NEW DELHI: ICICI Prudential Life Insurance has launched ‘ICICI Pru iProtect Return of Premium’ offering life-stage based cover wherein the quantum of life cover is automatically adjusted based on the customer’s life stages.
ICICI Pru iProtect Return of Premium offers a return of 105% of all premiums paid on survival, besides providing cover against 64 critical illnesses, one of the highest in the industry. It offers two variants – Life Stage Cover and Level Cover.
The Life-Stage Cover auto adjusts the sum assured or life cover based on the life stage of a customer. It enables customers to increase their life cover when it matters the most as responsibilities grow in initial stages. Also, it automatically reduces the life cover as responsibilities reduce in later life. Importantly, the premium remains constant throughout the tenure of the policy. This is ideal for customers who seek adequate life cover across different stages of life. Also, it offers customers the flexibility to get 105% of the premiums paid back at 60 or 70 years of age with continued protection till the end of the policy term or at maturity, as per a customer’s choice.
The Level Cover variant is ideal for individuals looking for a term insurance plan that offers a survival benefit along with a fixed death benefit.
Amit Palta, chief distribution officer, ICICI Prudential Life Insurance, said, “We believe this product addresses questions customers have in their minds on survival benefits. Our approach to product development is to embed customer’s needs as product features.This dovetails into our vision to build an enduring institution that serves the protection and long-term saving needs of the customers with sensitivity.”