ICICI Pru Precious Life Plan

ICICI Pru Precious Life Plan is a specialized term plan designed for those individuals who already have an existing health condition like diabetes, hypertension, asthma, etc. With this unique plan, you can protect yourself or your family members from various health problems as it offers life cover at an affordable premium. Before understanding this plan in detail, you should check its key features mentioned below.

1. Wide coverage to policyholders
2. Enhanced protection with Accidental Death Benefit
3. Multiple benefit payout options
4. Flexible premium payment options
5. Loyalty discounts
6. Tax benefits under Income Tax Act, 1961
7. 15 or 30-day free look period

Here, we will discuss these features of the ICICI Pru Precious Life Plan in detail so that you can make a better decision. Let’s start right away!

Let’s Understand the Features of ICICI Pru Precious Life Plan in Detail

ICICI Prudential understands the struggle that individuals could have in getting the life cover because of their already diagnosed health conditions. ICICI Pru Precious Life Plan could be that perfect product for such people. We are discussing the key features of this plan in detail below. Please check!

Wide Coverage to Policyholders

With this term plan from ICICI Prudential, individuals who have existing health conditions such as obesity, diabetes, hypertension, asthma and have successfully recovered from cancer or any other surgeries can get life coverage. People can choose from two options according to their protection needs – Life and Life Plus option.

With the Life option, the policy will provide death benefits to the nominee or legal heir in case of your unfortunate demise. Here, the death benefit will be the sum assured chosen by the policyholder. On the other hand, with the Life Plus option, you will also get coverage against accidental death along with death benefits. In case a policyholder dies due to an accident, the policy will provide an accidental benefit as a lump sum amount to the nominee.

Multiple Death Benefit Payout Options

Policyholders can choose to get the death benefit from different options – Lump sum, Income, Lump sum plus Income, and Increasing Income – according to their financial needs. With the Lump Sum option, ICICI Pru Precious Life Plan will pay the entire benefit as a lump sum.

With the Income option, the death benefit amount will be paid in monthly installments in advance for 5, 10 or 15 years. The monthly income will be a percentage of the death benefit and depends on the chosen payout term. To know more, check the below table.

With the Lump Sum plus Income option, a definite percentage of the sum assured will be paid as a lump sum. The balance sum assured will be given in equal monthly installments in advance for 5, 10 or 15 years.

Coming to the Increasing Income option, the policy will pay the benefit amount in monthly installments for 10 years starting with 10% of the overall amount in the first year. This amount will increase by 10% per annum every year thereafter.

Loyalty Discounts

ICICI Prudential also provides loyalty discounts on the first year’s premium to the existing customers. This discount will be 5% for regular pay policies and 2% for limited pay policies. Remember, there will be no discount from the second year.

What will be the Policy and Premium Payment Term?

For the ICICI Pru Precious Life Plan, individuals can choose from different premium payment options – Single Pay, Limited Pay ( 5 or 10 years) and Regular Pay (same as policy term). To know more about the policy term, you can check the table below.

Note: This policy from ICICI Prudential also provides multiple premium payment modes – Yearly, Half-yearly and Monthly.

What is the Sum Assured and Premium Amount for ICICI Pru Precious Life Plan?

The minimum sum assured for the ICICI Pru Precious Life Plan stands at INR 2,00,000, while there is no maximum limit. For the accidental death benefit, the sum assured will be a minimum of INR 1,00,000, while it can go up to the sum assured chosen by you. The minimum premium amount can be INR 2,400 per annum.

ICICI Pru Precious Life Plan Eligibility Criteria

We are showing below the ICICI Prudential Precious Life Plan eligibility criteria. Please check!

1. The minimum age at entry stands at 18 years while it can go up to 65 years.
2. The minimum and maximum age at maturity can be 23 and 70 years, respectively.