For those who are looking for pure risk cover with an additional death benefit paid in case there is an accidental death of the life assured, select ICICI Prudential iCare insurance plan. This plan can be purchased online and does not require the involvement of insurance agents. As this plan has a “policy acceptance” feature, the insurance cover starts almost instantly once the plan is submitted online. Many promptly buy this online term insurance as no medical examination is needed for life assured till they attain 50 years. The maximum sum assured that one can opt for iCare Term Plan is Rs. 1.5 crore.
Online Term Insurance at a Glance
|Minimum Limit||Maximum Limit|
|Sum Assured||10 Lakh||1.5 Crore till 50 years of age70 Lakh from 51 – 65 years|
|Term Period||5 years||30 years|
|Premium Payment Term||Single||30 years|
|Age of Policy Holder during Buying of the Policy||18 years||65 years|
|Age of Policy Holder during Maturity of the Policy||–||75 years|
Premium Analysis of a Policy under Various Ages
|Ages||Only Death Benefit||Death Benefit and Accidental Benefit|
In the sample, the life assured is a male. The sum assured is 25 lakh while policy term is 25 years.
ICICI Pru Term Insurance Plan Details
ICICI Pru term insurance plan comes with a rider where there is an additional benefit that is equal to the sum assured and given to the nominee in case the life assured dies in an accident. And, there are many more useful features available with ICICI Pru iCare insurance plan, such as:
- Death benefit is offered if the life assured dies within the policy term, and no accidental rider is chosen.
- Sum assured along with an additional benefit equal to the sum assured or Rs. 50 Lakh – whichever is the lowest amount – is given to the nominee in case the policyholder has opted for the rider of an accidental benefit.
- Insurance policy starts immediately as soon as it is purchased online. As the process is done online, the operation is quick, hassle-free, and meticulous.
- High insurance cover is provided to those who have taken home loans.
- Once the premium is stipulated, it cannot be hiked at a later stage.
- Premium payment is either done one-time as a single pay option or it can be paid in installments each year
- No reduced insurance coverage is offered in term plan. So, once premium is not paid within the stipulated time, the policy ceases to exist. However, it can be reinstated after the due premiums and applicable interest is paid (as per the policy resinstatement guidelines laid out by IRDA).
- Surrender option is only available on Single-Payment premium policy. Guaranteed Surrendered Value is equal to 70 percent of the one-time premium paid multiplied by the number of policy term years that are outstanding. The result is then divided by actual term of policy.
- Since, iCare is a term insurance plan, no loan against insurance policy option is available.
Advantages of ICICI Pru iCare Term Plan
Many executives find it convenient to log in to the site, browse through various insurance plans, and buy a policy as per their needs. Online availability of ICICI Pru term insurance plan allows policy holders to get an instant risk cover without waiting for insurance agents to complete the paperwork. The policy holder also has useful advantages of ICICI Pru term insurance plan, such as:
- Premiums are exempted from income tax – up to a limit of 1 lakh (as per the applicable tax laws at the time of writing this article)
- Sum assured (claim amount) given to the nominee is also exempted from income tax according to The Income Tax Act
- Accidental death benefit is provided in case the policyholder has taken the accidental rider
ICICI Pru iCare Term plan reviews and comments made by policy holders suggest that this is an attractive pure protection plan for the protecting the future of your loved ones, even in your absence. However, it does not have any maturity benefits, paid up value, or other survival financial backing.