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ICICI Prudential iCare II Plan
Your family is your utmost priority. In order to cater to their financial needs, you would definitely require a plan that will not only provide them a monetary help in the near future but also in your absence.
For such a scenario, we bring you the ICICI Prudential iCare II Term Insurance Plan. This plan will enable your family to live their future comfortably without any financial constraints, even in your absence.
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IndusInd General Insurance
Amount Covered: ₹ 1 Lakh
Deal Price: ₹ 2,094 / Year
Waiting period: 4 yrs
Disclaimer: Above mentioned premium is for a 25 years old Male. Premiums payable on a monthly basis.
Key Features of ICICI Prudential iCare II
Flexibility - You have the option to select the number of years for premium payment.
Tax Saving - Premiums paid towards this plan can be claimed for tax deductions as per Sec 80C of the Income Tax Act, 1961.
Less Expensive - Premium comes at affordable prices.
Choice of Protection Cover – You can choose your protection level depending on your requirements.
Key Benefits of ICICI Prudential iCare II
Death Benefit - The death benefit payable comes in the following options.
Options
Benefit
iCare II Option I
Sum Assured chosen by you (absolute amount assured to be paid on death).
iCare II Option II (applicable only for Regular Pay option)
Sum Assured chosen by you PLUS Accidental Death Benefit (absolute amount assured to be paid on death).
Where Accidental Death Benefit is equal to the Sum Assured chosen by you (subject to a maximum of ₹2 Crores) will be paid only in the unfortunate event of death of the Life Assured due to an accident.
Minimum Death Benefit
Options
Age at entry less than 45 years
Age at entry more than 45 years
One Pay
Highest of 125% of the single premium or any absolute amount assured to be paid on death.
Highest of 110% of the single premium or any absolute amount assured to be paid on death.
Regular Pay, where the policy term is five years or more but less than ten years
Highest of 5 times the annualised premium or 105% of all the premiums paid as on date of death or any absolute amount assured to be paid on death
Highest of 5 times the annualised premium or 105% of all the premiums paid as on date of death or any absolute amount assured to be paid on death.
Regular Pay, where the policy term is greater than or equal to 10 years
Highest of 10 times the annualised premium or 105% of all the premiums paid as on date of death or any absolute amount assured to be paid on death
Highest of 7 times the annualised premium or 105% of all the premiums paid as on date of death or any absolute amount assured to be paid on death.
Surrender Value - In case of Regular Pay, your policy does not have a surrender value. In case of One Pay, the Surrender Value will be:
Surrender Value = Surrender Value Factor X Single Premium.
Free Look Period - 15 days if the policy was purchased via normal channel OR 30 days if the policy was purchased through distance marketing.
Grace Period - 15 days for monthly premium payment mode OR 30 days for any other mode of premium payment.
Product Specification
Policy Term
Regular Pay: 5 years to 67 years
One pay: 5/10 years
Accidental Death Benefit (Only with iCare II Option II)
Equal to Sum Assured chosen by the policyholder, subject to a maximum of ₹2 Crore.
Minimum Sum Assured
For annual premium paying Regular Pay policies with the following characteristics, the minimum Sum Assured is as follows:
Maximum Sum Assured
No such limit on the maximum amount.
Details about Premium
Premium payment options
Regular Pay
One Pay
Minimum Premium (Annual premium/Single premium)
₹2,400 excluding Goods and service tax and cesses, as applicable.
Premium Payment Frequency
Regular Pay: Yearly, Half-yearly and Monthly.
One Pay: Single premium.
Example: The table below provides annual premium, for a Regular Pay option for various combinations of age and Sum Assured for a policyholder, opting for a policy term of 25 years.
Age/Sum Assured
iCare II Option I
iCare II Option II+
25 lakhs
50 lakhs
75 lakhs
25 lakhs
50 lakhs
75 lakhs
30
5,475
7,600
10,500
6,725
10,100
14,250
35
7,400
10,700
14,925
8,650
13,200
18,675
40
10,625
15,850
22,350
11,875
18,350
26,100
Eligibility Criteria for ICICI Prudential iCare II
Age at Entry
One Pay - 18/60 years (age last birthday)
Age at Entry
Regular Pay - 18/65 years (age last birthday)
Maximum Maturity Age
85 years (age last birthday) for Regular Pay Option I
Maximum Maturity Age
80 years (age last birthday) for Regular Pay Option II
Maximum Maturity Age
65 years (age last birthday) for One pay
Documents Required For ICICI icare II term plan
Application/Proposal Form
KYC - ID and Address Proof
Age Proof
Proof of Income
Exclusions under ICICI Prudential iCare II
Accidents arising out of narcotics or substance abuse, drugs or alcohol intoxication, engaging in extreme sports, criminal intent, committing any breach of law, War or Nuclear Attack will not be considered for life cover.
Review of ICICI Prudential iCare II
ICICI Prudential is one of the most renowned insurance service providers of India with an excellent claim settlement ratio of 97.88% in FY 2017-18. They have an excellent team which provides 24x7 superior customer service support. If you are looking for a term insurance plan to cater to your family’s future needs, the ICICI Prudential iCare II plan is a good option.
