ICICI Pru Loan Protect
- Protection against mortgage
- Protection against the car loan
- Sum assured starts with 5 lacs
ICICI Pru Loan Protect is a non-participating term insurance plan offered by ICICI Pru Life Insurance Company. It provides life cover to individuals who have taken a mortgage or car loan from a bank or any other financial institution. With the option of choosing between a fixed cover and a reduced cover, you can cover yourself up to 70 years of age.
ICICI Pru Loan Protect Plan also offers tax benefits for up to Rs. 1.5 lacs under section 80C and for up to 2.5 lacs under section 10(10D) of Income Tax Act 1961.
Here are some benefits of this plan:
Minimum Age - 18 years Maximum Age - 65 years
Maximum Maturity Age - 70 years
Minimum term - 5 years Maximum term - 30 years
Base sum assured: 5 Lac to 30 Lac
The policy loan is not available under ICICI Loan Protect Plan.
Annual, half-yearly, quarterly & monthly
Let's understand how the ICICI Pru Loan Protect works with a simple premium illustration.
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.
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.
Here are the benefits associated with the ICICI Pru Loan Protect
You can add the following riders to your ICICI Pru Loan Protect Term Plan:
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.
With ICICI Pru Critical Illness Rider, you can protect yourself with a maximum sum assured of 1 crore against 34 critical illness diseases.
Here is the list of exclusions associated with the plan:
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.
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I am a passionate content writer with over three years of experience in the insurance domain. An avid learner, I always tries stays ahead of the industry's trends, ensuring my writing remains fresh and includes the latest insurance shifts. Through my work, I strive to engage with targeted insurance readers.
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