ICICI Prudential Life on Thursday launched its first micro-insurance product, Sarv Jana Suraksha’, especially designed towards making life insurance cover available to customers across lower-income groups.
The Sarv Jana Suraksha plan has a term of five years and offers age-independent premium to customers in the age group of 18-55 years, a company press release said.
“Micro insurance is a key element in the financial services package, especially for individuals in the low-income group. There is an imperative need to introduce products in the micro insurance space that will provide customers the ability to avail a life insurance cover at an affordable cost,” ICICI Prudential Life Insurance’s Senior Vice President and Head-sales, Anup Rao, said in the release.
It offers a minimum sum assured of Rs 5,000 with an upper ceiling of Rs 50,000.
The plan also entails an annual premium payment frequency with a death benefit amounting to 100 times of the base premium and can be availed upto the age of 60 years, the release said.