ICICI Prudential Life Guard - Level Term
Lifeguard Level Term Assurance Plan of ICICI Prudential Life Insurance is a pure term insurance plan with level cover throughout the policy tenure. This is a vanilla term plan where the nominee would be paid out the Sum Assured if the life insured dies within the policy term but if he doesn’t then there is nothing payable to him on maturity.
Key Features
It is a pure Term Insurance Policy with Death Benefit .
2 additional rider benefits available.
It is one of the cheapest vanilla level term insurance plans in the Indian insurance market
Benefits
In case of death of the policy holder, the nominee gets the sum assured under the plan
There are no maturity benefits under this plan.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
There are 2 riders in this plan
- Accident and Disability rider- this is an accidental death and disability rider
- Waiver of Premium- this rider would entitle all premiums to be waived off till maturity in event of total and permanent disability due to accident
Eligibility
| Minimum |
Maximum |
|
| Sum Assured (in Rs.) | Not Specified | Not Specified |
| Policy Term (in years) | 5 | 30 |
| Premium Payment Term (in years) | Equal to policy term | Equal to policy term |
| Entry Age of Policyholder | 18 | 55 |
| Age at Maturity | - | 65 |
| Single premium | NA | NA |
| Payment modes | Annual, Half-Yearly, Quarterly and Monthly | |
FAQs
What happens if you stop paying the premium?The policy would lapse after the end of the grace period and no life cover would be provided thereafter. Being a pure term plan, there is no accumulated surrender value. You can re-instate the policy within 5 years of lapsation by paying up all due premiums with interest.
What happens if you want to surrender the policy?There are no surrender benefits under this term plan.
What happens if you want a loan against your policy?Loan facility is not available under this policy.
