ICICI Home Loan Insurance

ICICI Home Loan Insurance is designed to protect one of your biggest financial commitments. your home loan. For most people, a home loan runs for 15–30 years, and during that time, life can be unpredictable. If something happens to the borrower, the responsibility of repaying the loan can fall on the family. This is where home loan insurance comes into play.

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₹1 Crore loan cover starting from 361/month+

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It ensures the outstanding loan amount is settled, so your family can keep the house without worrying about EMIs or financial stress. ICICI Bank offers loan protection through insurance plans provided by ICICI Prudential Life, specifically designed to secure your home loan against unforeseen events.

What is ICICI Home Loan Insurance?

ICICI Home Loan Insurance is a policy that covers your outstanding home loan in case of the borrower’s death during the loan tenure. Instead of the family continuing EMI payments, the insurer settles the remaining loan amount. ICICI typically offers this protection through plans like Loan Protect or Secure Mind, which are structured specifically for borrowers.

These plans can offer:

Life cover linked to your home loan
Option to choose between reducing cover or fixed cover
Flexibility in premium payment (single or limited period)

Why is ICICI Home Loan Insurance Important?

Home loan insurance can offer several financial advantages for borrowers.

Protects Your Family from Loan Burden
If the borrower is no longer around, the entire loan liability can fall on the family. Insurance ensures that this burden does not disrupt their financial stability.
Ensures Ownership of the Property
Missed EMIs can eventually lead to legal action or loss of property. A loan protection plan ensures the house stays in your family's hands.
Covers Long-Term Financial Risk
Home loans are long-term commitments. A protection plan stays aligned with this tenure and covers risk over the years.
Supports in Income Disruption Scenarios
Some variants (like Loan Protect Plus) may also include benefits for critical illness or disability, depending on the plan chosen.

ICICI Home Loan Insurance Premium Calculator

Before purchasing a policy, borrowers often want to estimate the cost of coverage. This is where the ICICI home loan insurance premium calculator comes in handy.

The calculator helps estimate the premium based on several factors, including:

Loan amount
Loan tenure
Age of the borrower
Interest rate
Type of premium payment

Borrowers can use a Home Loan EMI calculator to estimate their monthly loan repayments and understand the overall loan commitment. Additionally, the ICICI home loan insurance premium calculator can help estimate the cost of protecting the loan during the repayment period.

Key Features of ICICI Home Loan Protection Plans

ICICI's home loan insurance plans, such as Loan Protect and Secure Mind, offer features that balance loan protection with flexibility.

No medical check-up (up to specified limits)
Policies may be issued without medical tests for coverage up to certain thresholds, making onboarding quicker and easier.
Flexible policy tenure
Coverage can extend up to 20 years, depending on the plan, and is designed to align with your loan term.
Option to continue life cover after loan closure
Even after your home loan is fully repaid, you can choose to continue the life insurance coverage—something not commonly available in basic loan-linked plans.
Choice of coverage structure
You can choose between fixed (level) cover and reducing cover, depending on whether you want pure loan protection or broader financial security.
Single premium long-term plans
Many ICICI plans offer a one-time premium option that can also be bundled with your home loan.
Extended risk coverage
Depending on the plan, you may also get protection against events like accidental death, disability, or critical illness.

Term Plans

LIFE COVER

₹ 1 Crore

STARTS AT

₹ 13/day⁺

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LIFE COVER

₹ 50 Lakh

STARTS AT

₹ 8/day⁺

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LIFE COVER

₹ 75 Lakh

STARTS AT

₹ 12/day⁺

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ICICI Home Loan Insurance vs Term Insurance

Before choosing a home loan insurance plan, many borrowers also compare it with term insurance, as both aim to provide financial protection but serve different purposes.

Feature	Home Loan Insurance	Term Insurance
Coverage	Loan-specific	Full life cover
Payout	Paid to the lender	Paid to the nominee
Flexibility	Limited	High
Coverage Amount	Reduces (or fixed if chosen)	Fixed
Purpose	Loan repayment	Overall financial protection

Wrapping It Up

ICICI Home Loan Insurance offers a structured way to protect your housing loan through plans like Loan Protect and Secure Mind. What makes it stand out is the flexibility—especially the option to choose between fixed and reducing cover, and in some cases, continue life cover even after the loan ends. The right choice depends on how you want to balance simplicity and flexibility. If your priority is ensuring your family never has to worry about loan repayment, a dedicated home loan insurance plan can be a practical solution.

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FAQs

Q1. Is ICICI home loan insurance mandatory?

Ans: No, it is not mandatory. However, lenders may strongly recommend it to secure the loan.
Q2. What is Home Insurance?

Ans: Home insurance is a type of property insurance that provides financial protection against losses and damages to an individual's house and its contents from a wide range of natural and man-made disasters. It also typically includes liability coverage for accidents or injuries that occur on the property.
Q3. What are the RBI guidelines for home loan insurance in India?

Ans: The Reserve Bank of India does not make home loan insurance mandatory. Borrowers are free to choose whether they want to purchase it. Banks cannot force you to buy insurance from a specific provider or bundle it with the loan without your consent. They are also required to clearly disclose all terms, costs, and coverage details. However, lenders may recommend property or loan protection insurance to safeguard the loan against risks.
Q4. Can I continue the policy after the loan closes?

Ans: Yes, some ICICI plans allow you to continue the life cover even after the loan is repaid.
Q5. Can joint home loans be covered under one policy?

Ans: Yes, multiple borrowers can be covered under a single policy, depending on the plan.

Different types of Plans

Term Insurance

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Life Insurance

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List of Term Insurance Companies

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TROP

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Term Insurance For Senior Citizen

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Term Insurance For Spouse

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Term Insurance For Family

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Term Insurance For NRI

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List of Term Insurance Plan

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Life Insurance Corporation of India

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What is Term Insurance?

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Term Insurance Calculator

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1 Crore Term Insurance

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2 Crore Term Insurance

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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