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
Key Features
Benefits
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.
There is no maturity benefit, paid-up value or survival benefit under iCare II.
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.
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
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
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.
There are no surrender benefits under the Regular Pay option for this plan. The surrender Option is only available with Single Pay.
There is no Loan facility available under this policy.