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ICICI Prudential iCare

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

ICICI Pru iCare

 

Eligibility

Entry Age (years)

Minimum

18

Maximum

65

Maximum Maturity Age (years)

75

Policy Variants

Option 1: Sum Assured
Option 2: Sum Assured + Accident Death Benefit Rider (sum asured equal to base plan sum assured subject to a maximum limit of Rs 50 lakh)

Policy Term (years)

Minimum

5

Maximum

30

Sum Assured (Rs)

Minimum

Subject to minimum premium limit

Maximum

1.5 crore for 18- 50 yrs of age; 70 lakhs for 51-65 yrs of age

Minimum Premium (Rs)

Yearly

3000

Premium Payment Frequency

Regular pay (yearly), one pay option for 5 and 10 year policy terms

Premium Payment Term

Equal to policy term or Single

Policy Cover

Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation

In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.

Grace Period

You are allowed to pay premiums within 30 days from the due date. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.

Lapsed Policy Reinstatement

You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any.

Tax Benefits

Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply. Premiums paid for Dread Disease Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.

Exclusions

In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit

Surrender Value

70% x Single Premium x (Number of complete policy years outstanding / Policy term)

Customer Service

Address

ICICI Pru Life Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600

Mail To

lifeline@iciciprulife.com

Call On

18602667766 between 9 am to 9 pm; Monday to Saturday (except National holidays)

SMS

SRV to 56767

Additions to the Plan

Available Rider(s)

Accidental Death Benefit Rider (ADB): covers death due to accident

Rider Conditions

Entry Age (years)

Minimum

18

Maximum

65

Maximum Maturity Age (years)

75

Rider Term (years)

Minimum

5

Maximum

30

Sum Assured (Rs)

Minimum

50000

Maximum

Equal to Sum assured up to a maximumof Rs 50 lakh

 

 

Objective

This policy can help insured's family tide over financial turmoil in his absence.

What does it do?

This online plain term plan pays sum assured to the beneficiary in the event of death of the insured. ICICI Pru iCare offers two optional death benefits to choose from:
Option I: In case of death of the life insured, the nominee will receive sum assured.
Option II: If death occurs due to an accident, apart from the basic sum assured, this option can pay additional death benefit equal to the sum assured or Rs 50 lakh, whichever is lower.
The policy doesn't pay any maturity value on survival.
Policies following regular premium payment option cannot be surrendered, but those with single premium option can be surrendered after a year. The surrender value is calculated using the pre specified formula.

Pros

The policy offers higher sum assured to those with an outstanding home loan. There is an option to add accidental death benefit.
The policy offers lower premium rates to women.
Premiums paid qualify for tax deduction.

Suited for

This plan can save cost due to elimination of intermediaries, if you buy the policy online.

Our View

A simple term policy is recommended for everyone who has dependents. Accidental death option can be taken if you think its needed. However, it is not a replacement of personal accident policy as that can provide disability benefit as well. If you have an apt personal accident policy you can go with Option 1 of this policy.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

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These Application Forms can be used for buying regular mutual funds also

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