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ICICI Pru iCare II

Objective

This is a pure term plan that aims at providing an adequate life cover to help family members cope up with financial distress in the unfortunate event of death of policyholder.

Our View

Option I is a plain term cover which is recommended for all earning members who have financial dependents. Option II that covers for accidental death as well does not include accidental disabilities. One may go for a more comprehensive policy if willing to buy accidental cover as well.

Suited for

The policy can be taken by anyone who can access the internet and make online payments.

What does it do?

This policy provides two options:
Option I: It will pay death benefit equal to Sum Assured chosen by policyholder.
Option II: There is a provision for an additional death benefit equal to Sum Assured chosen by policyholder or Rs.50 lakhs, whichever is lower, payable only in case of death due to accident. This option is available only with the Regular Pay option.

Pros

It also provides an option to be covered against accidental death.

Cons

Accidental death benefit does not cover accidental disability.

Eligibility

Entry Age (years)

Minimum
18
Maximum
60
Maximum Maturity Age (years)
65
Policy Variants
Option 1: Sum Assured
Option 2: Sum Assured + Accident Death Benefit (sum asured equal to base plan sum assured subject to a maximum limit of Rs 50 lakh)

Policy Term (years)

Minimum
5
Maximum
30

Sum Assured (Rs)

Minimum
Depends on minimum premium amount
Maximum
Unlimited

Minimum Premium (Rs)

Yearly
2400
Premium Payment Frequency
Yearly, Half-yearly, Monthly, one pay option for 5 and 10 year policy terms
Premium Payment Term
Equal to policy term or Single
Policy Cover
Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation
In 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 Period
You 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 Reinstatement
You 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 Benefits
Section 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.
Exclusions
In 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 Value
It will be based on surrender value factor provided in policy document

Customer Service

Address
ICICI Prudential Life Insurance Co.Ltd.
#1089, ICICI Prulife Towers, Appasaheb Marathe Road, Prabhadevi, Mumbai - 400025
Mail To
[email protected]
Call On
18602667766

Cost Details

Cost Details not available on the company's website.