ICICI Pru Life Raksha Term Plan

Life Raksha Term Plan offered by ICICI Prudential Life is a protection-oriented term plan that protects the family in the case of demise of the policyholder. This term insurance gives a lump sum amount that can be used to meet the immediate financial needs that can arise in the absence of the policyholder.

Key Features of ICICI Pru Life Raksha Term Plan

A minimum sum assured under this plan is rupees 50,000 whereas, the maximum limit is rupees 5,00,000. The minimum and maximum premium depend on the sum assured and the age of the policyholder. The premiums under this policy can be paid monthly, half yearly or yearly. Some of the key features of the ICICI Prudential Life Raksha Plan are:

Death benefits: In the unfortunate event death of the policyholder during the term of the plan, the nominee shall receive the death benefits. The death benefit is one of the three options whichever is the highest.

Option 1: The sum assured.

Option 2: Ten times of the annual premium excluding the service taxes.

Option 3: 105% of the total premiums paid as on date of the death of the policyholder.

Five-year regular premium payment: You need to pay regular premiums throughout the term of the insurance policy in order to receive the death benefits.

Maturity benefits: There are no maturity or survival benefits payable under ICICI Prudential Life Raksha Plan.

Surrender benefits: There is no surrender benefit paid under this plan. A surrender benefit is the sum of money that an insurance company pays to the policyholder, if the policyholder is voluntarily terminating the policy before the maturity or the death.

Free-look period: This policy offers a free look period of 15 days from the receipt of the policy if the policy is not purchased through distance marketing. A free look period is extended for those who have purchased the policy through distance marketing. A free look period allows the policyholder to decide whether to keep the policy or not. If the policyholder is not happy and satisfied with the policy terms, he/she can cancel the policy and receive the full refund.

However, the stamp duty charges and the medical examination fees which were borne by the organisation must be paid by the policyholder on the removal of the plan.

Benefits of Life Raksha Term Plan

ICICI Life Raksha Term Plan comes with a number of benefits. A few of them are listed below.

In the event of unfortunate demise of the policyholder during the term of the policy, the nominee receives the death benefits.

ICICI Life Raksha plan offers tax benefits under section 80C of The Income Tax Act.

This plan is an ideal protection plan that provides a safety net for the family in the case of the untimely demise of the policyholder.

Specifications of Life Raksha Term Plan

Some of the critical specifications of ICICI Prudential Life Raksha Plan are:

Policy renewal: The policy can be renewed within the grace period defined in the policy terms. If the policy is lapsed because of non-payment of premium, it can be revived with respect to following conditions.

The application for renewal should be made within two years from the due date of the first unpaid premium.
Satisfactory evidence of the policyholder is required.
The non-paid premiums have to be paid with interest.
The decisions regarding the renewal of the policy are wholly based on the approval of the board.

Grace period to pay the premium : The grace period of 15 days is given in the case of monthly mode, and 30 days for half yearly and yearly mode.

Premium discontinuance - If the insurance premium is not paid within the grace period, the benefits under this policy are void. The sum assured while entering into the policy cannot be changed afterward. No loans can be taken against ICICI Prudential Life Raksha Plan.

Eligibility of Life Raksha Term Plan

ICICI Prudential Life Raksha Plan is a five-year term plan that serves as a safety net for your family. There are explicit eligibility criteria that one must meet to subscribe the ICICI Prudential Life Raksha Plan, and they are:

Minimum age limit: The minimum age limit to purchase the ICICI Prudential Life Raksha Plan is 18 years.

Maximum age limit: The maximum age limit to enter into this plan is 60 years.

Premium payment term: The premium payment term under this policy is of five years which is the policy term.

Detail about premium of Life Raksha Term Plan

There is no minimum or capped premium limit under ICICI Prudential Life Raksha Plan. The minimum and maximum premium depend on the minimum, and maximum sum assured and also the age of the policyholder. There are three modes available to pay the premiums, and those are yearly half-yearly and monthly premiums. If you chose to pay a monthly premium, there is a premium loading of 5% unless the payment is made through direct debit method.

To pay the premium online for ICICI Prudential Life Raksha Plan, you can log in to the e-portal of ICICI Bank where you can follow three simple steps and make the payment:

Enter your ICICI insurance policy details which include policy number and birth date of the policyholder.

Select your bank account, debit or credit card, or you can also make NEFT transfer.

Verify and confirm your payment details. Once you make the online payment, you will receive an online confirmation for the same.

Tax benefits under ICICI Prudential Life Raksha Plan

The ICICI Prudential Life Raksha Plan helps you to avail some tax benefits.

The premiums paid under this policy are qualified for tax exemptions under The Income Tax Act, 1961. However, goods and service tax and cess will be charged extra (if applicable).

Please note that the tax laws are subject to periodic amendments as specified by the law.

Exclusions: What is not covered by ICICI Prudential Life Raksha Plan?

Suicide clause: If the policyholder whether sane or insane, commits suicide within a year from the date of policy taken, the policy shall be considered void, and the policy will be terminated. The company will refund the premium to the family of the policyholder, and all rights and benefits of this policy will be extinguished.

In the case of renewal of this policy, if the policyholder, whether sane or insane, commits suicide within a year from the renewal of the policy, the company will refund 80% of the premiums paid after the renewal of the policy.