Lifeguard Single Premium Plan from ICICI Prudential
ICICI Prudential Lifeguard Level Term Single Premium Plan of ICICI Prudential is a single premium variant of pure term plan with level cover throughout the policy tenure. This is also a vanilla term plan like Lifeguard Level Premium 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. Only in this case, the premium needs to be paid upfront instead of every year payment.
Key Features of ICICI Prudential Lifeguard Single Premium Plan
- It is a pure Term Insurance Policy with Death Benefit only
- Premium needs to be paid upfront only
- Rider benefits are also available
Benefits you get from ICICI Prudential Lifeguard Single Premium Plan
Death Benefit – Like a simple term plan, death benefit is payable if life insured expires within the policy tenure.
Maturity Benefit – Nothing is payable on maturity.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions in ICICI Prudential Lifeguard Single Premium Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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2,50,000
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10,00,000
|
|
Policy Term (in years)
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3
|
15
|
|
Premium Payment Term (in years)
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Single
|
Single
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|
Entry Age of Policyholder
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18
|
55
|
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Age at Maturity
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-
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65
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Single premium
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Nothing specified
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Nothing specified
|
|
Payment modes
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Single
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Sample premium amounts in Lifeguard Single Premium Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 10 lakhs and Policy Term = 10 years
Additional Features and Benefits of Lifeguard Single Premium Plan
Riders – 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
You stop paying the premium – there is no question of not paying the premium as the entire premium is paid up front.
You want to surrender the policy – Option to surrender this policy is not available..
You want a loan against your policy – Loan facility is not available under this policy.
Alternate single premium term plan options from different insurance companies
LIC Two Year Temporary Assurance Policy
Reliance Special Term Plan
Met Suraksha
Other term insurance plans from ICICI Prudential Life Insurance
ICICI Prudential iCare Term Plan
Pure Protect Classic Plan
Pure Protect Elite Plan
LifeGuard TROP
LifeGuard Level Term Assurance Plan
