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.
Key Features
Benefits
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.
On survival till the end of the policy tenure, nothing is payable to the policyholder.
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 fulfillment of terms and conditions.
How it works
Eligibility
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 |
FAQs
Being a single premium plan, there is no further requirement of premium payment.
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.
Loan facility is not available in this plan.