ICICI Prudential Life Insurance on Tuesday launched a new term plan offering 105 per cent return of the premium paid at age of 60 or 70 or on policy maturity as the policy auto-adjusts the life cover based on the changing life-stages of the insured. The new policy, ICICI Pru iProtect return of premium, also offers an option to take cover against 64 critical illnesses, the life insurer said in a statement.
The customer-centric proposition offering life-stage based cover wherein the quantum of life cover is automatically adjusted based on the customer’s life stages, the new policy offers 105 per cent return of the premium paid on survival, besides providing cover against 64 critical illnesses, which is it claimed is one of the highest in the industry.
The new policy also offers two variants – life stage cover and level cover. The life-stage cover offers a feature that auto adjusts the sum assured or life cover based on the life-stage of customers and enables customers to increase their life cover when it matters the most as responsibilities grow in the initial stages. Also, it automatically reduces the life cover as responsibilities come down in the later life stages.
But the premium remains constant throughout the tenure of the policy and is ideally suited for customers who seek adequate life cover across their life stages. That apart it also offers customers the flexibility to get 105 per cent of the premiums paid back at an early age of 60 or 70 years with continued protection till the end of the policy term or at maturity, as per the customer’s choice, the insurer said.
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, the company said.
The company said the new policy is developed given the rising cases of lifestyle-related ailments such as cancer and heart disorders which call for a critical illness benefit.