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ICICI Pru iProtect Smart Plan Review
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ICICI Term Insurance
ICICI Pru Loan Protect Plus
ICICI Pru Loan Protect Plus can help you ensure that your family inher ...Read More
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📊 213.2% solvency ratio
✅ 99.33%% claim settlement ratio
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About ICICI Pru Loan Protect Plus
A quick read on what this ICICI Term Insurance term plan covers and why it might be a fit for you.
ICICI Pru Loan Protect Plus Plan is a simple term insurance plan, specially designed to manage the risk associated with ongoing loan amounts. The plan is crafted in a way to protect the policyholder and his family from the burden of the loan, in case they are unable to pay the loan due to an unforeseen situation such as death or accident.
In the ICICI Pru Loan Protect Plus plan, a lump sum is payable to the policyholder or their family to fulfill the immediate liabilities. The plan offers comprehensive plan benefits options which cover critical illness, accident cover, and disability cover. Let us explore the plan more in the later sections of the article.
Here are some benefits of this plan:
- Critical illness benefit
- Accidental disability benefit
- Flexible policy term
- Tax Benefit
- Long term coverage
- Reducing cover option
Eligibility Criteria for ICICI Pru Loan Protect Plus
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 no limit.
Policy loan
The policy loan is not available under Smart Total Elite Protection Plan.
Payment Modes
Annual, half-yearly, quarterly & monthly
Pros & cons
A quick honest summary — the strengths and the trade-offs.
Pros
- Comprehensive coverage
- Choice of coverage options
- Flexible 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
Minimum policy term -5 years
Maximum policy term- 30 years.
How Does ICICI Pru Loan Protect Plus Plan Work?
Let's understand how the ICICI Pru Loan Protect Plus Plan works with a simple premium illustration.
Problem
Mrs. Anjali Mishra, is a 35-years old government teacher. She recently purchased her dream home for her parents. But she is worried that if something happened to her, how her parents would repay the loan amount?
Solution
For the same, her brother suggested she visit PolicyX.com. Their certified advisors carefully analyzed her query and suggested she purchase the ICICI Pru Loan Protect Plus Plan.
Let us see a brief illustration of Mrs. Anjali's ICICI Pru Loan Protect Plus Plan
| Age of policyholder | Annual premiums | Policy tenure | Premium payment term | Total premiums paid | Sum assured |
| 35 years | Rs 46,987 | 25 years | 25 years | Rs 1174675 | Rs Rs 75 lakh |
Key Takeaways: Mrs. Anjali will covered up to the age of 60 years with a reducing cover. In case of any unfortunate event, her nominee will receive a sum assured of Rs. 75 lakhs.
Riders Associated with ICICI Pru Loan Protect Plus Term Plan
You can add the following riders to your ICICI Pru Loan Protect Plus 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 Plus
Key features that make ICICI Pru Loan Protect Plus stand out.
Comprehensive Benefit Options
ICICI Pru loan protect plus term plan offers an all-inclusive cover that protects the loan if the policyholder meets death, accidental death, critical illness, or total and permanent disability. The plan allows the policyholder to choose their coverage option and a wide range of policy terms.
Choice of Coverage Options
The plan offers an opportunity to choose between the 'Fixed or Reducing Cover' option.
Wide Range of Policy Terms
The policyholder can choose a policy term that is lesser than or equal to the loan tenure.
Benefits of ICICI Pru Loan Protect Plus
Here are the key benefits of the ICICI Pru Loan Protect Plus.
Death Benefit
In case of unfortunate demise during the policy term, ICICI Pru Loan Protect Plus Plan offers the death benefit to the nominee among the highest of the following: Death benefit equal to the sum assured or remain level for 5 or 7 years and reduce thereafter.
Tax Benefit
You can get a tax rebate for all the premiums paid for the ICICI Pru Loan Protect Plus term plan by up to 1.5 lacs under section 80C of the Income Tax Act 1961.
Surrender Benefit
The policy offers a surrender benefit in case the policyholder decides to drop the plan in the middle of the policy term. But this benefit will be provided only in the case of the Five Pay Option.
Exclusions of ICICI Pru Loan Protect Plus Term
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 Loan Plus Plan is a term plan that offers protection against liabilities if the policyholder is unable to pay his loans. The plan offers coverage if the insured meets unforeseen cases such as death, critical illness, total and permanent disability.
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.
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ICICI Pru Loan Protect Plus Plan: FAQs
The 3 most-asked questions about ICICI Pru Loan Protect Plus, answered.
The plan offers a grace period of 30 days.
The revival period of the policy is 5 years.
The policy offers a free look period of 15 days.
Written and reviewed by
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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