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ICICI Pru Life Raksha Term Plan

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ICICI Pru Life Raksha Term Plan Review

ICICI Pru Life Raksha is a term plan for a period of 5 years only, primarily designed to cover short-term liabilities up to a maximum cover of Rs. 5 lacs.


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Key Features

  •  Pure Term Insurance Plan
  •  Policy term of 5 years only
  •  Maximum Sum Assured of 5 lacs
  •  Tax benefits on premiums paid

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Death Benefit

In the unfortunate event of death of the life covered (Life Assured) during the term of the policy, the nominee shall receive the Death Benefit.
Death Benefit = A or B or C, whichever is highest
Where, A = Sum Assured, B= 10 times the annualised premium excluding applicable premium payment frequency loading, if any and service tax & cesses, C = 105% of the total premiums paid as on date of death. 


Five year regular pay

This is a five year policy. For life cover to continue throughout the policy term you must pay premiums throughout the policy term.


Maturity Benefit

There is no maturity benefit or survival benefit payable under this plan.

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Surrender Benefit

There is no surrender benefit under this plan.


Eligibility and other Conditions of ICICI Pru Life Raksha

 
Minimum / Maximum age at entry 18 / 60 years
Premium payment term Policy term
Policy term Regular Pay: 5 years
Minimum Sum Assured that can be chosen Rs. 50,000
Maximum Sum Assured that can be chosen Rs. 500,000
Minimum and Maximum Premium Depends on the minimum and maximum Sum Assured and age of the life assured
Modes of available premium payment Yearly, Half-yearly and Monthly 
For monthly frequency there is a premium loading of 5% unless the payment is made by direct debit
Tax Benefits Premium paid towards the policy will be eligible for tax benefits u/s 80C of the Income Tax Act, 1961


Tax benefits

Tax benefits under the policy are subject to conditions u/s 80C of the Income Tax Act, 1961.


Illustration


ICICI Pru Life Raksha Illustration 

Suicide clause

If the Life Assured whether sane or insane, commits suicide within one year from the date of inception of this policy, the policy shall be void and the policy will terminate. The Company will refund the premium and all rights, benefits and interests under this policy will stand extinguished.


Grace period

A grace period for payment of premium as below is allowed to the policyholder
  • 15 days after the premium due date applies for monthly premium payment mode and 
  • 30 days for other modes of premium payment.

Premium discontinuance

If the premium is not paid either on the premium due date or within the grace period, the policy will become a lapsed policy and risk cover will cease. No benefit shall become payable in case of death of the Life Assured while the policy is in lapsed condition.
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