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ICICI Prudential Home Assure Plan

ICICI Prudential Home Assure Plan is a Home Loan Protection Plan. Thus, this is a Decreasing Term Plan. It is a Traditional Plan without Bonus facility.

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Death Benefit
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Maturity Benefit
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Income Tax Benefit

Compare this plan with other Term Plans

ICICI Prudential Home Assure Plan - Key Features

It is a Decreasing Term Plan with Single Premium Option
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The policy can be taken for 2 to 30 years
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The Sum Assured chosen is the outstanding Loan Amount based on the initial schedule.
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On survival till the end of the policy tenure, nothing is payable
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In case of a co-applicant of the loan, both lives are covered if both are earning members
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ICICI Prudential Home Assure Plan - Benefits

Death Benefit

In case of death of the Life Insured within the Policy Tenure, the outstanding Loan Amount based on the initial schedule would be paid to the bank ...

Maturity Benefit

On survival till the end of the policy tenure, nothing is payable to the policyholder.

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 and the Maturity Pro...

Functions of the policy

In this plan, the premium needs to be paid upfront under the Single Premium Payment Option. The policy can be taken for a period of 2 to 30 years. The Sum Assured chosen is the outstanding Loan Amount based on the initial schedule. Being a Home Loan Protection Plan, the Sum Assured keeps decreasing as per the initial schedule over the time period as per the loan liability.
 
Thus, if the Life Insured dies within the policy tenure, the burden of the loan does not fall on his family members. The outstanding Loan Amount would be paid off to settle the loan amount. In the case of a co-applicant of the loan, both lives are covered if both are earning members.
 
In case of partial prepayment of the loan, the cover continues as per the original loan schedule and if the Life Insured dies within the Policy tenure, the outstanding balance of the loan would be paid to the bank for loan settlement and the remaining amount will be paid to your family.
 
However, on survival till the end of the policy tenure, nothing is payable since the Home Loan amount would be settled by then.

Eligibility conditions & other restrictions in ICICI Pru Home Assure Policy

  Minimum Maximum
Sum Assured (in Rs.) 25000 No Limit
Policy Term (in years) 2 30
Premium Payment Term (in years)  Single
Entry Age of Life Insured (in years)
  18 60
Age at Maturity (in years) - 70
Premium (in Rs.) 6,000 p.a. No Limit
Payment modes Only Single

ICICI Prudential Home Assure Plan - FAQs

angle right iconwhat happens if policyholder stop paying the premium

 Being a single premium plan, there is no further requirement of premium payment.

angle right iconwhat happens if policyholder wnatto surrender the policy

Surrenders will be payable only in case of full prepayment or balance transfer of the loan.

  • Surrender Value = 70% of the Single Premium * (Outstanding Term at surrender / Original Term).
  • The surrender value will be payable only if the amount is not less than Rs. 250.
angle right iconwhat happens if policyholder want a loan against your policy

Loan facility is not available in this plan.