the policy term, ICICI Pru Loan Protect will pay the death benefit among the highest of the following: 125% of a single premium or 7 times the annual premium or 105% of premiums paid.
Tax Benefit
You can get a tax rebate for all the premiums paid for the ICICI Pru Loan Protect term plan by up to 1.5 lacs under section 80C of the Income Tax Act 1961.
Surrender Benefit
For the one pay option, a surrender value will be paid to you if you surrender the policy. In five pay option, the surrender value will be given only if you don't pay the premiums as per term.
What is exclusions of ICICI Pru Loan Protect
Here is the list of exclusions associated with the plan:
- Death 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 or alcohol.
- Death due to any pre-existing disease that isn't mentioned at 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 Loan Protect is a non-participating term insurance plan. With its decreasing life cover, this plan is best for individuals who have taken a loan against a mortgage or auto loan from a bank or any other financial institution. With its flexible policy term, you can purchase this plan for up to the age of 65 years of age.
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 Loan Protect is a non-participating term insurance plan. With its decreasing life cover, t
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ICICI PRU Loan Protect Plan: FAQs
The 8 most-asked questions about ICICI Pru Loan Protect, answered.
The minimum age to purchase an ICICI PRU loan protect plan is 18 years.
30 days of interest-free grace period is available in the ICICI pru loan protect plan, so repay the premium amount even after the due date.
Yes, you can opt for tax benefits of up to 1.5 lacs under section 80c of Income Tax 1961.
There is only an annual premium paying mode available in the ICICI Pru loan plan.
The minimum maturity age to purchase to ICICI Pru loan plan is 23 years.
The ICICI PRU loan term plan is the best term plan anyone can purchase against any loan.
As per the word reducing, in reducing term insurance, your overall cover amount will reduce with time, as per the completion of your liabilities.
Yes, in the ICICI PRU loan protect plan, you can choose a policy term equal to your policy term.
Written and reviewed by
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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