Why is ICICI Pru Group Loan Protect Plus special?
ICICI Pru Loan Protect Plus provides your family complete protection from the burden of paying any loan. In case of an unfortunate event during the policy term, your family receives a lump sum amount This amount will help you ensure that your loan is repaid.
How much money will my family receive in my absence?
You can choose your family to receive the lump sum amount with the Reducing cover. Under this option, the value of the lump sum will be equal to the Sum Assured* when the policy begins, i.e., in the first month. From the second month, its value will reduce on a monthly basis. In case of an unfortunate event during the policy term, your family will receive the total lump sum applicable after monthly reductions depending on the chosen reducing cover option listed below:
|Monthly Reduction||The value of lump sum will decline on a monthly basis throughout the policy term|
|5 year moratorium period||The value of lump sum will remain constant for 5 years, after which, it will decline on a monthly basis for the remaining policy term|
|7 year moratorium period||The value of lump sum will remain constant for 7 years, after which it will decline on a monthly basis for the remaining policy term|
*Sum Assured is the amount your family receives in your absence.
In order to protect you against any major illness, disability or accident, ICICI Pru Loan Protect Plus offers you additional pay-outs. This is extremely helpful, as you may need money to repay any loan and pay other daily expenses if your regular income discontinues due to an unforeseen event.
How much money does my family receive in case of death by accident?
In case of an accident, ICICI Prudential Life Insurance will pay your loved ones an additional lump sum amount called Accident Cover. The amount of this benefit will be equal to the lump sum amount. The value of Accident Cover declines for the reducing cover option. This benefit will take care of your family’s future and financial well-being in difficult times.
How much money will I receive in case of Critical Illness (CI) or Total and Permanent Disability (TPD)?
The CI and TPD benefit paid to you are equal to the lump sum amount. This benefit is paid to you when you are diagnosed with a critical illness for the first time or declared as ‘Total and Permanently Disabled’*.
*For further details, please refer to the information provided in the product brochure.
Does the policy end after I receive the CI and TPD benefit?
Yes, the CI and TDP Benefit is an ‘accelerated’ benefit which means the policy will end once the value of the benefit is paid out to you.
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.