The ICICI Pru Pure Protect Elite term insurance plan is pure risk cover which provides death benefit/sum assured that is more than 25 lakhs. The insurance plan is quite popular as it has riders that provide special benefits in case there is a death by accident or permanent disability of the life assured. The ICICI Pru term insurance plan offers security to the family and is priced reasonably.
ICICI Pru Protect Elite Term Insurance at a Glance
|Minimum Limit||Maximum Limit|
|Sum Assured||25 Lakh||–|
|Term Period||10 years||30 years|
|Premium Payment Term||Equivalent to Term Policy||Equivalent to Term Policy|
|Age of Policy Holder during Buying of the Policy||18 years||65 years|
|Age of Policy Holder during Maturity of the Policy||–||75 years|
|Premium Mode||Annually, Half-Yearly, or Monthly||–|
Premium Analysis of the Policy under Various Ages
|Ages||Premium in Rupees per Year for 10 Years Term||Premium in Rupees per Year for 30 Years Term|
*In the sample, the life assured is a healthy male and the sum assured is 50 lakh.
ICICI Pru Term Insurance Plan Details
The ICICI Pru Pure Protect Elite term plan is a risk cover policy without Return of Premium. It is often selected by those who have risk-prone job tasks in life and need financial protection to the family in case of death of the life assured in an accident or permanent disability. Check out some of the useful features in the ICICI Pru Pure Protect Elite term insurance policy:
- Insurance cover applicable for this term plan is Rs 25 lakhs and above.
- Only death benefit is offered to the nominee in case the life assured dies within the term plan and no riders are chosen in the plan. The amount is equivalent to the sum assured.
- Two riders are associated with the ICICI Pru Pure Protect Elite Term plan. If the policy holder pays for the Accidental Death and Disability rider, then the nominee would get an additional accidental death benefit, which is equal to the sum assured, if the life assured dies in an accident within the term period.
- The nominee would get two times the sum assured if the life assured dies in a mishap while traveling in a valid ticket on a public transport, such as bus or train.
- The disability feature in the accidental death rider would allow the life assured to take 10 percent of the rider sum assured each year for the next 10 years in case he or she is permanently or totally disabled.
- The Waiver of Premium Benefit rider available with the ICICI Pru Pure Protect Elite plan allows the life assured to discontinue premium payment if he or she is totally or permanently disabled in an accident. Here, ICICI Pru pays for the remaining premiums left to be paid. To avail this rider, the policy holder has to pay the premium with a nominal extra charge for the same.
- No reduced insurance coverage is offered on the ICICI Pru term insurance plan. In other words the policy cannot be retained if the premiums are not paid within the specified time limit. However, it can still be revived within 2 years after the lapsation by payment of pending premiums and interest accrued on the same.
- No surrender option is available with the plan.
- No loan option is available with ICICI Pru Pure Protect Elite Term insurance plan.
- The sum assured cannot be tweaked after the policy has been bought.
Benefits of ICICI Pru Elite Term Plan
The ICICI Pru term insurance plan is pure risk policy with a cost effective premium rate. The plan can be customized as per the need of the policy holder by adding riders available with this plan. There are other advantages for buying this ICICI Pru term insurance plan, such as:
- Discounts are provided for higher sum assured in the policy.
- Premium can be paid in installments, such as monthly, half-yearly, and annually
- The Waiver of Premium Rider and Accidental Death and Disability Benefit Rider allows nominee to get accidental benefit. The life assured can get disability benefit if he or she is disabled for life.
- Similar to most other insurance plans, the premiums would be exempted from tax as per laws under section 80 C of the Income Tax Act.
- The benefits are exempted from tax as per laws under section 10 (10D) of the Income Tax Act.
Many customers using this plan have provided positive ICICI Pru Pure Protect Elite Term insurance reviews and comments where they have suggested that the term plan is a hassle-free way to protect family against mishaps that lead to death or disability of the life assured. Although there is no maturity benefit or surrender value, the plan provides protection cover to the loved ones at lower cost.