Why is ICICI Pru Group Loan Protect special?
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.
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.