ICICI Pru iCare Plan is an online term insurance plan which offers high insurance cover at affordable premiums. This is a pure risk protection plan offering instant life insurance cover and is available for online purchase without any agent intervention.
iCare Plan, like all other Pure Term Plans, pays benefit on death of the policyholder. If the life insured dies within the policy term, then his/her nominee gets the agreed sum assured. ICICI Pru iCare has 2 options – Option 1 where death benefit is equal to Sum Assured and Option 2 which comes with an Accidental Death Benefit rider.
ICICI Prudential iCare Term plan has 2 options –
Option 1: Offers pure term insurance cover with no riders and death benefit is equal to sum assured
Option 2: Offers basic sum assured along with Accidental Death Benefit which is either equal to the base sum assured or Rs.50,00,000, (which is lower) is payable only in case of death due to accident
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Death Benefit – In case of death of the policyholder / life assured during the policy term, the nominee shall receive the following benefits -
iCare Option 1 - Sum Assured
iCare Option 2 - Sum Assured + Accidental Death Benefit
In the Accidental Death Benefit rider, an amount equal to sum assured or Rs.50,00,000 (whichever is lower) will be paid to the nominee in case of death of the policyholder due to an accident.
Maturity Benefit – There is no maturity benefit, survival benefit or paid-up value under iCare as it is a pure term plan.
Income Tax Benefit – Premiums paid under a Life Insurance premiums are exempted from taxable income up to Rs. 1,00,000 under section 80c. Amount paid to nominee is also tax-free according to section 10(10D) of the Income Tax Act.
Sum Assured (in Rs.)
Age 18-50 yrs = 1.5 crore
Policy Term (in years)
Premium Payment Term (in years)
Equal to policy term
Entry Age of Policyholder
Age at Maturity
Premium (in Rs.)
Single and Yearly
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 25 years
Riders – The policy has 2 variants. Option 1 is a pure term plan and has no additional riders attached. iCare Option 2 has an inbuilt Accidental Death Benefit.
Accidental Death Benefit
Inbuilt in Option 2
Accidental Dismemberment Benefit
Waiver of Premium
Family Income Benefit
Accelerated Sum Assured
Hospital Cash Benefit
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period. It can however be re-instated the policy within 2 years of lapsation by paying up all due premiums with interest.
You want to surrender the policy – There are no surrender benefits under Regular Pay option for this plan. Surrender Option is only available with Single Pay.
Guaranteed Surrender Value = 70% × Single Premium× (Number of Complete Policy Years Outstanding / Policy Term in Years)
You want a loan against your policy – There is no Loan facility available under this policy.
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