ICICI Pru LifeGuard

Name: ICICI Pru LifeGuard

Type of policy: LifeGuard- Level Term Assurance - Term insurance

For buying policy: No

ICICI Pru LifeGuard aims at covering life of insured. It has two variants viz LifeGuard- Return of Premium- Traditional Plan and LifeGuard- Level Term Assurance.

LifeGuard- Return of Premium is not a term plan. It pays sum assured at the event of death or returns all premiums paid if you survive the insurance term. From insurance point of view, premiums are very high compared to sum assured offered. It cannot be considered as an investment choice either as the returns are nil- you just get back what you paid.

On the other hand LifeGuard- Level Term Assurance is a term insurance plan, much like you guessed from the name but again the sum assured is low for the premiums. There are two modes- regular payment and single premium. There is no compelling reason for one to buy this plan when there are far decent term plans available.

Every earning individual should have a pure term insurance policy to make good his/her contribution for their dependants in the unfortunate event of their death. Online term policies for a 30 year old male can bought at an annual premium of approximately Rs 5000 for a 50 lakhs cover. We typically recommend an insurance cover of 4-8 times your annual income, for as long a term as is available for your age. Find out the ideal cover for you using this calculator.

Product features:

 

Parameter

Value

Minimum age at entry

18 years

Maximum age at entry

55 years

Policy term

10-30 years and

3-15 years on LifeGuard Single Premium

Minimum sum assured

Subject to minimum premium for Level Term Assurance

Rs 2.5 lakh for LifeGuard Single Premium

Maximum sum assured

Rs 10 lakhs

 Illustration:

Level Term Assurance- Regular

The table below provides indicative premiums for various age-term combinations for a Sum Assured of Rs. 10 lakhs.

 

Age (Yrs)

Term of Policy

 

5 years

10 years

25 years

20 years

30

2,751

2,751

2,751

2,751

35

2,878

2,878

2,947

3,446

40

3,917

3,917

4,299

5,014

*Premium amounts shown above are inclusive of service tax and education cess as applicable.

 

Level Term Assurance- Single Payment

The table below provides indicative premiums for various age-term combinations for a Sum Assured of Rs. 10 lakhs.

 

Age (Yrs)

Term of Policy

 

3 years

5 years

7 years

10 years

30

6,930

10,400

13,810

18,300

35

7,590

11,740

16,090

22,070

40

9,400

14,950

20,740

28,960

*Premium amounts shown above are inclusive of service tax and education cess as applicable.

 

Better alternatives

Online pure term policies.

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