ICICI Pru Life Raksha Term Plan

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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Amount you wish to be covered for? 10 Lakhs 15 Lakhs 20 Lakhs 25 Lakhs 30 Lakhs 35 Lakhs 50 Lakhs 75 Lakhs 1 Crore 1.5 Crore 2 Crore 2.5 Crore 3 Crore 4 Crore 5 Crore 10 Crore 15 Crore 20 Crore 25 Crore

Duration of Policy? 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years 11 Years 12 Years 13 Years 14 Years 15 Years 16 Years 17 Years 18 Years 19 Years 20 Years 21 Years 22 Years 23 Years 24 Years 25 Years 26 Years 27 Years 28 Years 29 Years 30 Years 31 Years 32 Years 33 Years 34 Years 35 Years 36 Years 37 Years 38 Years 39 Years 40 Years 41 Years 42 Years 43 Years 44 Years 45 Years 46 Years 47 Years 48 Years 49 Years 50 Years 51 Years 52 Years 53 Years 54 Years 55 Years 56 Years 57 Years 58 Years 59 Years 60 Years

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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.



 

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

 

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.