a 105 percent return on premiums paid at the age of 60 or 70 or at policy maturity, as the policy automatically modifies the life cover according to the policyholder’s responsibilities in various stages of life. According to a statement from the company, the new insurance scheme, ICICI Pru iProtect return of premium, also includes a policy to cover 64 major illnesses.
The customer-centric proposition provides life-stage-based coverage, which automatically adjusts the quantum of life cover according to the customer’s life commitments as well as provides a 105 percent return on premium paid on survival, in addition to coverage for 64 major illnesses, which the company claims is one of the best in the industry.
Additionally, the new policy includes two versions: life stage coverage and level coverage. The life-stage cover automatically modifies the amount guaranteed or life cover for clients based on their life stage, allowing them to raise their life cover when it counts most, as commitments increase in the early stages. Additionally, it automatically decreases life insurance coverage when obligations decrease in later life stages.
However, the premium remains consistent during the policy’s term, making it perfect for individuals looking for adequate life insurance coverage at all phases of life. In addition to this, the insurer claimed that it also gives clients the option of receiving 105 percent of their premiums returned at an early age of 60 or 70 years with continuous protection until the conclusion of the policy term or maturity, whichever comes first.
According to the business, the level cover option is perfect for customers seeking a term insurance policy that includes both a survivor benefit and a fixed death payment. The business stated that the new policy was designed in response to the increasing prevalence of lifestyle-related illnesses such as cancer and heart disease, which necessitate the inclusion of a critical illness benefit.
