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1. All you have to do is pay a single premium to opt for the insurance cover and you will continue to remain covered throughout the insurance tenure i.e. the under-construction period (if applicable) + the original home loan tenure.
2. You will need to state in advance the expected under-construction period as 0,1, or 2 years. This will be added to the home loan term to compute the total insurance term.
3. You will be covered for the entire loan amount (santioned home loan + single premium paid). The premium is very affordable and there will be a minimal increase in the EMI due to the loan for the insurance premium
4. The insurance cover would start from the date of first disbursement of the home loan and ICICI Prudential shall accept risk from the date the premium is debited to the account of the life assured.
5. The insurance cover would be as per the original loan schedule.
6. On survival upto the end of term, no benefit will be payable.
Tax benefits: Premium paid for the policy and critical illness benefit rider will be eligible for tax benefit under Sec. 80C and 80D respectively. Any amount paid to you will be eligible for tax benefits under Sec. 10 (10D) as per prevailing Income Tax laws.
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