- 105% refund of premiums paid at age 60 or 70 or at contract maturity
- One of the most innovative and customer-centric term plans with self-adjusting life insurance coverage, basic changing life stages, to meet customer requirements
- Possibility of cover against 64 serious illnesses
Mumbai, India, January 31, 2022 /PRNewswire/ — ICICI Prudential Life Insurance has launched an innovative term insurance product “ICICI Pru iProtect Return of Premium”, a customer-centric proposition offering coverage based on life stage in which the amount of Life coverage is automatically adjusted based on the client’s life stages.
The ICICI Pru iProtect Return of Premium offers 105% reimbursement of all premiums paid in the event of survival, in addition to providing coverage against 64 critical illnesses, one of the highest in the industry. It offers two variants – Life Stage Cover and Level Cover.
Life Stage Coverage is an innovative feature that automatically adjusts the sum insured or life insurance coverage based on the life stage of customers. It allows customers to increase their life coverage when it matters most as liabilities increase in the early stages. Also, it automatically reduces life coverage as liabilities decrease in later life stages. Importantly, the premium remains constant throughout the life of the policy. This is ideal for clients who are looking for adequate life insurance coverage at all stages of their life. Plus, it offers customers the option of getting 105% of premiums refunded at an early age of 60 or 70 with continued protection until the end of the policy term or maturity, depending on choice. client.
The Level Cover variant is ideal for people looking for a term insurance plan that provides a survivor benefit as well as a fixed death benefit.
Mr. Amit PaltaDistribution Director, ICICI Prudential Life Insurance, said: “Our innovative protection product, ICICI Pru iProtect Return of Premium, promises adequate protection at all stages of life with fixed premiums and 105% reimbursement of all bonuses. We believe this product answers questions customers have in mind for survival benefits. Our approach to product development is to incorporate customer needs as product features. We will continue to leverage cutting-edge technology solutions to provide financial security to more of the nation’s population. This aligns with our vision to build a sustainable institution that responds sensitively to clients’ long-term savings and protection needs.”
With the rise in cases of lifestyle related diseases like cancer and heart disease, having a critical illness benefit is essential. Therefore, ICICI Pru iProtect Return of Premium offers customers the opportunity to be covered against 64 critical illnesses, one of the highest in the industry.
About ICICI Prudential Life Insurance Company (www.iciciprulife.com)
ICICI Prudential Life is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. The Company commenced operations in fiscal year 2001 and has always been one of the leading private sector life insurance companies in the India on a Retail Weighted Received Premium (RWRP) basis. The Company offers a range of products under the Protection and Savings category that correspond to the different stages of customers’ lives, enabling them to provide a financial safety net for their families as well as to achieve their long-term financial goals. The Company’s digital platform provides a paperless onboarding experience for customers, allows them to perform an assortment of self-service transactions, provides a convenient way to make digital payments for purchase and payment renewal premiums, and facilitates a hassle-free claims process. On September 30, 2021 the Company had an AUM of 2.37 billion rupees and a total sum insured of 21.67 billion rupees. ICICI Prudential Life is listed on both the National Stock Exchange (NSE) Limited and BSE Limited.
Except for historical information contained in this release, statements in this release that contain words or phrases such as “will”, “should”, etc., and similar expressions or variations of such expressions may constitute “forward-looking statements”. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries in which we operate or in which a significant number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technologies our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with these acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and international markets, technological developments, our ability to market new products, the outcome of any legal, tax or regulatory proceedings India and in other jurisdictions to which we are or will become a party, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions over us. ICICI Prudential Life Insurance undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. This press release does not constitute an offer of securities.
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SOURCE ICICI Prudential Life Insurance