ICICI Prudential Life Guard - Return Of Premium

Review of Life Guard Level Term With Return of Premium (TROP) Plan from ICICI Prudential

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 of Life Guard Level Term With Return of Premium (TROP) Plan

• 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 of ICICI Prudential Lifeguard Level Term With Return of Premium (TROP) Plan

• Death Benefit – In case of death of the policy holder, the nominee gets the sum assured under the plan
• Maturity Benefit – The premiums would be returned on maturity..
• 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

Eligibility conditions Lifeguard Level Term With Return of Premium (TROP) Plan

Sample illustration of premium amount in Lifeguard Level Term With Return of Premium (TROP) Plan

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 10 lakhs and Policy Term = 25 years

Additional Features and Benefits Lifeguard Level Term With Return of Premium (TROP) Plan 

Riders – 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

What happens if? 

• You stop paying the premium – 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.
• You want to surrender the policy – There is a guaranteed surrender value available once the first 3 years’ premiums are paid.
• You want a loan against your policy – Loan facility is not available under this policy.