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Term Insurance 1366 views June 10, 2020
Everyone wants to secure the financial risk of their family when they are not with them. Most of the individuals prefer a term insurance plan for doing so because it gives you a life cover and after your death, the Sum Assured is given to your family. Your family will not face any kind of financial problem after you. So, if you are looking for a term insurance plan then you must go through the features of the ICICI Pru iCare II Plan that will give you a life cover. In case of unfortunate death of the insured, the nominee will receive the lump sum amount and fulfil the family’s dreams. Let’s explore all the features of this term insurance plan in detail.
Table of Contents
Key Features of iCare II Plan
- Flexibility of choosing the amount of the Sum Assured.
- Flexibility of choosing the type of insurance cover as per your needs.
- This term insurance plan is available at an affordable premium.
- Flexibility of Choosing the Mode for paying the amount of premium.
- Choose between Regular Pay and Single Pay options as per your needs.
- Get Tax Deduction under Section 80C of the Income Tax Act 1961.
The benefit of the iCare II Plan
There are various benefits of this term insurance plan that might amaze you. So go through the detailed features of this plan and understand the plan better.
Death Benefits
The death benefits have two options that you will have to decide at the time of inception of the policy. You are free to choose any option between the two. So in case of unfortunate death of the policyholder, the death benefits payable will be:-
Option 1
Absolute Amount of the Sum Assured chosen by you at the time of inception of the policy.
Option 2
Sum Assured chosen by you at the time of inception of the policy plus Accidental Death Benefit. The amount of the Accidental Death Benefit will be the same as the amount of the Sum Assured with a maximum up to Rs.2 Crores.
Both the death benefits will only be paid to your family after your death if you have paid all the premiums due on time up to the date of the death.
Surrender Benefits
If you have chosen the option for a Regular Pay of the premium amount then you are not eligible to surrender the ICICI Pru iCare II plan. The surrender benefits are only given if you chose the Single Pay option for paying the amount of premium. The Surrender Value will be the Percentage of the Single Premium Amount Paid. You can see the surrender value factors below:-
For 5 Years Plan
| Policy Year in which the Policy is Surrendered | 5 Years Plan |
|---|---|
| 1St Year | 30% |
| 2nd Year | 25% |
| 3rd Year | 15% |
| 4th Year | 10% |
| 5th Year | 0% |
For 10 Years Plan
| Policy Year in which the Policy is Surrendered | 10 Years Plan |
|---|---|
| 1St Year | 45% |
| 2nd Year | 40% |
| 3rd Year | 35% |
| 4th Year | 30% |
| 5th Year | 25% |
| 6th Year | 20% |
| 7th Year | 15% |
| 8th Year | 10% |
| 9th Year | 5% |
| 10th Year | 0% |
Tax Benefits
While computing your income for paying the income tax you can show the amount of yearly premiums to enjoy tax deductions. According to the Income Tax Act 1961, you are allowed to take deductions under Section 80C and save some of your taxes.
ICICI Pru iCare II Term Insurance Plan Details
| Particulars | Details |
|---|---|
| Minimum Age of Entry | 18 Years for Single and Regular Pay |
| Maximum Age of Entry | 60 Years for Single Pay 65 Years for Regular Pay |
| Maximum Age of Maturity | 85 Years for the Regular Pay Option 1 80 Years for the Regular Pay Option 2 65 Years for Single Pay |
| Options for Paying the Premium | Single Pay and Regular Pay |
| Term of the Policy | 5 Years to 67 Years for Regular Pay 5 Years and 10 Years for Single Pay |
| Amount of Accidental Death Benefit in Option 2 | Same as the amount of the Sum Assured with a maximum of up to Rs.2 Crores. |
| Maximum Sum Assured | Unlimited |
| Premium Paying Frequency | Single pay, Monthly, Half-Yearly, and Yearly |
Advantages of Choosing ICICI Prudential Insurance Plan
There are many advantages of taking the term insurance plan like ICICI Pru iCare II plan from ICICI prudential. Here you can see the most important advantages.
Freelook Period
You have the option to return the plan to the company if you don’t find it interesting. The company gives you a free-look period of 15 days if you have purchased the policy not through distance marketing and 30 days free-look period if you have purchased the policy through distance marketing.
Grace Period
If you have chosen the monthly payment mode for paying the amount of premium then the company gives you a grace period of 15 days to pay the premium if it is not paid on time. On the other hand, if you have chosen any other premium paying frequency then you will get a grace period of 30 days for clearing the unpaid premium.