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ICICI Pru iCare II Plan

ICICI Pru’s iCare II Plan is an online term insurance plan. The plan has two coverage options where an accidental death benefit is payable in one of the plan options. The policyholder can pay a single premium or regular premium throughout the plan tenure to buy the plan.

Key features of the plan

  • There are two plan options. One option pays the Sum Assured as the chosen death benefit. The other option has an inbuilt accidental death benefit which pays an additional Sum Assured in case of accidental death.
  • Single or regular premiums are payable under the plan
  • The premiums paid qualify for tax exemptions under Section 80C. The claim received also qualifies for tax benefit under Section 10(10D).

How does the plan work?

Step 1 – the policyholder chooses the Sum Assured and the coverage option. There are two coverage options to choose from which are as follows:

  • Option I – under this option, the basic Sum Assured is paid in case of death during the term of the plan.
  • Option II – under this option, the basic Sum Assured is paid in case of death of the life insured during the term of the plan. Moreover, if the life insured dies due to an accident during the term of the plan, an additional Sum Assured is also paid which is equal to the basic Sum Assured subject to a maximum of Rs.50 lakhs.

Step 2 – the policyholder then chooses the plan tenure and whether the premium would be paid in one lump sum (as single premium) or throughout the plan tenure (as regular premium).

Step 3 – in case of death, whether normal or accidental, the death benefit would be paid according to the plan option selected by the policyholder.

Step 4 – if the insured survives the plan tenure, no benefit is paid.

Example

Amit, a 40-year male who does not consume tobacco, buys iCare II plan for a Sum Assured of Rs.75 lakhs and a term of 25 years and pays regular premiums annually.

Option 1 – He chooses Option I. The premium for this plan comes to Rs.22, 350. If he dies during the term of the plan, Rs.75 lakhs would be paid as death benefit.

Option 2 – He opts for Option II for which the premium which he is required to pay is Rs.24, 850. If, during the tenure, Amit faces an accidental death, the benefit his nominee would receive would be Rs.75 lakhs (Sum Assured) + Rs.50 lakhs (the maximum accidental death benefit amount) = Rs.1.25 crores. However, if he dies a normal death, the benefit payable would be the Sum Assured which would be Rs.75 lakhs.

Option 3 – if the plan matures, no benefit is payable.

Plan benefits

  • Death benefit – the death benefit is paid as per the coverage option selected by the policyholder. In case of Option I, the death benefit is paid on death. In case of Option II, besides the basic death benefit payable on death, an additional benefit is payable in case of accidental death. The maximum benefit for accidental death is limited to Rs.50 lakhs. The death benefit is defined as higher of the following:

    In case of single premium policies:

    If age is below 45 years – 125% of the single premium or the chosen Sum Assured

    If age is 45 years and above – 110% of the single premium or the chosen Sum Assured

    In case of regular premium policies:

    For all ages if the chosen plan term is between 5-10 years – 5 times the annual premium, 105% of all premiums paid or the chosen Sum Assured

    If age is below 45 years if the chosen tenure is 10 years and above - 10 times the annual premium, 105% of all premiums paid or the chosen Sum Assured

    If age is 45 years and above - 7 times the annual premium, 105% of all premiums paid or the chosen Sum Assured

  • Maturity Benefit – there is no maturity benefit payable under the plan

Eligibility Criteria

  Minimum Maximum
Age at entry (in completed years) 18 years 60 years
Age at maturity (in completed years) NA 65 years
Term of the plan Regular premium – 5,10,15,20,25 or 30 years
Single premium – 5,10 years
 
Premium paying options Regular pay or Single Pay  
Premium Paying term Regular Pay - Equal to the plan tenure
Single Pay – once at plan inception
 
Sum Assured For age 60 years and term 5 years :
Option I – Rs.87,423
Option II – Rs.85,875
For age 18 years and term 30 years:
Option I – Rs.306,478
Option II – Rs.288,257
No limit

What is not covered in the policy?

  • In case of suicide committed within 12 months of inception of the plan, the premiums paid are refunded and the policy becomes void.
  • In case of regular pay policies, in case of suicide committed within one year of the policy being revived, 80% of the premiums paid are refunded.
  • For the accidental death benefit, accidents occurring due to suicide, self-inflicted injuries, war, participation in hazardous activities, criminal acts, aviation, etc. would not be covered.

Premium Illustration

Below are the sample rates of premium (exclusive of any tax) payable by a non-tobacco user male for a combination of different ages, cover option and Sum Assured. The term is taken to be 25 years and premiums are paid annually for the entire duration.

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