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.
There is no maturity benefit or survival benefit payable under this plan.
Eligibility and other Conditions of ICICI Pru Life Raksha
Minimum / Maximum age at entry
18 / 60 years
Premium payment term
Regular Pay: 5 years
Minimum Sum Assured that can be chosen
Maximum Sum Assured that can be chosen
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
Premium paid towards the policy will be eligible for tax benefits u/s 80C of the Income Tax Act, 1961
Tax benefits under the policy are subject to conditions u/s 80C of the Income Tax Act, 1961.
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.
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.
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.