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| ICICI Pru Life launches new term insurance plan | | | Early Times Report
JAMMU, Jan 3: ICICI Prudential Life Insurance has launched an innovative term insurance product '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. The ICICI Pru iProtect Return of Premium offers the return of 105% of all premiums paid on survival, besides providing cover against 64 critical illnesses, one of the highest in the industry. It offers two variants - Life Stage Cover and Level Cover.
The Life-stage Cover is an innovative feature that 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.
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.
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." |
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