New term insurance plan: ICICI Pru iProtect Return of Premium launched - Highlights of the product

ICICI Prudential Life Insurance has launched a new term insurance plan - ICICI Pru iProtect Return of Premium. "A customer-centric proposition  offering life-stage based cover wherein the quantum of life cover is automatically adjusted based on the customer’s life stages," a company statement said.

As per a note by company, the ICICI Pru iProtect Return of Premium offers return of 105% of all premiums paid on survival, besides providing cover against 64 critical illnesses, one of the highest in the industry.  

Variants offered

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

Life-stage Cover

"The Life-stage Cover is an innovative feature which auto adjusts the sum assured or life cover based on the life-stage of customers. It 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 reduce in the later life stages. Importantly, the premium remains constant throughout the tenure of the policy. This is ideally suited for customers who seek adequate life cover across their life stages. Also, it offers customers the flexibility to get 105% 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," says the company.

 Level Cover

"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," as per the company.

Commenting on the product launch, Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “Our innovative protection product, ICICI Pru iProtect Return of Premium, promises adequate protection at all life stages with fixed premiums and return of 105% of all premiums. 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. We will continue to leverage cutting-edge technology solutions to provide financial security to a larger section of the country’s population. This dovetails into our vision to build an enduring institution that serves the protection and long-term saving needs of the customers with sensitivity.”