ICICI Pru i Care II
- Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
- Claim up to Rs. 1,50,000 deduction under section 80C**
- Choose between annual and monthly premium payment options
ICICI Pru iCare II is a non-participating pure term plan that serves as a protection net for your family. It enables them to live a comfortable life without any financial worries in your absence. Your family receives a lump sum amount as Life Cover under this policy. There are two types of benefit options to choose from, based on your requirements. They are:
- Option I – Death Benefit equivalent to Sum Assured, as chosen
- Option II – Additional Death Benefit equivalent to Sum Assured chosen, or Rs.50 lakh (whichever is lower) – Only in case of death caused by an accident (Only with Regular Pay option)
Eligibility - Who is the ICICI Pru iCare II for?
The ICICI Pru iCare II is an affordable and flexible plan that enables you to customise your coverage by choosing the desired benefits accordingly. However, there are certain eligibility criteria that must be met to avail the ICICI Pru iCare II Plan, they are:
| Minimum age at entry | 18 years (as on last birthday) |
| Maximum age at entry | 60 years (as on last birthday) |
| Maximum age at maturity | 65 years (as on last birthday) |
| Premium payment options | Regular payment, Single payment |
| Type of plan | Term Insurance Plan |
Sum Assured and Premium Range - What you Get and What it Costs?
The table given below indicates the sum assured, premium range, the frequency of payment, and the payment mode under the ICICI Pru iCare II plan.
| Minimum Sum Assured | Age | Policy | Option I | Option II |
| 60 | 5 | Rs.87,423 | Rs.85,875 | |
| 18 | 30 | Rs.3,06,478 | Rs.2,88,257 | |
| Maximum Sum Assured | No limit | |||
| Minimum Premium | Rs.2,400 p.a. (Excluding Service Tax and Cess – Life Option) | |||
| Premium Payment Mode | Regular Pay - Monthly, Half-yearly, Yearly One Pay - Single | |||
| Premium Payment Option | Single, Regular | |||
| Policy Term | Regular Pay – 5/10/15/20/25/30 years One Pay – 5/10 years | |||
*Premiums vary based on age, location, plan term and other factors
Plan Coverage - What the ICICI Pru iCare II Covers?
The ICICI Pru iCare II offers the following benefits:
| Accidental Death Benefit | Equivalent to Sum Assured chosen, subject to a maximum of Rs.50 lakh – Only under iCare II Option II |
| Tax Benefit | Premium eligible for tax benefits under 80C of the Income Tax Act, 1961 |
| Death Benefit | Option I – Sum Assured payable on death of the Life Assured Option II – Sum Assured + Accidental Death Benefit, payable on death of the Life Assured |
Benefits in Detail:
Tax Benefit: Tax benefits under the ICICI Pru iCare II are subject to conditions under 10D and 80C of the Income Tax Act, 1961. Education cess and Service Tax is charged extra, as per applicable.
Death Benefit: In case of death of the Life Assured while the policy is active, the nominee receives the Death Benefit based on the plan type chosen by the policyholder. There are two options – Option I and Option II, as previously explained.
Accidental Death Benefit: Under the ICICI Pru iCare II plan, the nominee gets an amount equivalent to the Sum Assured chosen by the policyholder. An amount up to Rs.50 lakh is payable, only in case of an unfortunate event of death of the Life Assured caused by an accident. The benefit is given only if the policy is active at the time of the accident and all the due premiums are paid on time.
Regulations with regard to minimum Death Benefit:
| Age at entry below 45 years | Age at entry at 45 years and above | |
| One Pay | 125% of the single premium or any absolute amount assured to be received on death, whichever is higher | 110% of the single premium or any absolute amount assured for payment on death, whichever is higher |
| Regular Pay (Policy term – Above 5 years and below 10 years) | 5 times the annualised premium or 105% of all premiums paid as on date of death, or any absolute amount assured on death, whichever is higher | 5 times the annualised premium or 105% of all premiums paid as on date of death, or any absolute amount assured on death, whichever is higher |
| Regular Pay (Policy term – 10 years or above) | 105% of all premiums paid as on date of death or 10 times of the annualised premium, or any absolute amount assured on death, whichever is higher | 105% of all premiums paid as on date of death or 7 times of the annualised premium, or any absolute amount assured on death, whichever is higher |
Add-On Plans – Additional Coverage under ICICI Pru iCare II:
There are no add-on plans under ICICI Pru iCare II.
Exclusions - What the ICICI Pru iCare II Plan doesn’t Cover?
There are certain exclusions in all insurance policies in which cases, there will be no benefits payable. Under the ICICI Pru iCare II Plan, there is a suicide exclusion as well as certain other exclusions under Accidental Death Benefit.
Suicide Exclusion: Under the ICICI Pru iCare II Plan, if the Life Assured commits suicide despite being either sane or insane, within a year from the policy’s commencement date, the policy is considered void and is thereby terminated. 80% of premium, benefits, and interests under this policy are nullified. In case of a reinstated Limited Pay and Regular Pay policy, if the Life Assured, whether sane or insane, commits suicide within a year from the reinstatement of the policy, ICICI Prudential will refund 80% of the premiums paid post revival of the policy.
Exclusions for Accidental Death Benefit: There is a list of certain conditions such as death due to accident should not be caused by reasons such as criminal offense, engaging in aerial flights, death in war, or engaging in hazardous pastimes or sport, when Accidental Death Benefit shall not be granted to the nominee.
Other Key Features:
Some of the other main features of the ICICI Pru iCare II Plan are:
| Particulars | Details |
| Maturity/Survival Benefit | Not available under this plan |
| Return of Premium | Option is available to get premiums refunded in case of cancellation of plan during free-look period. However, proportionate risk premium for the period of cover, stamp duty charges as well medical expenses are deducted |
| Free-Look Period |
|
| Surrender Value | Regular Pay – No Surrender Value Single Pay – Surrender Value as per calculation given below: Surrender Value = Surrender Value Factor * Single Premium |
| Policy Revival |
Only applicable for Regular Pay option. Policy can be revived within the grace period, if it has lapsed due to non-payment of premium. It is subject to following conditions:
|
| Grace Period | 15 days from the due date of unpaid premium for monthly mode, 30 days for other modes |
| Premium Discontinuance | If premium not paid within the grace period, all benefits will be void under the policy |
Surrender Value Factors:
| Policy Term/ Policy year of Surrender | 5 years | 10 years |
| Year 1 | 30% | 45% |
| Year 2 | 25% | 40% |
| Year 3 | 15% | 35% |
| Year 4 | 10% | 30% |
| Year 5 | 0% | 25% |
| Year 6 | NA | 20% |
| Year 7 | NA | 15% |
| Year 8 | NA | 10% |
| Year 9 | NA | 5% |
| Year 10 | NA | 0% |
Tax Benefits – How you can save with the ICICI Pru iCare II Plan?
The ICICI Pru iCare II Plan helps you avail some tax benefits, while availing a protection through this plan.
- Tax benefits under this plan are subject to conditions in the 80C and 10D of the Income Tax Act, 1961
- Service tax and cess is charged additionally, as per applicable rates
- Tax laws are subject to periodic amendments
Other Benefits:
There is a plethora of benefits that can availed from the registered website of ICICI Prudential. Policyholders can reach out to customer service or financial advisors through the site. If you wish to purchase a plan, you can consult financial experts online or request for a call back with relevant information. Customers can also find all important information about the plan through online brochures available on the website. The following benefits can be availed by customers of ICICI Prudential:
- Download the plan brochure
- Locate a ICICI Prudential branch near you
- Arrange for a call back by filling in personal information online
- Contact a financial advisor
- Compare different protection plans
- Buy the plan online
- Contact customer care
- Read terms and conditions of the plan online
Why you should Buy the ICICI Pru iCare II Plan from ICICI Prudential?
At present, ICICI Prudential Life Insurance Company is one of India’s largest private sector banks. The company has consistently performed since it was established. The company has four major values – Customer First, Integrity, Humility, Passion, and Boundaryless. ICICI Prudential Life Insurance has a variety of financial products in segments like savings, investments, and protection. The company has developed many cost-effective initiatives, offered consistent fund performance, hassle-free settlement, and superior quality services.
Frequently Asked Questions (FAQs):
-
Where can I purchase the ICICI Pru iCare II Plan?
A. You can purchase the ICICI Pru iCare II Plan either by filling in your details online on the registered ICICI Prudential website, and the company contacts you. You can also visit the nearest branch of ICICI Prudential or contact the company over a call.
-
Do I have to pay any charges if I return the policy within the free-look period?
A. If the policy is returned within the free-look period, the only charges that are deducted from the premiums paid are the stamp duty charges, medical examination expenses borne by the company, and proportionate risk premium for the period of cover.
-
How old would I have to be to purchase the ICICI Pru iCare II?
A. You should at least 18 years old to purchase the plan.
-
If I opt for the ICICI Pru iCare II Plan, how many times do I have to pay premium?
A. If you take up the plan, you will be required to pay premium once under one pay option and throughout the policy term, under Regular Pay Option.
-
Is it possible to avail loans under the ICICI Pru iCare II policy?
A. No, loans are not available under this plan.
-
What happens in case of misrepresentation or fraud during purchase of the policy?
A. In case of fraud or misrepresentation, the policy is terminated immediately by paying the Surrender Value, if any. The payment will be carried out subject to misrepresentation or fraud being proven by ICICI Prudential in accordance with the Insurance Act, 1938, Section 45.
-
What happens if the policyholder commits suicide and is proved insane?
A. If the policyholder commits suicide within one year from the commencement date of the policy, whether sane or insane, the policy is termed void and is terminated. The premiums are refunded, while the interests and benefits are nullified.
-
If I am not satisfied with the policy, what should be done?
A. If you are dissatisfied with the ICICI Pru iCare II policy, you can cancel the policy by returning the policy document within the free-look period.
-
What is the maximum amount that can be availed as Accidental Death Benefit under ICICI Pru iCare II policy?
A. The maximum amount that can be availed as Accidental Death Benefit under iCare II Option II is Rs.50 lakh.
-
Is it possible to change the plan type or Sum Assured once chosen at the inception of the policy?
A. No, the Sum Assured or the plan type cannot be changed once chosen at the policy’s commencement.