ICICI Prudential iCare II Plan

ICICI Prudential iCare II Plan is a non-participating pure term plan which is available for purchase through the company’s website. Like a term plan, this plan also provides high protection at very low premium rates thereby protecting the family’s future needs in the absence of the breadwinner

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Get ₹1 Cr. Life Cover at just ₹449/month*
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Covers
COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
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*Tax benefit is subject to changes in tax laws.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Get ₹1 Cr. Life Cover at just ₹449/month*
No medical checkup required
Covers COVID-19
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Key Features

  • It is a pure term insurance plan with Regular pay or Single pay premium paying options
  • There are two types of benefit options: Option I and II where there is an inbuilt Accidental Rider in Option II
  • Option II is available only under the Regular Premium payment option
  • Simple application process

Benefits

  • The nominee gets the Sum Assured on death of the policyholder under Option I
  • Under Option II, in case of accidental death, additional SA is paid which is equal to the basic SA but not exceeding 50 lakhs
  • The minimum death benefit will be 110% or 125% of the Single Premium depending on age or 5 times the annual premium for policy term of 5-9 years or 10 or 7 times the annual premium for policy term of 10 years or more.
  • The minimum death benefit under the Regular pay option can never be lower than 105% of all premiums paid till death
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

Minimum Maximum
Entry Age (Last Birthday) 18 years 60 years
Maturity Age (Last Birthday) - 65 years
Policy Term (PT) in years 5 30
Premium Paying Term (PPT) in years Equal to policy term or Single Pay
Premium Paying Frequency Yearly, half-yearly, quarterly, monthly or Single Pay
Yearly Premium 2400 No limit
Sum Assured 85,875 No limit

Details About Premium

Annual premium in Rupees for a policy tern of 25 years

Age (yrs.) / Sum Assured Option I Option II
25 lakhs 50 lakhs 75 lakhs 25 lakhs 50 lakhs 75 lakhs
30 5475 7600 10,500 6725 10,100 13,000
35 7400 10,700 14,925 8650 13,200 17,425
40 10,625 15,850 22,350 11,875 18,350 24,850

Policy Details

  • Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes
  • Policy Termination or Surrender Benefit: there is no option of surrendering the plan under the regular pay option but under the single pay option, the plan acquires Surrender Value which is expressed as a % of the Single Premium paid
  • Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Exclusions

  • In case of suicide committed within 12 months of policy inception the premium paid is refunded. In case of suicide within 12 months after revival only 80% of premiums paid are returned to the nominee.
  • For the rider, accidents due to infection, drug abuse, self-inflicted injury, war or civil commotion, criminal acts, aviation, etc. are excluded

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ online and provide self-attested copies of KYC/AML Documents.

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