Why is ICICI Pru Group Loan Protect special?
Pay premiums as per your comfort
The plan allows you to choose the number of years for which you wish to pay premiums.
You can opt for:
- One Pay option (pay premium only once) or
- Limited Pay option (payment of premiums for 5 years)
Secure your loved ones even in your absence
ICICI Pru Loan Protect provides protection to your family against mortgage and auto loan taken by you. In case of an unfortunate event during the policy term, your family receives a lump sum amount. This amount will ensure that your loved ones are able to live the life you have planned for them.
How much money will my family receive in my absence?
You can choose for your family to receive either of the coverage options mentioned below:
- Fixed cover: The Life Cover* chosen at the beginning of the policy remains fixed throughout the policy term. In case of an unfortunate event during the policy term, this lump sum amount will be paid out.
- Reducing cover: The Life Cover chosen at the beginning of the policy reduces from the second month onwards, on a monthly basis. In case of an unfortunate event during the policy term, the Life Cover applicable at the time of death will be paid out.
*Life Cover is the amount your family receives in your absence.
Get tax benefits
With this plan, you can reduce your taxable income by investing up to `1.5 lakh under Section 80C. This will help you save tax. What's more, the amount received on death is also tax free*.
*Tax benefits under the policy are subject to conditions under Section 80C, 10(10D) and other provisions of the Income Tax Act, 1961. Applicable taxes will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time.
Product Snapshot
You take loans to provide the best lifestyle and comforts that your loved ones desire. But, in case of an unfortunate event, the burden of repaying these loans may fall on their shoulders. We present ICICI Pru Loan Protect, a plan that protects your family’s future and ensures your loans are taken care of when you are not around.
product information
Product at a Glance - ICICI Loan Protect
Details
*Life Cover is the amount your family receives in your absence.
ICICI Pru Loan Protect (UIN: 105N142V02)
W/II/0304/2016-17
benefit illustrator
Age | 30 years |
Loan Type | Mortgage Loan |
Outstanding loan tenure | 10 years |
Outstanding loan amount | `30 lakh |
Policy Term | 10 years | |
Premium payment option | Five Pay | One Pay |
Premium payable | `6780 p.a. | `28,020 |
The premium amounts shown for Reducing Cover are exclusive of taxes. The above illustration is for a healthy male Life Assured.