ICICI Prudential launches term plan with return of premium – Check features

The ICICI Pru iProtect Return of Premium will offer a return of 105% of all premiums paid on survival, besides providing cover against 64 critical illnesses. It offers two variants – Life Stage Cover and Level Cover.

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Return of 105 per cent of premiums paid at age of 60 or 70 years or on policy maturity


ICICI Prudential Life Insurance has come out with a term insurance product ‘ICICI Pru iProtect Return of Premium’. It is a customer-centric plan that will offer 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 will offer a return of 105 per cent of all premiums paid on survival, besides providing cover against 64 critical illnesses. It offers two variants – Life Stage Cover and Level Cover.

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, claims ICICI Pru.

Under the Life-stage Cover, the plan auto-adjusts the sum assured or life cover based on the life-stage of the policyholder. The company states that the plan enables policyholders 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. Along with that, the premium remains constant throughout the tenure of the policy.

The insurance company further claims that the life-stage cover is ideally suited for people who seek adequate life cover across their life stages. Also, it will offer policyholders the flexibility to get 105 per cent 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 policyholder’s choice.

Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, says, “ICICI Pru iProtect Return of Premium, will offer adequate protection at all life stages with fixed premiums and return of 105% of all premiums. We believe this product addresses questions customers have in their minds on survival benefits. Our approach to product development is to embed customer’s needs as product features.”

With rising cases of lifestyle-related ailments such as cancer and heart disorder, it is essential to have a critical illness benefit. This policy ICICI Pru iProtect Return of Premium also offers policyholders the option to take cover against 64 critical illnesses.

Key features of the policy;
•Return of 105 per cent of premiums paid at age of 60 or 70 years or on policy maturity
•Terms plan with auto-adjusting life cover, basis changing life-stages, to suit customer’s requirements
•Option to take cover against 64 critical illnesses

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