In order to expand the existing portfolio and enter into new business line,...
ICICI Prudential, one of India’s biggest life insurance companies in the private sector launched iCare II as a sequel to its online term insurance plan.
In September 2011, ICICI Prudential had launched iCare which was India’s first no medical online term plan. And now they have come up with a better version of the plan by launching ICICI Pru iCare II with some improved features.
The first striking feature of the new iCare II is its pricing. Premiums are attractively lower and now competing within the top 5 low premium online term plans.
Click here to read detailed review of ICICI Pru iCare II
Another significant change in iCare II is that the maximum sum assured has no limit unlike iCare which has a limit of 1.5 crore.
ICICI Prudential also seems to have done some analysis of its existing portfolio of online term plans because they have reduced the maximum entry age to 60 (from 65 in iCare) and therefore the maximum maturity age to 65 years (from 70 in iCare)
The online term plan market is growing at a fast pace. From just 4 life insurers in 2011 to more than 15 companies in 2014 sell approximately 25,000 online term plans.