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Life Guard

LifeGuard provides protection benefits to you at a low cost.

You can choose from 2 options viz. Single Premium Level Term Insurance, which involves a one-time payment of premium for term 5 to 15 years and Regular Premium Level Term Assurance, in which premiums are paid throughout the term of the policy, for 5 to 25 years.

The focus is on providing protection to your family in the event of your death. On death, the sum assured will be paid to your beneficiary. There are no maturity benefits in case of the Single Premium Level Term policy. In case of the Regular Premium Level Term policy, on survival to maturity, all the premia paid will be returned to you without interest.

You can apply for this policy when you are 18, but not after you are 50 years. The maximum cover-ceasing age is 65 years. The minimum sum assured you should apply for is Rs.1,00,000 and the maximum sum assured under all term insurance policies with us is Rs.10,00,000. In case of Regular Premium Level Term, you need to pay a minimum premium of Rs. 2,400 per annum.

Highlights

You cannot take a loan under this policy. You can discontinue your policy in the case of Regular Premium Level Term Assurance. Your policy acquires a paid up value after premia are paid for 3 years. A guaranteed surrender value is payable to you if you decide to terminate your policy after 3 years premia are paid. However, the insurance protection provided under this policy will also cease.

In case of the Single Premium Level Term plan, since your policy immediately becomes fully paid up, the question of discontinuing it does not arise.

Riders are the additional benefits that you can add on to your policy. You can opt for riders at the time of taking the basic policy at a marginally incremental cost. No bonuses are paid on the riders. You can avail of the Accident & Disability under the Regular Premium Level Term Assurance. This rider is eligible for the tax benefits under Sec 88 when attached to ICICI Pru LifeGuard.

Add-ons are not available under the Single Premium Level Term plan.