ICICI Prudential Life Insurance on Tuesday launched a new term plan offering a 105% refund of the premium paid at age 60 or 70 or when the policy matures, as the policy automatically adjusts life cover based on changing of the life of the insured. The new policy, ICICI Pru iProtect return of premium, also offers a cover option against 64 critical illnesses, the life insurer said in a statement.
With the customer-centric proposition offering life stage-based coverage in which the quantum of life coverage is automatically adjusted based on the customer’s life stages, the new policy offers a 105% reimbursement of the premium paid in the event of survival, in addition to providing coverage against 64 critical illnesses, which he says is one of the highest in the industry.
The new policy also offers two variants – life stage coverage and level coverage. Life Stage Coverage offers a feature that automatically adjusts the Sum Insured or Life Coverage based on customers’ life stage and allows customers to increase their Life Coverage when it matters most as responsibilities arise. increase in the initial stages. Also, it automatically reduces life coverage as liabilities decrease in later life stages.
But the premium remains constant throughout the term of the policy and is ideal for clients who are looking for adequate life insurance coverage at all stages of their lives. That aside, it also 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 the customer’s choice, the insurer said. .
The level coverage variant is ideal for people looking for a term insurance plan that offers a survivor benefit as well as a fixed death benefit, the company said.
The company said the new policy is being developed in light of the rise in cases of lifestyle-related illnesses, such as cancer and heart conditions, which require a critical illness benefit.