ICICI-Prudential offers 3 Term Plans
1. Life Guard
2. Save n Protect
3. CashBak
1. Life Guard
This Plan comes in three variants:
• LifeGuard (life cover without maturity benefit)
• LifeGuard with Return of Premium (life cover with maturity benefit)
• LifeGuard Single Premium (premium at policy inception, cover till policy matures)
Benefits
Death benefit: The beneficiary gets the total sum assured in the event of death of the life insured
Extended life cover: Get an extended Life cover at 50% of the original Sum Assured—for 5 years after your policy terminates with the return of premium
Additional riders: There are 2 Rider benefits attached to the plan
• Accident and Disability Benefit Rider: The rider benefit amount will be paid to your family in the event of death or disability due to an accident.
• Waiver of Premium Rider: In the case of total and permanent disability due to an accident, all further premiums will be waived and policy benefits will continue.
Tax benefits: Receive tax deductions on premiums paid (u/s 80 C). Enjoy tax exemptions on maturity proceeds and death benefits [u/s 10 (10 D)] as per prevailing Income Tax laws.
Maturity benefit: Invest in LifeGuard with Return of Premium plan and receive all the premiums you have paid, when your policy matures.
Eligibility
Life Guard Level Term Assurance
Age at entry: The minimum & maximum age at entry is 18 yrs & 55 yrs respectively.
Term: The minimum & maximum term is 5 years & 30 years respectively subject to a maximum of 65 years of age.
Sum Assured: The minimum sum assured is Rs. 5 lakhs
Premium: The minimum premium payable is Rs. 2400 p.a.
Mode of Payment: Choose to pay your premium in monthly, bi-annual or annual installments
Life Guard Level Term Assurance with Return of Premium
Age at entry: The minimum & maximum age at entry is 18 yrs & 55 yrs respectively.
Term: The minimum & maximum term is 10 years & 30 years respectively subject to a maximum of 65 years of age.
Premium: The minimum premium payable is Rs. 2400 p.a.
Sum Assured: The minimum sum assured is Rs. 2.5 lakhs
Life Guard Single Premium
Age at entry: The minimum & maximum age at entry is 18 yrs & 55 yrs respectively.
Term: The minimum & maximum term is 3 years & 15 years respectively subject to a maximum of 65 years of age.
Sum Assured: The minimum sum assured is Rs. 5 lakhs
Mode of Payment: It is a single premium plan.
2. Save n Protect
It is a fixed Term Policy that combines savings with the life cover. On the death of the life assured after the 7yrs or when the policy matures at the end of the term, the beneficiary will get the sum assured, the guaranteed additions @ 3.5 % compounded annually for the first 4 yrs and the vested bonuses. On the death of the life insured upto age of 7 yrs, the basic premium paid will be paid without interest.
Eligibility
Age at entry: The minimum & maximum age at entry is 0 yrs & 60 yrs respectively.
Maximum Age at maturity: It is 70 years
Minimum Premium: It is Rs 6000 p.a.
Coverage Amount: The minimum & maximum Sum Assured is Rs. 50,000 & 1 crore respectively.
Term: The minimum & maximum Term is 10 years & 30 years respectively.
Mode of Payment: Choose to pay your premium in monthly, bi-annual or annual installments.
Death benefit: Your nominee will immediately receive the Sum Assured and accrued guaranteed and vested bonuses in the event of the death of the life insured
Maturity benefit: Receive guaranteed and vested bonuses plus the Sum Assured when your policy matures.
Extended life cover: Opt to protect your family even after you have stopped paying the premium. Enjoy an extended cover for 5 years, at 50% of the Sum Assured, after your policy matures
Additional riders: There are 3 rider benefits attached to the plan
1. Critical Illness Rider
2. Accident and Disability Benefit Rider
3. Accident Benefit Rider
Tax benefits: Enjoy tax deductions on your premiums (u/s 80 C) and tax exemptions on maturity proceeds and death benefit [u/s 10 (10 D)] as per prevailing Income Tax laws.
3. CashBack
It is a fixed-term insurance plan that you can invest in for either 15 or 20 years, following are the features of the plan:
Guaranteed additions: Receive additional sums at the rate of 3.5% compounded annually on the Sum Assured, for the first four years.
Liquidity benefit: Receive a percentage of the basic Sum Assured at the end of year 3, 6, 9 and 12, if you choose a 15-year plan. If you choose a 20-year plan, receive payouts at the end of year 4, 8, 12 and 16.
Death benefit: In the event of an unfortunate death of the life insured, your nominee will receive the Sum Assured along with guaranteed additions for the first 4 years, along with vested bonuses, irrespective of the survival benefits already paid.
Maturity benefit: Receive 50% of the Sum Assured along with guaranteed additions, for the first 4 years, and vested bonuses (if any).
Tax benefits: Enjoy tax savings on your premiums (under u/s 80 C) and tax exemptions on your death and maturity benefits [under u/s 10 (10 D)].
Additional riders: There are 3 rider benefits attached to the plan
1. Critical Illness Rider
2. Accident and Disability Benefit Rider
3. Accident Benefit Rider
Eligibility
Age at entry: The minimum & maximum age at entry is 16 yrs & 55 yrs respectively.
Sum Assured: The minimum Sum Assured is Rs. 75,000 & there is no limit for the maximum sum assured
Term: The minimum & maximum Term is 15 years & 20 years
Maturity Age: The minimum & maximum maturity age is 31 & 70 years respectively.
Mode of Payment: Choose to pay your premium in monthly, bi-annual or annual installments.
