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ICICI Prudential Life Guard is a term plan with an added feature of premium return. Thus, if the policyholder survives till maturity, all the premiums paid during the term shall be repaid. In the event of the death of the policyholder during the policy term, the insurance cover (sum assured) shall be paid to the nominee.
The feature of extended life cover is impressive. However, the premiums payable are much higher than what are otherwise payable in case of a traditional term plan as the scheme guarantees repayment of same at maturity. Also, the maximum amount of insurance cover that can be purchased is restricted to 10 lakh, which makes it unsuitable for those seeking higher cover.
Premium Payable
ICICI Prudential Life Guard is a term plan that basically provides insurance cover. The scheme does not provide for any maturity gains, but returns the premium paid on maturity. The table beneath illustrates the amount of premiums charged by this scheme per annum for an insurance cover of 10 lakh.
Unique Feature
If the policyholder survives till maturity of the plan, the scheme provides an extended insurance cover for another five years for 50% of amount of sum assured. No premiums are charged for this additional cover to life.
For Existing Customers
Existing Customers should continue to stay invested, as early exit would result in the loss of premiums already paid, not to mention the loss of insurance cover. Exit from the policy after a period of three years will give only a guaranteed surrender value to the policyholder equal to
Total premiums paid X No. of years for which premium is paid
No. of years for which premium is payable Thus, if a 30 yr old male takes 10 lakh policy for 25 years and pays premiums for only four years, the total premiums paid will be 36,188. An early exit will however result in him receiving only 5,790 as return of premiums paid.
For Those Looking to Invest
The extended insurance cover for another 5 years after maturity makes this plan an attractive buy. Investors should however take note of the premiums as they are on the higher end.
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Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
- HDFC TaxSaver
- ICICI Prudential Tax Plan
- DSP BlackRock Tax Saver Fund
- Birla Sun Life Tax Relief '96
- Reliance Tax Saver (ELSS) Fund
- IDFC Tax Advantage (ELSS) Fund
- SBI Magnum Tax Gain Scheme 1993
- Sundaram Tax Saver
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