iCare : new online term plan from ICICI Pru

ICICI Prudential has launched their new online term plan called “I-Care”, which will replace its old term plan called the “i-Protect” (read iprotect review). This new i-Care term plan has some interesting features like no medical examination till the age of 50 and up to 1.5 crores of sum assured can be taken.

Features of I-Care Term plan

The biggest surprising feature of i-care term plan is that there is no medical examination for customers who are up to 50 yrs old. For all the health related information the company will depend on the declaration made by the customer as there won’t be medical tests applicable. This will make sure that the policy is accepted as soon as possible as there is no medical examination in between. Also there is something called “Policy acceptance” in i-care, which means that once you submit the application online and make the payment, it will be reviewed and finally it will be accepted, after which your insurance coverage will start. Some other features of i-care policy are as follows.

ICare term plan

Additional features

  • There will be high cover available to those people who have active home loan in their name.
  • The premiums once declared will not be increased later, as there is no medical exam later.

Riders in i-care term plan

There is only one rider in i-care term plan just like iProtect had and its accidental death rider. So here are two options one can go for while buying i-care term plan.

iCare Option 1 – Sum Assured

If you take option 1, then you just have a basic sum assured cover which will be paid in case of death. Even if you die in accident you will still get the basic sum assured.

iCare Option 2 – Sum Assured + Accidental Death Benefit

In this option, if one dies due to accident, then the nominee receives extra money equal to sum assured (subject to maximum Rs 50 lacs). This means that; if a person has taken second option with sum assured of 80 lacs, then he will get 80 lacs on death if the death is due to anything other than by way of accident. But if the death is due to accident, then nominee will get Rs 1.3 crores (80 + 50)

Below are the indicative premiums for both the options.
ICare term plan

Note : Please make sure you read the terms and conditions properly (mentioned in the 5th and 6th page of the embedded doc above).

214 CommentsAdd Comment

  1. MANISH VASHISTA

    Hi..Subbu..i was trying to buy icicipru I protect too but I faced two hurdles.. One is icici is not providing defined space to answer all questions in health questionare .2nd they had removed old policy details column from application form..&been advised me to write a mail with all details to icici but that mail won’t be part of policy document..i also got multiple lipoma condition..So I ask you to reply me with your experience with me on manish [email protected]..also to manish for help in deciding to purchase or not. Thanks

  2. Maheswaran

    HI
    i am planning to take I care II.i was therein dubai for 5 years.Now i am working in chennai.Iam planning to take a policy in within few weeks.in future if i got a job again in overseas i will move.Whether policy is active when iam moving to some other country for work.if any thing happens outside india, whether policy will cover, nominee will get full amount.please clarify

  3. subbu

    Dear Manish,

    There is one query, would really appreciate if you can throw some light in context of ICICI Pru iProtect plan (it would require a medical test before policy issuance):

    The health questionnaire asks for cancer/tumor/cyst or any kind of growth the applicant is aware of. If for a person the answer is YES –not due to cancer or tumor, but because of Lipoma (deposit of fat under the skin, which is non-malignant and non-cancerous and doesn’t require any treatment), then will the application will be simply rejected? or they would first conduct a medical test and then take the decision?

    Also, if a company rejects the application, then can it affect chances of getting insurance from other companies as well, since various company ask the question about rejection of the application and the reasons?

    Thanks in advance.

    • Every company will ask for the same thing and yes, if rejected, it will become a blocking for getting it from other companies also . Regarding the question you have asked, I think its more of a underwriting level question and I am not qualified to comment on it . Try customer care of the ICICI and they will help you on that

      Manish

      • subbu

        Thanks for your advice Manish. I went ahead an applied for the policy and ICICI has asked me to get a test done, which requires a small surgery. This looks too much of an effort for purchasing a policy. Is it possible that to circumvent this test I propose to get some cooling period clause included in the policy? Is it a practice to get some clauses included in such cases when applicant is not willing to go through such tests?

        Please provide your kind advice. Thank you very much.

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