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Overview
ICICI Prudential iCare II is a pure, non-linked term insurance plan designed to provide affordable and reliable financial protection, especially for individuals in high-risk occupations. This plan covers you up to age 85, with a minimum entry age of 18. With a minimum sum assured of just Rs. 86,548 under Plan Option 1, you can get this plan for Rs. 2,444 annually. The plan is particularly useful for those in professions like construction, mining, or firefighting, where the risk of accidents is higher, as it includes options to enhance coverage through accidental death benefits.
Key Features
- Affordable Premiums
- Flexible Premium Payment Mode
- Online Discount
- Choice of 2 Plan Options
- Higher Sum Assured Value
- Whole Life Coverage
Riders Associated with ICICI Pru iCare II Plan
ICICI Pru Accidental Death Benefit Rider
With the ICICI Pru Accidental Death Benefit Rider, you can cover yourself with a maximum sum assured of Rs. 2 crore against any unfortunate accident that causes death to the life insured.
ICICI Pru Critical Illness Rider
With the ICICI Pru Critical Illness Rider, you can protect yourself with a maximum sum assured of Rs. 1 crore against 34 critical illnesses.
Plan Details
Simple Term Insurance Plan
It is a simple term insurance plan with regular or limited premium payment options. With this plan, you can secure your dependents with higher coverage at affordable premium rates.
Choice of 2 Plan Options
ICICI Pru iCare II offers two different plan options for choosing death benefits. You can choose the death benefit payable to the nominee, equal to the sum assured, or an additional benefit of a minimum of Rs. 2 crore.
Whole Life Coverage
With a policy term of 5 to 67 years, the ICICI Pru iCare II plan gives insurance coverage and financial security to your loved ones for up to 85 years of age.
Flexible Premium Paying Terms
The ICICI Pru iCare II plan offers flexible premium payment terms such as regular pay (yearly, half-yearly, and monthly) or single pay.
Benefits of ICICI Pru iCare II Plan
Death Benefit
Upon the unfortunate demise of the life insured during the policy term, the ICICI Pru iCare II plan offers the death benefit to the nominee among the highest of the following: Sum assured, 125% of a single premium, 7 times the annual premium, or 105% of the premiums paid.
Maturity Benefit
The ICICI Pru iCare II Plan does not offer any maturity, survival, or paid-up benefit.
Tax Benefit
All the premiums paid for the ICICI Pru iCare II Plan can be used as a tax benefit for up to Rs. 1.5 lakhs under Section 80C and up to Rs. 2.5 lakhs under Section 10(10D) of the Income Tax Act, 1961.
Exclusions
- Death that occurred due to a pandemic is not covered by the company.
- Death caused due to adventure sports.
- Death due to consumption of drugs and alcohol.
- Death due to any pre-existing disease not mentioned during the start of the policy.
- If a policyholder commits suicide within the first 12 months of purchasing the policy, then no death benefits are paid to their nominee. Either premiums paid to date or the surrender value of the policy, whichever is higher, is paid to them.
