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ICICI Pru Life Guard- Single Premium


This variant of Life Guard policy is a single premium plan with an aim to provide financial assistance in case of death of the insured person.

What does it do?

The Life Guard policy offers three variants, that can be picked as per needs. This is the third variant that pays sum assured to the nominee on death of  the insured person. There are no maturity or surrender benefits. This plan does not offer any riders.


Premiums qualify for taxation benefits.


This plan is not suitable for anyone who needs coverage higher than Rs 10 lakh.

Suited for

Those having the need for lesser insurance protection, up to Rs 10 lakh, may consider this plan.

Our View

The maximum sum assured is capped at Rs 10 lakh, which is a very low coverage. Single premium plan may prove to be expensive as compared to regular premium payment option as you lock-in a large amount for a fixed cover. The reason we say this is because in case something goes wrong in early years of the policy, you have already paid a huge amount as premium to the insurance company. This would also block a lump sum for long years   which can be otherwise utilized to generate returns elsewhere. A plain term policy provides most cost-efficient insurance cover.  

Entry Age (years) 
Maximum Maturity Age (years)65
Policy Term (years) 
Sum Assured (Rs) 
Premium Payment FrequencyYearly, Half-yearly, Quarterly and Monthly
Premium Payment TermSingle
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 cove
Lapsed Policy ReinstatementYou can reinstate your lapsed policy any time (within 5 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 policy purchase.
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
Single 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