Protection Plans.
The sole objective of these plans, as their name indicates, is to serve the protection needs of the customer and by doing so, safeguard one’s family from the financial implications of unfortunate circumstances than one cannot foresee.
ICICI Prudential Life Insurance – Life Guard Plan (Protection Plan- Term Insurance Plan)
Why LifeGuard
Protect your family with ICICI Prudential's LifeGuard. LifeGuard acts as a shield that safeguards your loved ones from financial insecurity, at all times.
A cost-effective plan, LifeGuard comes in three variants: LifeGuard (life cover without maturity benefit), LifeGuard with Return of Premium (life cover with maturity benefit), and LifeGuard Single Premium (premium at policy inception, cover till policy matures). Invest in a plan that best suits your requirements and guarantee your family lifelong comfort and security.
LifeGuard at a GlanceProtect your family with ICICI Prudential's LifeGuard. LifeGuard acts as a shield that safeguards your loved ones from financial insecurity, at all times.
A cost-effective plan, LifeGuard comes in three variants: LifeGuard (life cover without maturity benefit), LifeGuard with Return of Premium (life cover with maturity benefit), and LifeGuard Single Premium (premium at policy inception, cover till policy matures). Invest in a plan that best suits your requirements and guarantee your family lifelong comfort and security.
Read more about the features & benefits of this life insurance policy.
| Plan | Minimum Sum Assured | Policy Term | Premium* |
| LifeGuard (UIN 105N017V02) | Rs 5 Lakhs | Between 5 & 30 years | Monthly, half-yearly or annually |
| LifeGuard with Return of Premium (UIN 105N006V02) | Rs 5 Lakhs | Between 10 & 30 years | Monthly, half-yearly or annually |
| LifeGuard Single Premium (UIN 105N007V02) | Rs 2.5 Lakhs | Between 3 & 15 years | Single Premium plan |
*Premium is calculated based on your age and level of cover you choose.
Features and Benefits of LifeGuard
LifeGuard offers a choice of 3 life insurance plans: LifeGuard, LifeGuard with Return of Premium and LifeGuard Single Premium. Take a look at the features and benefits of the plans:
Death benefit: Provide for your beneficiary to receive the Sum Assured should something happen to you.
Extended life cover: Invest in LifeGuard with Return of Premium plan and safeguard your family with an additional cover—at 50% of the original Sum Assured—for 5 years after your policy terminates.
Additional riders: Protect your family from accidents and disability by adding on the Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider (WOPR).
- ADBR: The rider benefit amount will be paid to your family in the event of death or disability due to an accident.
- WOPR: In the case of total and permanent disability due to an accident, all further premiums will be waived and policy benefits will continue.
Tax benefits: Receive tax deductions on premiums paid (u/s 80 C). Enjoy tax exemptions on maturity proceeds and death benefits [u/s 10 (10 D)] as per prevailing Income Tax laws.
Maturity benefit: Invest in LifeGuard with Return of Premium plan and receive all the premiums you have paid, when your policy matures.
To Buy Contact us at – Investorline Financial Services,
D-16/261, Sector-7, Rohini, New delhi-110085
Email us- indiainsured@aol.com
(IRDA License- 4126724)
(Authorized ICICI Life Insurance Advisor)
Life Guard- Plan Details
Level Term Assurance
Under this plan, in case of death of the life assured during the term, the Sum Assured will be paid to the beneficiary. There are no maturity benefits. Hence on survival till maturity, the policy will terminate.
You will need to pay the regular annual premium for the term chosen. You will be provided with life cover equal to the Sum Assured.
The table below provides indicative premiums for various age-term combinations for a Sum Assured of Rs. 10 lakhs.
| Age | | Term of the policy | | |
| 5 years | 10 years | 15 years | 20 years | |
| 30 years | Rs. 2,751 | Rs. 2,751 | Rs. 2,751 | Rs. 2,751 |
| 35 years | Rs. 2,878 | Rs. 2,878 | Rs. 2,947 | Rs. 3,446 |
| 40 years | Rs. 3,917 | Rs. 3,917 | Rs. 4,299 | Rs. 5,014 |
Each premium indicated has been calculated on an annual premium* basis for a healthy adult male. The exact premium to be paid may vary as a result of underwriting.
Level Term Assurance with Return of Premium
Should you select this plan, you will need to pay a regular annual premium for the term chosen. You will be provided with life cover equal to the Sum Assured. The minimum Sum Assured under this plan is subject to minimum annual premium of Rs. 2,400 and maximum Sum Assured is Rs. 10,00,000.In case of death of the life assured during the term, the Sum Assured under the plan will be paid to the beneficiary. On survival till maturity, all the premiums paid, will be returned.
Extended Life Cover
The plan also offers the unique feature of an additional extended cover for 5 years after maturity of the policy, for 50% of the Sum Assured without any further payment of premium. This provides additional protection, even after the Premium Paying Term. Cover will be available only in respect of policies which will be in force for full Sum Assured as on maturity date. There would be no extension of rider benefits cover. The table below provides indicative premiums for various age-term combinations for a Sum Assured of Rs. 10 lakhs.
| Age | | Term of the policy | | |
| 10 years | 15 years | 20 years | 25 years | |
| 30 years | Rs. 32,195 | Rs. 15,642 | Rs. 10,860 | Rs. 9,047 |
| 35 years | Rs. 37,193 | Rs. 19,170 | Rs. 13,927 | Rs. 11,928 |
| 40 years | Rs. 46,130 | Rs. 24,952 | Rs. 18,631 | Rs. 16,230 |
Each premium indicated has been calculated on an annual premium* basis for a healthy adult male. The exact premium to be paid may vary as a result of underwriting.
Single Premium
This is a single premium variant of the LifeGuard Level Term plan. You will need to make a one-time premium payment, depending on the term and Sum Assured chosen by you. The minimum Sum Assured is Rs. 2.5 lakhs and the maximum Sum Assured is Rs 10,00,000. In case of death of the life assured during the term, the Sum Assured under this plan will be paid to the beneficiary. There are no maturity benefits, at the end of the term. The table below provides indicative premiums for various age-term combinations for a Sum Assured of Rs. 10 lakhs.
| Age | | Term of the policy | | |
| 3 years | 5 years | 7 years | 10 years | |
| 30 years | Rs. 6,930 | Rs.10,400 | Rs. 13,810 | Rs. 18,300 |
| 35 years | Rs. 7,590 | Rs. 11,740 | Rs. 16,090 | Rs. 22,070 |
| 40 years | Rs. 9,400 | Rs. 14,950 | Rs. 20,740 | Rs. 28,960 |
Each premium indicated has been calculated on an annual premium* basis for a healthy adult male. The exact premium to be paid may vary as a result of underwriting.
Who can apply?
For LifeGuard Level Term Assurance: Applicants should be between 18 and 55 years of age. The minimum term is 5 years and the maximum term is 30 years, which is subject to a maximum of 65 years of age. The minimum premium payable is Rs. 2,400 per annum.
For LifeGuard Level Term Assurance with return of premium: Applicants should be between 18 and 55 years of age. The minimum term is 10 years and the maximum term is 30 years, which is subject to a maximum of 65 years of age. The minimum premium payable is Rs. 2,400 per annum.
For LifeGuard Single Premium: Applicants should be between 18 and 55 years of age. The minimum term is 3 years and the maximum term is 15 years, which is subject to a maximum of 65 years of age.
What additional features does LifeGuard offer you?
For added protection of your family against any unfortunate eventualities, LifeGuard offers you the following at a nominal extra cost.
Accident and Disability Rider:
• On death of the life assured due to an accident, the beneficiary gets the additional Sum Assured under the Rider.
• In case an accident related death occurs while traveling by mass surface public transport, the beneficiary gets twice the Sum Assured under the rider.
• In the event of total and permanent disability, 10% of the Rider Sum Assured is paid out every year, for 10 years.
Waiver of premium:
In case of total and permanent disability due to an accident, this rider would waive future premiums till maturity.
Note: The Riders mentioned above are not available with the LifeGuard Single
Premium policy. For rider exclusions, please refer to the detailed rider brochure.
Can the policy be discontinued?
In case you wish to surrender LifeGuard Level Term Assurance and Single Premium Plans, no surrender value is available. However, on surrender of LifeGuard Level Term Assurance with Return of Premium, a guaranteed surrender value is payable to you. This is only applicable once three years' of premium are paid.
What are the conditions / exclusions which are applicable to the basic plan?
· Suicide : If the Life assured commits suicide whether sane or insane, within one year from the date of commencement of this policy, the policy shall be void and the premiums paid will be refunded after deducting the expenses incurred by the Company for the issue of the policy.
· Tax benefits under the policy are subject to conditions under section 80C, 80CCC, 10(10D) of the Income Tax Act, 1961. Service tax and education cess will be charged extra, as per applicable rates. The tax laws are subject to amendments. Amount received on surrender and as pension is taxable as income.
· Sum Assured cannot be changed, once chosen at the time of inception of the policy.
· A period of 15 days is available to the policyholder during which the Policy can be reviewed. If the Policy is not suitable, the company will return the premiums paid subject to the deduction of insurance stamp duty on the policy..
· In accordance to the Section 41 of the Insurance Act, 1938, no person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
· In accordance to the Section 45 of the Insurance Act, 1938, no policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on ground that a statement made in proposal of insurance or any report of a medical officer or a referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statements was on material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
· A grace period of not more than 30 days, where the mode of payment of premium is other than monthly and not more than 15 days in the case of monthly mode would be allowed to the policyholder.
· Guaranteed Surrender Value: The policy will acquire a guaranteed surrender value and paid-up value after premiums are paid for three years. The guaranteed surrender value will be equal to the total premium received to date, multiplied by the number of years' premiums paid, divided by the number of years premium payable.
· Modes ofpremiums permitted and the charges applied for different modes ofpayment premiums and quantum of sum assured, if any. Modes of premium permitted would be Annual, Half-yearly, Quarterly & Monthly and following modal rebates would apply: Annual: 2% of premium Half-yearly: 1% of premium Quarterly: 0% of premium Monthly: There is a loading of 5% on the premium except if the
· payment is made by direct debit.
· A policy,which has lapsed for non-payment of premium within the days of grace may be revived subject to the following conditions:
o the application for revival is made within 5 years from the date of the first unpaid premium and before the termination date of policy
o the applicant being the Proposer/Life Assured furnishes, at his own expense, satisfactory evidence of health of the Life Assured
o the arrears of premiums together with interest at such rate as the company may charge for late payment of premiums are paid
o the revival of the policy may be on terms different from those applicable to the policy before it lapsed
o the revival will take effect only on it being specifically communicated by the Company to the Life Assured or the applicant.
· For further details, refer to the policy document and detailed benefit illustration.
To take a Life Insurance Cover for you & your family
Contact us at -
Investorline Financial Services,
D-16/261, Sector-7, Rohini, New delhi-110085
Email us- indiainsured@aol.com
(IRDA License- 4126724)
(Authorized ICICI Life Insurance Advisor)
ICICI Prudential Life continues to maintain its No. 1 position among the private life insurers in the country. For the financial year ending March 31, 2007, the company garnered Rs. 4,843 crore of weighted retail + group new business premiums and wrote nearly 2 million policies, becoming the first private life insurer to cross the 4 million policies milestone. With this the company gathered 29% market share of the private life insurance market and 10% of the Indian life insurance market. ICICI Prudential Life has a network of over 580 offices, over 234,000 advisors, as well as 22 bank partners. It is also the only life insurer in India to be assigned AAA (Ind) credit rating from Fitch Ratings. Source- ICICI Site
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