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.
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.
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.
| 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. |
| 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 |
| Age at Entry | |
| Age at Entry | |
| Maximum Maturity Age | |
| Maximum Maturity Age | |
| Maximum Maturity Age |
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.
