ICICI Pru iCare

Fintotal recommends: Buy

Term plans have got better and cheaper nowadays, and ICICI Pru iCare is one of the cheapest ones. The product was previously known as ICICI Pru iProtect. It needs to be compulsorily bought online. This has two advantages: first, the process is smooth and straightforward. Second, and more importantly, it eliminates the broker, who would have otherwise eaten away a huge chunk of your premium as brokerage without adding any value to you. This is the main reason why iCare has such a low premium- as low as about Rs 7,500 of annual premium for Rs 50 lakh of cover if you are 30 years of age and in good health.

We believe the ICICI Pru iCare is a great plan to have for everyone. It offers an accidental death benefit rider in Option II. We typically recommend an insurance cover of 4-8 times your annual income, for as long a term as is available for your age. Find out the ideal cover for you using this calculator.

Product features:

Parameter

Value

Fintotal Comment

Minimum age at entry

18 years

 

Maximum age at entry

65 years

 

Maximum policy term

30 years or till age of 75, whichever is earlier

You can opt for the longest possible tenure for your age

Minimum sum assured

Rs10 lakh

Though this is the minimum, you are advised to take 4-8 times your annual income as life cover

Maximum sum assured

   

Illustration: 

Your age

Term

Indicative Annual Premium

(For cover of Rs.50 lakh )

25 years

25 years

Rs. 6,400

30 years

25 years

Rs. 7,500

40 years

25 years

Rs. 16,000

50 years

15 years

Rs. 27,800 

Returns: No survival benefit available at the end of the term. 

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