ICICI Prudential iCare II Term Life Insurance

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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Key Features of iCare II Plan

• 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

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Benefits under iCare II Term Plan

• 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 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, paid-up value or survival benefit under iCare II.
• 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.

 

Eligibility conditions and other restrictions in iCare II Plan

	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.)	2,400	No Limit
Payment modes	Single and Yearly

 

Additional Features and Benefits of iCare II Plan

• 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

 

What happens if?

• 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.
• You want a loan against your policy – There is no Loan facility available under this policy.