New term insurance plan: launch of ICICI Pru iProtect Return of Premium – Product highlights

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ICICI Prudential Life Insurance has launched a new term insurance plan – ICICI Pru iProtect Return of Premium. “A client-centric proposal offering life stage coverage in which the amount of life coverage is automatically adjusted based on the client’s life stages,” the company said in a statement.

According to a company memo, the ICICI Pru iProtect premium return offers a 105% return of all premiums paid in the event of survival, in addition to providing coverage against 64 critical illnesses, one of the highest in the world. ‘industry.

Variants offered

It offers two variations – Life Stage Cover and Level Cover.

Life stage coverage

“Life stage coverage is an innovative feature that automatically adjusts the insured amount or life insurance coverage based on clients’ life stage. It allows clients to increase their life insurance coverage at the most important point as responsibilities increase in the early stages. , it automatically reduces life coverage as responsibilities decrease in the later stages of life. It is important to note that the premium remains constant throughout the life of the policy. This is ideal for clients who are looking for adequate life coverage at all stages of their life. In addition, it offers clients the flexibility to get 105% of premiums refunded at an early age of 60 or 70 with continued protection until the end of the policy term or at maturity, depending on the choice. of the customer, ”the company explains.

Cover level

“The Level Cover variant is ideal for people looking for a term insurance plan that offers a survivor benefit as well as a fixed death benefit,” according to the company.

Commenting on the product launch, Amit Palta, Director of Distribution, ICICI Prudential Life Insurance, said: “Our innovative protection product, ICICI Pru iProtect Return of Premium, promises adequate protection at all stages of life with premiums. fixed and a return of 105% of all premiums. We believe this product answers the questions customers have about the survival benefits. Our approach to product development is to integrate customer needs as product characteristics. We will continue to take advantage of cutting-edge technological solutions to provide financial security to more of the country’s population. This ties in with our vision of building a sustainable institution that responds to clients’ long-term protection and savings needs with sensitivity. “


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