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ICICI Prudential iCare II Plan is a pure term plan which is available for purchase online. Like any other term plan, this plan also provides high protection at very low premium rates, thereby protecting the family’s future needs in the absence of the breadwinner. With this plan, in case of the policyholder’s death, your family will receive the death benefit to take care of their financial obligations and needs.
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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
Term Plans
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.
| Parameters | Minimum | Maximum |
| Entry Age (Last Birthday) | 18 years | Single Pay - 60 years Regular Pay - 65 years |
| Maturity Age (Last Birthday) | - | Single Pay - 65 years Regular Pay Option I - 85 years Regular Pay Option II - 80 years |
| Policy Term (PT) in years | 5 | Single Pay - 10 years Regular Pay - 67 years |
| Premium Paying Term (PPT) in years | Equal to policy term or Single Pay | |
| Premium Paying Frequency | Yearly, half-yearly, quarterly, monthly or Single Pay | |
| Yearly Premium | 2400 | No limit |
| Sum Assured | Rs. 85,015 | No limit |
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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.
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.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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