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ICICI Prudential iCare II Term Life Insurance

ICICI Pru iCare II II 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. ICICI Pru iCare II has 2 options

  • Option 1 – where death benefit is equal to Sum Assured and
  • Option 2 – which comes with an Accidental Death Benefit rider
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High non-medical limits
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Accidental death benefit
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Tax benefits
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Key Features

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Pure term plan that can be bought online
Comes with High non-medical limits
Offers a choice of accidental death benefit rider
Tax benefits available

Benefits

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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

Plan Type Death Benefit paid to nominee
iCare II Option 1 Sum Assured
iCare II Option 2 Sum Assured plus Accidental Death Benefit

In the Accidental Death Benefit rider, an amount equal to the sum assured or Rs.50,00,000 (whichever is lower) will be paid to the nominee in case of the death of the policyholder due to an accident.

Maturity Benefit

There is no maturity benefit, paid-up value or survival benefit under iCare II.

Income Tax Benefit

Premiums paid under Life Insurance premiums are exempted from taxable income up to Rs. 1,00,000 under section 80c. The amount paid to the nominee is also tax-free according to section 10(10D) of the Income Tax Act.

Riders

The policy has 2 variants. Option 1 is a pure term plan and has no additional riders attached. iCare II Option 2 has an inbuilt Accidental Death Benefit.

Riders Available
Accidental Death Benefit Inbuilt in Option 2
Accidental Dismemberment Benefit X
Waiver of Premium X
Critical illness X
Family Income Benefit X
Accelerated Sum Assured X
Hospital Cash Benefit X

Eligibility

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  Minimum Maximum
Policy Term (in years) 5 30
Premium Payment Term (in years) Single Equal to policy term
Entry Age of Policyholder 18 60
Age at Maturity - 65
Premium (in Rs.) 2400 No Limit
Payment modes Single and Yearly

FAQs

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angle down iconWhat happens if the policyholder stops paying the premium?

If the policyholder 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.

angle down iconwhat happens if policyholder wants to surrender the policy

There are no surrender benefits under the Regular Pay option for this plan. The surrender Option is only available with Single Pay.

angle down iconwhat happens if policyholder want a loan against your policy

There is no Loan facility available under this policy.