ICICI Prudential Life Insurance unveiled a new term plan that offers 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 based on the insured's shifting life stages.
The new insurance, ICICI Pru iProtect return of premium, also provides coverage for 64 severe diseases, according to a statement from the life insurer.
The new insurance guarantees a 105 percent return of the premium paid on survival, as well as cover against 64 catastrophic diseases, which the company claims is one of the highest in the business.
The new insurance also comes in two flavours: life stage and level coverage. The life-stage cover has a function that automatically modifies the amount guaranteed or life cover based on the customer's life stage, allowing them to raise their life cover when it counts most, as their obligations develop in the early stages. In addition, when duties decrease in later life stages, the life cover automatically decreases.
However, the premium remains consistent throughout the policy's term, making it appropriate for individuals looking for adequate life insurance at all phases of their lives. Aside from that, it gives clients the option of receiving 105 percent of their premiums returned at a young age of 60 or 70 years, with ongoing protection until the conclusion of the insurance term or maturity, whichever comes first, according to the insurer.
According to the insurer the new policy was created in response to the increased number of occurrences of lifestyle-related illnesses such as cancer and heart disease, which necessitate a critical sickness benefit.
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