ICICI Prudential iCare II Plan

Key Features of ICICI Pru iCare Term Plan

• It is a pure term insurance plan with Regular pay or Single pay premium paying options

• There are two types of benefit options: Option I and Option II, where there is an inbuilt Accidental Rider in Option II

• Option II is available only under the Regular Premium payment option

• Simple application process

• You can secure a large life cover at affordable premiums

• The plan offers tax benefits as per the prevailing tax laws

Benefits of ICICI Pru iCare Term Plan

• Death Benefits:

  The nominee will receive the sum assured on the death of the policyholder during the policy term.

• Option I: The nominee gets the Sum Assured selected by the policyholder in case of his/her death during the policy term

• Option II: Under Option II, if the death of the policyholder is due to natural causes, the base sum assured is paid, but in case of accidental death, an additional Sum Assured on top of the base sum assured is paid to the nominee

  The minimum death benefit will be greater than 125% of the Single Premium depending on age or 7 times the annual premium and 105% of the premiums paid in regular mode.

• Maturity Benefit:

  There is no maturity, survival, or paid-up benefit available under the ICICI Pru iCare Term Plan.

• Tax Benefits:

  Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Eligibility Criteria of ICICI Pru iCare Term Plan

Policy Details

• Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes

• Surrender Benefit: There is no option of surrendering the plan under the regular pay option, but under the single pay option, the plan acquires Surrender Value which is expressed as a % of the Single Premium paid. You can calculate the applicable surrender value using the following formula:

  Surrender Value = Surrender Value Factor x Single Premium

• Free Look Period: If you are not pleased with the coverage, and terms and conditions of the policy, you have the option of cancelling the policy within 15 days (in case of offline policies) and 30 days (in case of online policies) of receipt of the policy documents, provided there has been no claim.

• Premium Discontinuance: In the regular pay option, if the policyholder fails to pay the premiums for the policy before the end of the grace period, the policy will lapse, and no benefit will be payable in case of the death of the policyholder while the policy has lapsed.

• Policy Revival: The policyholder can revive his/her lapsed policy in the regular pay option within 5 years from the date of the first unpaid premium. You need to provide the required health evidence and pay the outstanding premiums along with the applicable interest.

Exclusions

• Suicide:

  In case of the policyholder’s death within the first year due to suicide, the entire premiums paid will be refunded to the nominee, and the policy will terminate. In regular pay, if the policy has been revived, and the policyholder commits suicide within 12 months from the date of revival, 80% of the premiums paid will be paid to the nominee or the surrender value, and the policy will terminate.

• Accidental Death Benefit Claim:

  Under this rider, the rider benefit will not be payable in case of the policyholder’s accidental death due to infection, drug abuse, self-inflicted injury, war or civil commotion, criminal acts, aviation, etc.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.