ICICI Prudential Life Insurance –iCare II
A Term Life Insurance Plan
ICICI Prudential Life Insurance Company Ltd. is a joint venture between ICICI Bank Ltd., one of India’s largest private sector banks, and Prudential Corporation Holdings Limited. ICICI Prudential Life began its operations in 2001 and has consistently been the market leader amongst private players in the Indian life insurance sector.
ICICI Pru iCare II provides protection to your family. It ensures that they will lead their lives comfortably without any financial worries, even in your absence. In the unfortunate event of death during the policy term, your family will receive a lump sum amount called Life Cover.
With this plan, you also get extra protection in case of accidental death.
In ICICI Pru iCare II, your loved ones will receive a lump sum amount in your absence according to the benefit option chosen by you. There are two options – in Option I, the lump sum amount your family receives is equal to the sum assured chosen by you. In Option II, an additional amount equal to the sum assured chosen by you or `50 lakh, whichever is lower, in case of death due to an accident occurred to the policy holder.
ICICI Pru iCare II term plan is a non-participating pure term plan which is available for purchase through the company website. This plan provides high protection at very low premium rates thereby protecting the family’s future needs in the absence of the breadwinner.
The key features are:
- It is a pure term insurance plan with regular pay or single pay premium paying options.
- there are two types of benefit options; option I and II where there is an inbuilt accidental rider in Option II
- Option II is available only under premium payment option.
- Simple application process.
Reasons to secure your family with ICICI Pru iCare II term plan
- Offers high life insurance amount – High insurance money provided by the ICICI Pru iCare II term plan helps your family members meet regular expenses and repay outstanding loans, in your absence.
- Affordable premiums – term plans come at a normal premium. The earlier in life you buy a term plan, lower the premium you pay.
- This term plan allows tax deduction under section 80C of the income tax act. Further you get tax benefit under section 10(10D) as well. The amount received on death is also tax free.
- Secures family’s dreams – insurance amount of term plans fulfil the dreams of your family members even in your absence, like your daughter’s higher education and your spouse’s financial independence.