ICICI Prudential Loan Protect Plus Plan
ICICI Pru Loan Protect Plus Plan provides your family complete protection from the burden of paying any loan. It is available to individuals who have taken a loan from any financial institution. ICICI Pru Loan Protect Plus Plan is an ideal protection-oriented plan that protects the family, in case of the policyholder’s untimely death. Since this plan comes with a lump sum amount, it can be used to meet immediate liabilities such as loan repayment that may arise in the policyholder’s absence.
ICICI Pru Loan Protect Plus Plan is a non-participating non-linked term insurance plan with comprehensive benefit options that offer life cover as well as protection against permanent disability, critical illness, and accidental death. ICICI Pru Loan Protect Plus Plan allows you to choose your protection cover and policy terms based on your needs and requirements.
Features of ICICI Pru Loan Protect Plus Plan
- Minimum sum assured: Rs 500,000
- Policy term (in years):
Fixed/reducing – 5-20, 25, 30
5/7 year Moratorium period – 8-20, 25, 30
- Premium payment: Single pay or five pay
- Grace Period for Five Pay option: For monthly mode of premium payment -15 days Otherwise 30 days
- Coverage option: Fixed, Reducing/5 or 7 year moratorium period
- Modes of available premium payment: Yearly, Half-yearly and Monthly for five pay option
- Policy Revival – Policy can be revived within the two years from the date of the first unpaid premium. If policy has a CI & TPD Benefit, a three-month waiting period is applicable unless waived
- Waiting Period – Benefit is not payable when any CI & TPD symptoms have occurred already and care, treatment, or advice has been recommended or if any CI & TPD has been contracted in the first six months of the policy.
Benefits of ICICI Pru Loan Protect Plus Plan
- Accidental Death Benefit will be paid in addition to death benefit. This benefit will remain the same as the base death benefit, throughout the term for the fixed cover option and reduces for the reducing cover option.
- Accelerated Critical Illness & Total and Permanent Disability benefit will be payable on the Life Assured being diagnosed with a covered Critical Illness or on being regarded as totally and permanently disabled. CI & TPD cover is only for the first seven years of the policy or policy term, whichever is lower.
- Surrender Benefit: This benefit is payable if the policy is voluntarily terminated or the policyholder stops paying premiums or does not revive the policy on time.
- Tax benefits on the premiums paid and benefits received under the policy, as per Section 80C of the Income Tax Act, 1961.
Other Benefits ICICI Pru Loan Protect Plus Plan
- Download the online brochure of ICICI Pru Loan Protect Plus Plan
- Make comparison with other plans
- Opt for a financial advisor from the company
- Request for a call back from the company
- Purchase a plan online
- Locate the nearest ICICI Prudential branch