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ICICI Pru Life Raksha Term Plan

Published On Sep 05, 2021 10:00 AM By Kanika Wadhwa

ICICI Prudential Life Raksha is a term insurance plan that offers protection to the policyholder’s family in the event of their unforeseen death. Under this term insurance plan, the nominee receives a lump sum amount that can be utilized to meet the immediate financial requirements that can come to the surface in the absence of the sole bread earner of the family.

Salient Features of ICICI Pru Life Raksha Plan

There is a minimum sum assured limit of Rs 50,000 under this insurance plan, on the other hand, the maximum sum assured limit is up to Rs 5 Lakh. The amount of premium payable is dependent upon the sum assured and the policyholder’s age. Under this plan, the premium can be paid on a monthly, half yearly or yearly basis. Here are some of the salient features of this insurance plan:

1. Death Benefits: In the venet of untimely death of the policyholder within the plan period, the nominee is entitled to receive the death benefits. It can be amongst the three below mentioned options, whichever is higher
-          Sum Assured
-          10 times the annual premium excluding service tax
-          105% of total payable premium as on the date of policyholder’s demise
You are required to pay premiums regularly throughout the tenure of the insurance plan in order to get death benefit.

2. Surrender Benefit: No surrender benefit is paid to the policyholder under this insurance plan. It is the amount of money that an insurance provider pays to the policyholder in case of voluntary termination of a plan before the death or maturity.

3. Maturity Benefits: Under this term insurance plan, no maturity or survival benefits are paid to the policyholder.

4. Free Look Period: Under this plan, a free look period of 15 days is provided from the inception of the plan in case it is not bought through distance marketing. An extended free look period is offered to individuals who have bought the insurance plan via distance marketing. This is the time given to the policyholder to decide whether they would like to continue with the insurance plan or not. In case, the individual is not content with the plan, then they can cancel the policy and receive the refund after certain deductions.

Also read - Difference Between Limited Pay And Regular Pay Term Insurance Policy

Advantages of Life Raksha Term Insurance Plan

  • Some of the key advantages offered under this term insurance plans are listed below:
  • In case of untimely death of the policyholder within the plan period, the nominee appointed by the policyholder is entitled to receive a death benefit from the insurance company.
  • Under this insurance plan, the policyholder is allowed to receive tax deductions as per section 80C of the Income Tax Act.
  • This term insurance plan is a perfect protection policy that offers security to the family of the policyholder in the event of the unfortunate demise of the policyholder.

You may also like to read - Everything You Need To Know About Term insurance Plan

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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