ICICI Prudential Life Insurance Launches New Term Insurance Plan Offering 105% Return: Check Details
ICICI Prudential Life Insurance on Tuesday launched a new term plan that offers 105 per cent return of premiums paid at the age of 60 or 70 years or on policy maturity, as the policy changes life-stage depending on the life-stages of the life insured. Auto-adjusts cover. 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.
Customer-centric proposition Offers life-stage based cover in which the amount of life cover is automatically adjusted based on the life stages of the customer, the new policy will provide cover against 64 critical illnesses, besides paying on survival Provides a return of 105 per cent of the premiums paid, which is claimed to be one of the highest in the industry.
Two variants are also available in the new policy – Life Stage Cover and Level Cover. Life-stage cover provides a facility that auto adjusts the sum insured or life cover based on the life stage of the customers and enables the customers to increase their life cover when it matters the most as the initial Responsibilities grow in stages. Also, it automatically reduces the life cover as the responsibilities reduce in the later stages of life.
But the premium remains constant throughout the term of the policy and is ideally suited for customers who want adequate life cover at all stages of their life. In addition, it also provides customers with a facility to get back 105 per cent of the premiums paid at the age of 60 or 70 years with continued protection till the end of the policy term or on maturity as per the choice of the insurer. he said .
The company said that the level cover variant is ideal for individuals looking for a term insurance plan, which offers a certain death benefit as well as survival benefit.
The company said the new policy has been developed keeping in view the increasing cases of lifestyle-related diseases such as cancer and heart disorders, which call for a critical illness benefit.