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ICICI Prudential Life Guard - Return Of Premium

Lifeguard Level Term Plan with Return of Premium Plan from ICICI Prudential is a variant of term plan. This is a term plan with a difference, 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 the premiums are returned to him on maturity.

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Term Plan with Return of Premium
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Two Additional Rider Benefits
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Guaranteed Return
Compare this plan with other Term Plans
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Key Features

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Term Plan with Return of Premium

This is a plan where the sum assured is paid to nominee if life insured dies within the policy term and the premiums are returned to him on maturity if he survives the entire tenure

Two Additional Rider Benefits

There are 2 additional rider benefits available

Extended Coverage Benefits

There is a unique feature of availing 5 years of extended cover post maturity of the policy without any additional payment of premium at 50% of the original sum assured

Guaranteed Return

There is a guaranteed surrender value available for this policy.

Benefits

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Death Benefit

In case of death of the policy holder, the nominee gets the sum assured under the plan

Maturity Benefit

 The premiums would be returned 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

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

Eligibility

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  Minimum Maximum
Sum Assured (in Rs.) Not Specified Not Specified

Policy Term (in years)

10 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

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angle down iconWhat 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.

angle down iconWhat happens if you want to surrender the policy?

There is a guaranteed surrender value available once the first 3 years’ premiums are paid.

angle down iconWhat happens if you want a loan against your policy?

Loan facility is not available under this policy.