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ICICI Prudential Home Assure Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

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.
 
How it works – In this plan, premium needs to be paid upfront under 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 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.
 

Key Features of ICICI Prudential Home Assure Insurance Policy

  • It is a Decreasing Term Plan with Single Premium Option
  • The policy can be taken for 2 to 30 years
  •  The Sum Assured chosen is the outstanding Loan Amount based on the initial schedule.
  • The Sum Assured keeps decreasing as per the initial schedule over the time period as per the loan liability
  • If the Life Insured dies within the policy tenure, the outstanding Loan Amount would be paid off to settle the loan amount
  • In case of a co-applicant of the loan, both lives are covered if both are earning members
  • On survival till the end of the policy tenure, nothing is payable
 
Have any doubts that need to be clarified? Request a Call Back
 
 

Benefits you get from ICICI Prudential Home Assure Insurance Plan

 

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 for Loan Settlement.
 
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 Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
 
 

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
 
 

Additional Features and Benefits of ICICI Prudential Home Assure Plan

Riders – There are no additional riders in this plan.
 
 

What happens if?

You stop paying the premium – Being a single premium plan, there is no further requirement of premium payment.
 
You want to 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.
 
You want a loan against your policy – Loan facility is not available in this plan.



 
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