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ICICI Pru Icare II

ICICI Pru iCare II is a life insurance plan designed to secure your family's financial future in case of your absence. It offers flexible protection cover options, affordable premiums, and tax benefits, with death benefits payable to nominees. The plan includes features like Accidental Death Benefit and various premium payment options, but does not provide maturity or survival benefits.

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0% found this document useful (0 votes)
20 views6 pages

ICICI Pru Icare II

ICICI Pru iCare II is a life insurance plan designed to secure your family's financial future in case of your absence. It offers flexible protection cover options, affordable premiums, and tax benefits, with death benefits payable to nominees. The plan includes features like Accidental Death Benefit and various premium payment options, but does not provide maturity or survival benefits.

Uploaded by

thrish999
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Securing my family’s future is my top priority.

Introduction

You strive to provide comfort, happiness and security to your family. Even if something unfortunate were to happen to you,
you would want your family's future to be secured at all times.
With ICICI Pru iCare II, protect your family's future and ensure that they lead their lives comfortably without any financial
worries, even in your absence.

Key Features At A Glance


Flexibility to choose protection cover based on your needs from: Minimum/Maximum One Pay - 18/60 years (age last birthday)
age at entry Regular Pay - 18/65 years (age last birthday)
Option I: Death benefit equal to Sum Assured chosen by you
Option II: An additional death benefitT&C2 equal to Sum Assured chosen 85 years (age last birthday) for Regular Pay Option I
by you or ` 2 Crore, whichever is lower, payable only in case of death Maximum age at maturity 80 years (age last birthday) for Regular Pay Option II
due to accident. This option is available only with the 65 years (age last birthday) for One pay

Regular Pay option Premium payment options Regular Pay , One Pay

Insurance cover at extremely affordable premiums Regular Pay: 5 years to 67 years


Policy term
Tax benefits on the premiums paidT&C3 One pay: 5/10 years

Accidental Death Benefit Equal to Sum Assured chosen by you,


(Only with iCare II Option II) subject to a maximum of ` 2 Crore

Minimum Premium ` 2,400 excluding Goods and service tax


(Annual premium/Single premium) and cesses, as applicable

For annual premium paying Regular Pay


policies with the following characteristics,
Minimum Sum Assured that the minimum Sum Assured is as follows:
can be chosen Minimum Sum Assured
Age Policy Term Option I Option II
60 5 ` 86,548 ` 85,015
18 30 ` 3,03,413 ` 2,85,375

Maximum Sum Assured that can


Unlimited
be chosen
Regular Pay: Yearly, Half-yearly and Monthly
Mode of premium payment
One Pay: Single premium

Premium paid towards the policy will be


Tax benefits eligible for tax benefits u/s 80C of the
Income Tax Act, 1961T&C3
Maturity or paid-up or survival benefit
How does the plan work?
There is no maturity, paid-up value or survival benefit available under
1. Choose between option I and option II based on your protection needs.
this product.
2. Select a Sum Assured as per your requirements.
Surrender
3. Fill in your personal details and answer some simple questions
In case of Regular Pay, your policy does not have a surrender value.
related to your health.
In case of One Pay, the Surrender Value will be calculated as given below:
4. Select either One Pay or Regular Pay premium payment option,
Surrender Value=Surrender Value Factor*Single Premium
and make payment.
Surrender Value Factors are provided below:
Benefits in Detail
Death Benefit Policy year of
5 years 10 years
surrender\Policy Term
In the unfortunate event of the death of the Life Assured during the term of
Year 1 30% 45%
the policy, the nominee shall receive the following death benefit:
Year 2 25% 40%
Table 1: Year 3 15% 35%
Year 4 10% 30%
Plan type Benefit paid out to the nominee
Year 5 0% 25%
Sum Assured chosen by you (absolute amount assured
iCare II Option I
Year 6 N/A 20%
to be paid on death)
Year 7 N/A 15%
iCare II Option II Sum Assured chosen by you
Year 8 N/A 10%
(applicable only for PLUS Accidental Death Benefit#
Year 9 N/A 5%
Regular Pay option) (absolute amount assured to be paid on death)
Year 10 N/A 0%
#Accidental Death Benefit - An amount equal to the Sum Assured chosen by N/A = Not applicable
you (subject to a maximum of ` 2 Crores) will be paid only in the unfortunate
Illustration
event of death of the Life Assured due to an accidentT&C2.
The table below provides annual premium, for a Regular Pay option (exclusive
The above benefit will be payable, only if all due premiums have been paid and
of Goods and Services tax cesses, as applicable) for various combinations of
the policy is in force.
age and Sum Assured for a healthy male, opting for a policy term of 25 years.
For this product:
Age (years)/ iCare II Option I iCare II Option II+
For One Pay, Sum Assured as chosen by you is always greater than 125% Sum Assured
(`) 25 lakhs 50 lakhs 75 lakhs 25 lakhs 50 lakhs 75 lakhs
of single premium. 30 5,475 7,600 10,500 6,725 10,100 14,250
35 7,400 10,700 14,925 8,650 13,200 18,675
For Regular Pay, Sum Assured as chosen by you is always greater than 7 40 10,625 15,850 22,350 11,875 18,350 26,100
times annual premium and 105% of premiums paid. +ICICI Pru iCare II Option II offers an additional Accidental Death Benefit
equal to the Sum Assured (subject to a maximum of ` 2 Crores).This will
Hence for this product, death benefit is as shown in Table 1.
be paid out in the unfortunate event of death of the Life Assured due to an
accident T&C2 .
Terms and Conditions iv. Due to war, whether declared or not or civil commotion; or
v. Engaging in hazardous sports or pastimes, e.g. taking part in (or
1. Freelook period: If you are not satisfied with the policy, you may
cancel it by returning the policy document to the Company with reasons practising for) boxing, caving, climbing, horse racing, jet skiing,
for cancellation within: martial arts, mountaineering, off piste skiing, pot holing, power
boat racing, underwater diving, yacht racing or any race, trial or
• 15 days from the date you received it, if your policy is not purchased
timed motor sport.
through Distance marketing*
b. Death due to accident must be caused by violent, external and
• 30 days from the date you received it, if your policy is an electronic
visible means.
policy or if your policy is purchased through Distance marketing*
c. The accident shall result in bodily injury or injuries to the Life Assured
On cancellation of the policy during the free look period, we will return the
premium paid subject to the deduction of: independently of any other means. Such injury or injuries shall, within
180 days of the occurrence of the accident, directly and
a. Stamp duty paid under the policy,
independently of any other means cause the death of the Life
b. Expenses borne by the Company on medical examination, if any Assured. In the event of the death of the Life Assured after 180 days
c. Proportionate risk premium for the period of cover of the occurrence of the accident, the Company shall not be liable to
The policy shall terminate on payment of this amount and all rights, pay this benefit.
benefits and interests under this policy will stand extinguished. d. The policy must be in-force at the time of accident.
*Distance marketing includes every activity of solicitation (including lead e. The Company shall not be liable to pay this benefit in case the death of
generation) and sale of insurance products through the following modes: (i) the Life Assured occurs after the date of termination of the policy.
Voice mode, which includes telephone-calling (ii) Short Messaging service
3. Tax benefits: Tax benefits under the policy are subject to conditions u/s
(SMS) (iii) Electronic mode which includes e-mail, internet and interactive
80C and 10 (10D) of the Income Tax Act, 1961. Goods & Services Tax and
television (DTH) (iv) Physical mode which includes direct postal mail and
newspaper & magazine inserts and (v) Solicitation through any means of Cess (if any) will be charged extra as per prevailing rates. The tax laws are
communication other than in person. subject to amendments from time to time.

2. Accidental Death Benefit: For the purpose of Accidental Death 4. Suicide clause: If the Life Assured whether sane or insane, commits
Benefit payable on accident the following conditions shall apply: suicide within 12 months from the date of commencement of risk of this
policy, the policy will terminate. The Company will refund higher of the total
a. Death due to accident should not be caused by the following:
premiums paid including extra premiums, if any till the date of death or
i. Attempted suicide or self inflicted injuries while sane or insane, or
surrender value as available on date of death and all rights,
whilst the Life Assured is under the influence of any narcotic
benefits and interests under this policy will stand extinguished.
substance or drug or intoxicating liquor; or
In the case of a Regular Pay policy, which has been revived, if the Life
ii. Engaging in aerial flights (including parachuting and skydiving)
Assured, whether sane or insane, commits suicide within 12 months from
other than as a fare paying passenger on a licensed passenger-
carrying commercial aircraft (being a multi-engined aircraft) the date of revival of the policy the Company will refund higher of 80% of
operating on a regular scheduled route; or the total premiums paid including extra premiums, if any till the date of
death or surrender value as available on date of death and all rights,
iii. The Life Assured with criminal intent, committing any breach of
benefits and interests under his policy will stand extinguished.
law; or
5. Grace period: A grace period for payment of premium of 15 days no person shall allow or offer to allow, either directly or indirectly, as an
applies for monthly premium payment mode and 30 days for other modes inducement to any person to take or renew or continue an insurance in
of premium payment. If the premium is not paid within the grace period, respect of any kind of risk relating to lives or property in India, any rebate of
the policy shall lapse and cover will cease. the whole or part of the commission payable or any rebate of the premium
shown on the policy, nor shall any person taking out or renewing or
6. Premium discontinuance: If the premium is not paid either on the
continuing a policy accept any rebate, except such rebate as may be
premium due date or within the grace period, all benefits under this policy allowed in accordance with the published prospectuses or tables of
will cease. No benefit shall become payable in case of death of the Life the insurer.
Assured while the policy is in lapsed condition. This is applicable only for
Any person making default in complying with the provisions of this section
Regular Pay option.
shall be punishable with fine which may extend to 10 lakh rupees.
7. Policy revival: Policy revival is applicable only for Regular Pay option.
12. In case of fraud or misrepresentation, the policy shall be cancelled
A policy, which has lapsed for non-payment of premium within the days of
immediately by paying the surrender value, if any, subject to the fraud or
grace, may be revived subject to the following conditions. misrepresentation being established by the Company in accordance with
• The application for revival is made within 5 years from the due Section 45 of the Insurance Act, 1938, as amended from time to time.
date of the first unpaid premium and before the termination date 13. For further details, please refer to the policy document and the
of policy. Revival will be based on the prevailing Board approved benefit illustration.
underwriting policy.
• The Policyholder furnishes, at his own expense, satisfactory
evidence of health of the Life Assured as required by the Company.
• The arrears of premiums together with interest, at such rate as
the Company may charge for late payment of premiums are paid.
The interest rate applicable in April 2020 is 7.87% p.a. compounded
half yearly.
The revival of the policy may be on terms different from those applicable to
the policy before it lapsed for example, extra mortality premiums or
charges may be applicable. The Company reserves the right to refuse to
re-instate the policy. The revival will take effect only on its being
specifically communicated by the Company to the Policyholder
8. Sum Assured and plan type once chosen at the inception of the policy
cannot be changed.
9. No loans are allowed under this policy.
10. The bases for computing Surrender Value factors will be reviewed from
time to time and the factors applicable to existing business may be
revised subject to the prior approval of the IRDAI.
11. Section 41: In accordance with Section 41 of the Insurance Act, 1938,
About ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company Limited is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings
Limited, a part of the Prudential group. ICICI Prudential began its operations in Fiscal 2001 after receiving approval from Insurance
Regulatory Development Authority of India (IRDAI) in November 2000.

ICICI Prudential Life Insurance has maintained its focus on offering a wide range of products that meet the needs of the Indian
customer at every step in life.

ICICI Prudential Life Insurance Company Limited. IRDAI Regn. No. 105. CIN: L66010MH2000PLC127837.

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!


IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.
Public receiving such phone calls are requested to lodge a police complaint.

ICICI Prudential Life Insurance Company Limited. Registered Address:- ICICI PruLife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025. For
more details on the risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale. Trade Logo displayed above belongs to ICICI
Bank Limited & Prudential IP Services Limited and used by ICICI Prudential Life Insurance Company Limited under license.ICICI Pru iCare II. UIN - 105N140V03. Form
No.:T38, T39 and T41. Advt. No.: L/II/0696/2019-20.

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