ICICI Prudential Life Guard - Level Term Assurance with Return of Premium

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ICICI Pru Life Guard- Level Term Assurance with Return of Premium

	Objective		This is a return-of-premium policy with an advantage of additional insurance cover for five years after policy term, without paying any extra premium.
What does it do?		This is the second variant of Life Guard policy. It pays sum assured to the nominee on death of the insured person. All premiums paid till maturity are repaid on survival. This plan can prolong the insurance protection for 5 years after maturity of the policy at 50 per cent of original sum assured. The additional coverage is available without paying any premium. However, rider benefits of the original policy will not be extended. Policies under this plan can be surrendered for a guaranteed value, provided three year premiums have been paid regularly. Waiver of premium is a valuable rider.
Pros		The policy returns premiums at maturity and offers riders for extra protection. The policy can be surrendered in case of need. Premiums qualify for taxation benefits.
Cons		Not suitable for anyone requiring a life cover higher than Rs 10 lakh.
Suited for		Those looking for a term plan with a low life insurance cover requirement of upto Rs 10 lakh may consider this plan. A lapsed policy can be revived within 5 years from the date of lapse, a considerably long period as compared to other policies.
Our View		The maximum sum assured is capped at Rs 10 lakh, which is a very low coverage. This variant of Life Guard policy is suitable for those who would expect something as maturity amount on surviving the policy term. However, the premiums are high as compared to simple term plans. Such policies factor the cost of paying maturity benefits within the premium. Optional riders, if attached, widen the scope of coverage. A plain term insurance policy is most cost-effective insurance available till date.
Eligibility
Entry Age (years)
Minimum		18
Maximum		55
Maximum Maturity Age (years)		65
Policy Term (years)
Minimum		5
Maximum		30
Sum Assured (Rs)
Minimum		Subject to minimum premium limit
Maximum		1000000
Minimum Premium (Rs)		2400
Premium Payment Frequency		Yearly, Half-yearly, Quarterly and Monthly
Premium Payment Term		Equal to policy term
Policy Cover		Cover remains fixed for the tenure of the policy
Other Features
Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Insurance company will deduct the expenses incurred on processing of your policy and return the remaining premiums.
Grace Period		You are allowed to pay premiums within 30 days from the due date for yearly, half yearly and quarterly mode; 15 days for monthly mode. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cove
Lapsed Policy Reinstatement		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Tax Benefits		Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply. Premiums paid for Dread Disease Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.
Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of
Customer Service
Address		ICICI Pru Life Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600
Mail To		lifeline@iciciprulife.com
Call On		18602667766 between 9 am to 9 pm; Monday to Saturday (except National holidays)
SMS		SRV to 56767
Additions to the Plan
Available Rider(s)		Accidental Death and Disability Rider (ADDB): covers death due to an accident, disability due to an accident. Waiver of Premium: In case of total and permanent disability within 180 days of accident, the company pays remaining premiums and the policy remains in force till maturity.
Rider Conditions
Entry Age (years)
Minimum		18
Maximum		55
Maximum Maturity Age (years)		75
Rider Term (years)
Minimum		10
Maximum		30
Sum Assured (Rs)
Minimum		50000
Maximum		1000000
Rider Premium (Rs)		Accidental Death and Disability Rider costs Rs 0.90 per Rs 1000 Sum Assured irrespective of age of the policyholder. Cost of Waiver of Premium Rider is proportinate to the age of policyholder. For instance, it costs Rs 1.25 per thousand of Sum Assured for a 30 year old healthy male and Rs 1.35 per Rs 1000 Sum Assured for a 40 year old for policy term of 10 year whereas.

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