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ICICI Pru iCare Term Insurance Plan Review

Discussion in 'Life insurance' started by real_buzz, Dec 11, 2012.

  1. real_buzz Moderator

    ICICI Pru Guaranteed Savings Insurance Plan is a non-participating limited premium endowment life insurance plan that allows you to enjoy the benefits of a long term savings plan ensuring that you and your family are free of any financial worries.

    ICICI Pru Guaranteed Savings Insurance Plan is not a ULIP. In this plan you get a Guaranteed Maturity Benefit which is not linked to market movements.

    ICICI Pru Guaranteed Savings Insurance Plan is Regular Premium plan in which you need to invest premiums regularly over a period of time.

    You have a choice of paying premiums regularly for 7 or 10 years.

    On maturity, you will get the sum of all premiums paid along with regular additions which will be declared at the beginning of every policy year.

    ICICI Pru iCare Eligibility criteria

    Minimum / maximum age at entry -- 0 / 60 years
    Minimum / Maximum maturity age -- 18 / 75 years
    Premium payment term -- 7 years & 10 years
    Policy term – 15 years for 7 year & 20 years for 10 year premium paying term
    Minimum Annual Premium (Rs.) – 18000 for 7 years and 12000 for 10 year premium paying term
    Sum Assured -- Annual Premium X Premium Paying Term
    Premium paying modes -- Yearly / Half Yearly / Monthly
    Grace Period -- 15 days for monthly mode, 30 days for yearly and half yearly modes


    Benefits of ICICI Pru iCare
    • Limited pay: You have a choice of paying premiums for either 7 or 10 years, while enjoying a long term savings benefit under the plan.
    • Guaranteed benefits: Receive guaranteed benefit at the end of the policy term in form of Guaranteed Maturity Benefit (GMB) (conditions apply*)
      • In the beginning, the GMB would be equal to sum of all premiums payable under the plan.
      • This GMB would increase every year by guaranteed Regular Additions (RA), to increase your savings payable at maturity of plan. The Regular Addition expressed as a percentage of the SA, will be declared at the beginning of every policy year.
    • Additional maturity benefit: Receive additional amount in form of Maturity Addition (MA) at the end of the policy term.
    • Death Benefit: Receive a Guaranteed Death Benefit (GDB), which is the higher of sum of all premiums paid till date compounded at the rate of 5% per annum and 10 times of annualized premium.
    • Tax benefits: Tax benefits on the premium paid and benefits received under the policy, as per the prevailing Income Tax laws.

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