Today, ICICI Prudential, one of India’s largest private sector life insurance companies announced the launch of its new online pure term insurance plan – iCare.
iCare will succeed the flagship online term plan of ICICI Pru – iProtect. The new online plan iCare carries some best-selling features of iProtect such as the Option 2 which has an inbuilt Accidental Death Benefit rider.
Key Features of iCare Term Plan:
– Instant Life Cover through simple online application process
– Flexibility to choose protection cover from two options:
– Option I – Death benefit equal to Sum Assured
– Option II – Additional death benefit in case of death due to accident
ICICI Pru iCare term plan provides the option of attaching an accidental death benefit rider for a small addition in the premium amount. In Option II, the accidental death benefit paid is equal to Sum Assured, subject to a maximum of Rs 50 lakhs.
A policyholder can opt for a policy term of minimum 5 years up to a maximum of 30 years, but the maximum age at maturity cannot exceed 75 years. The maximum Sum Assured that a person can opt for is between 18 – 50 years is Rs 1.5 crores and the Sum Assured is capped at Rs 70 lakhs for persons between 51 – 65 years of age.
The policy can be also purchased by making a Single premium in addition to the regular mode of Yearly Premiums can be paid either yearly or one-shot payment can be made at the start of the policy; and are eligible for tax benefits under section 80C of the Income Tax Act 1961.
