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ICICI Pru Life Guard- Level Term Assurance


This is the first among three variants of this policy. It is a plain term insurance plan with an objective to provide financial assistance in case of death of the insured.

What does it do?

This is a plain term assurance variant of the Life Guard policy with no maturity or surrender value. The plan will pay sum assured to the nominee in case of unfortunate demise of the life insured. Waiver of premium is a valuable rider.


The policy offers riders for added protection.
A lapsed policy can be revived within 5 years from the date of lapse, a considerably long period as compared to other policies.
Premiums qualify for tax deduction under Section 80C of IT Act.


The policy is not suitable for anyone having need for a life cover higher than Rs 10 lakh.

Suited for

Those looking for low insurance coverage, up to Rs 10 lakh, can consider this policy.

Our View

The maximum sum assured is capped at Rs 10 lakh, which is a very low coverage. Optional riders, if attached, widen the scope of coverage. Plain term insurance plans are the cheapest kind of life insurance available till date.  

Entry Age (years) 
Maximum Maturity Age (years)65
Policy Term (years) 
Sum Assured (Rs) 
MinimumSubject to minimum premium limit
Minimum Premium (Rs)2400
Premium Payment FrequencyYearly, Half-yearly, Quarterly and Monthly
Premium Payment TermEqual to policy term
Policy CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace PeriodYou are allowed to pay premiums within 30 days from the due date for yearly, half yearly and quarterly mode; 15 days for monthly mode. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.
Lapsed Policy ReinstatementYou can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any.
Tax BenefitsSection 80C, 10 (10D) of the Income Tax Act, 1961 would apply. Premiums paid for Dread Disease Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.
ExclusionsIn case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit
Customer Service 
AddressICICI Pru Life Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600
Mail To[email protected] 
Call On18602667766 between 9 am to 9 pm; Monday to Saturday (except National holidays)
SMSSRV to 56767
Available Rider(s)Accidental Death and Disability Rider (ADDB): covers death due to an accident, disability due to an accident.
Waiver of Premium: In case of total and permanent disability within 180 days of accident, the company pays remaining premiums and the policy remains in force till maturity.
Rider Conditions 
Entry Age (years) 
Maximum Maturity Age (years)75
Rider Term (years) 
Sum Assured (Rs) 
Rider Premium (Rs)Accidental Death and Disability Rider costs Rs 0.90 per Rs 1000 Sum Assured irrespective of age of the policyholder.
Cost of Waiver of Premium Rider is proportinate to the age of policyholder. For instance, it costs Rs 1.25 per thousand of Sum Assured for a 30 year old healthy male and Rs 1.35 per Rs 1000 Sum Assured for a 40 year old for policy term of 10 year whereas.
Annual Premium Option for Male
Policy Term (in years)Age (in years)
Figures indicate premiums on a Rs 10 lakh policy for an age over different policy tenures exclusive of service tax