ICICI Prudential Life Guard - Single Premium
ICICI Prudential Lifeguard Level Term Single Premium Plan of ICICI Prudential is a single premium variant of pure term plan with level cover throughout the policy tenure. This is also a vanilla term plan like Lifeguard Level Premium Term Plan 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 there is nothing payable to him on maturity. Only in this case, the premium needs to be paid upfront instead of every year payment.
Key Features
It is a pure Term Insurance Policy with Death Benefit only
Premium needs to be paid upfront only
Rider benefits are also available
Benefits
Like a simple term plan, death benefit is payable if life insured expires within the policy tenure.
Nothing is payable 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.) | 2,50,000 | 10,00,000 |
| Policy Term (in years) | 3 | 15 |
| Premium Payment Term (in years) | Single | Single |
| Entry Age of Policyholder | 18 | 55 |
| Age at Maturity | - | 65 |
| Single premium | Nothing specified | Nothing specified |
| Payment modes |
Single |
|
FAQs
What happens if you stop paying the premium?There is no question of not paying the premium as the entire premium is paid up front.
What happens if you want to surrender the policy?Option to surrender this policy is not available.
What happens if you want a loan against your policy?Loan facility is not available under this policy.
