Securing the future of the loved ones is one of the top priorities of the insured. He/she would want them to be secured even when the policyholder is not around. ICICI Pru Life Raksha is a plan that offers the policyholder and his/her family complete financial protection.

Under this ICICI term plan, for eventualities occurred  the family of the policyholder will be given a lump sum amount that will help them manage their fiscal needs.

ICICI Pru Life Raksha Special Plan Details:

Entry Age 18 years60 years
Policy TermRegular pay: 5 years
Premium Payment TermPolicy Term
PremiumDepends on the age of the life assured and the minimum and maximum Sum Assured chosen by him
Sum AssuredRs 50,000Rs 5,00,000
Mode of Premium PaymentMonthly, semi-annually, and annually. For monthly payments, premium loading of 5 percent is there (if the policyholder debits the payment directly.)
Tax BenefitsThe policyholder can avail tax benefits on premiums paid towards his/her policy under section 80C of the IT Act, 1961.

How much money the family of the insured is entitled to receive in his/her absence?

In case of an unforeseen event during the policy term, the policyholder’s family will receive the Death benefit, which is higher of the following:

  • A fixed, minimum lump sum amount, also known as Sum Assured
  • 105% of the total premiums paid
  • An amount equal to 10 times the annual premium

ICICI Pru Life Raksha Special Features

Free look period:

With this term plan, the policyholder gets an option to cancel and return his/her policy if he/she doesn’t find its services up to the mark.

  1. 15 days, if the insured has purchased it directly from a sales agent (no distance/online marketing)
  2. 30 days, if the insured has purchased it through distance/online marketing

Once the policy is cancelled, the company will return the premium paid by the insured after deducting the charges for stamp duty and other expenses such as for pre-medical test, etc.

 Tax benefits:

Tax benefits under u/s 80C of the Income Tax Act. Goods & Services Tax (GST) and Cess (if applicable) will be charged extra as per prevailing rates.

Suicide clause:

If the policyholder (sane/insane) commits suicide within one year from the date of purchasing the policy, the benefits of the policy will be void and the policy will terminate.

Upon termination of the policy, the Company will refund the premium paid and all its benefits, rights and interests will stand extinguished.

Grace period:

A grace period of 15 days is given for premium payment (monthly premium payment mode) and 30 days (for premium payment modes other than online mode).

Policy Revival:

If the policyholder’s policy has lapsed due to premium non-payment within the grace period, it may be revived within 2 years. He/she has to to submit a revival application from the due date of the first unpaid premium and before the policy termination date.

Sum Assured:

Please understand that once the insured has chosen the Sum Assured, it cannot be changed.

Loan Facility:

There is no loan facility available under this plan.

Maturity benefit:

There is no maturity/survival benefit available under this plan.

Surrender benefit:

The plan doesn’t have any surrender benefit.