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ICICI Pru iCare

Objective

This policy can help insured's family tide over financial turmoil in his absence.


What does it do?

This online plain term plan pays sum assured to the beneficiary in the event of death of the insured. ICICI Pru iCare offers two optional death benefits to choose from:
Option I: In case of death of the life insured, the nominee will receive sum assured.
Option II: If death occurs due to an accident, apart from the basic sum assured, this option can pay additional death benefit equal to the sum assured or Rs 50 lakh, whichever is lower.
The policy doesn’t pay any maturity value on survival.
Policies following regular premium payment option cannot be surrendered, but those with single premium option can be surrendered after a year. The surrender value is calculated using the pre specified formula.


Pros

The policy offers higher sum assured to those with an outstanding home loan. There is an option to add accidental death benefit.
The policy offers lower premium rates to women.
Premiums paid qualify for tax deduction.


Suited for

This plan can save cost due to elimination of intermediaries, if you buy the policy online.


Our View

A simple term policy is recommended for everyone who has dependents. Accidental death option can be taken if you think its needed. However, it is not a replacement of personal accident policy as that can provide disability benefit as well. If you have an apt personal accident policy you can go with Option 1 of this policy.

Eligibility
Entry Age (years) 
Minimum18
Maximum65
Maximum Maturity Age (years)75
Policy VariantsOption 1: Sum Assured
Option 2: Sum Assured + Accident Death Benefit Rider (sum asured equal to base plan sum assured subject to a maximum limit of Rs 50 lakh)
Policy Term (years) 
Minimum5
Maximum30
Sum Assured (Rs) 
MinimumSubject to minimum premium limit
Maximum1.5 crore for 18- 50 yrs of age; 70 lakhs for 51-65 yrs of age
Minimum Premium (Rs) 
Yearly3000
Premium Payment FrequencyRegular pay (yearly), one pay option for 5 and 10 year policy terms
Premium Payment TermEqual to policy term or Single
Policy CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace PeriodYou are allowed to pay premiums within 30 days from the due date. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.
Lapsed Policy ReinstatementYou can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any.
Tax BenefitsSection 80C, 10 (10D) of the Income Tax Act, 1961 would apply. Premiums paid for Dread Disease Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.
ExclusionsIn case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit
Surrender Value70% x Single Premium x (Number of complete policy years outstanding / Policy term)
Customer Service 
AddressICICI Pru Life Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600
Mail To[email protected] 
Call On18602667766 between 9 am to 9 pm; Monday to Saturday (except National holidays)
SMSSRV to 56767
Available Rider(s)Accidental Death Benefit Rider (ADB): covers death due to accident
Rider Conditions 
Entry Age (years) 
Minimum18
Maximum65
Maximum Maturity Age (years)75
Rider Term (years) 
Minimum5
Maximum30
Sum Assured (Rs) 
Minimum50000
MaximumEqual to Sum assured up to a maximumof Rs 50 lakh
Annual Premiums under iCare Option 1 for Male
Policy Term (in years)Age (in years)
253035404550556065
53180330038805100752011620174402658042200
103180330038805120776011900180402814045980
1531803300392056408620132602040032260NA
20318033004360640097801510023380NANA
2531803580496073001118017260NANANA
30318040405640836012760NANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Annual Premiums under iCare Option 2 for Male
Policy Term (in years)Age (in years)
253035404550556065
54400452051006320872012820186202788043520
104400452051006320880012980190802916046980
1544004520510066209540141802132033200NA
204400452053007300106801600024300NANA
2544004520584082001206018160NANANA
30440049006520922013620NANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
5- year and 10-year Single Pay Premium under iCare Option 1 for Male
Policy Term (in years)Age (in years)
253035404550556065
583608900111201554024440383805784089240142520
10133601548020820314404996077000117120182000289140
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
5- year and 10-year Single Pay Premium under iCare Option 2 for Male
Policy Term (in years)Age (in years)
253035404550556065
51198012520147401916028040419606140092780145980
10191602126026580372005566082640122700187440294380
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax