ICICI Pru Life Raksha Term Plan
ICICI Pru Life Raksha Term Plan is a pure protection plan by ICICI Prudential Life that provides financial security to the family in case of the policyholder’s demise. It gives a lump-sum amount as the death benefit so that the policyholder’s loved ones are able to meet their financial requirements in the absence of the policyholder.
ICICI Pru Life Raksha Term Plan Features
- The term plan offers 3 different death benefit options to choose from as per your requirement.
- It’s a five-year term policy; hence, to continue your life cover, you need to pay the premium throughout the term of the policy.
- The minimum entry age is 18 years, and the maximum is 60 years.
- The policy term is 5 years – Regular pay.
- The minimum sum assured is Rs 50,000, and the maximum is Rs 5 lakhs.
- Flexibility to choose from different modes of premium payment – yearly, half-yearly and monthly.
- Tax benefits are available on the premiums paid towards the policy under section 80C of the Income Tax Act, 1961.
- The plan offers neither any maturity benefit nor surrender benefit.
What will my family receive if I am not around anymore?
In case of your untimely death during the policy term, the nominees receive the highest of the following:
- A fixed amount called Sum Assured
- An amount equal to 10 times the annual premium
- 105% of the total premiums paid
Why should you choose ICICI Pru Life Raksha Term Plan?
- To secure your family with a lump-sum sum assured amount in your absence.
- To avail the benefit of 3 different death benefit options and let your loved ones live a stress-free life.
- To pay premiums as per your convenience by choosing from flexible premium payment modes.
- To get the benefit of a term plan with a short tenure of 5 years.