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.
Key Features
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
There are 2 additional rider benefits available
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
There is a guaranteed surrender value available for this policy.
Benefits
In case of death of the policy holder, the nominee gets the sum assured under the plan
The premiums would be returned on maturity.
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) |
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
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.
There is a guaranteed surrender value available once the first 3 years’ premiums are paid.
Loan facility is not available under this policy.