ICICI Prudential Life Insurance Company Limited, has launched ICICI Pru iProtect Smart – a single product which offers cover against Death, Critical & Terminal illness, Accidental Death and Disability due to an accident. This first of its kind product combines the benefits of life, health and accident insurance.
There is no replacement for the loss of the breadwinner, but the family can be protected financially through an insurance cover. Indians are prone to health disorders due to the fast paced and high stress lifestyles. The incidence of lifestyle based ailments are on the rise. Rising cost of healthcare can severely impact the financial savings of the family leaving them vulnerable. Additionally, certain ailments can impact the ability to maintain the same level of income.
Mr. Puneet Nanda, Executive Director
Mr. Puneet Nanda, Executive Director, said “Customers currently have to separately purchase life, accidental death and critical illness covers. iProtect Smart is a single product that addresses all these needs at an affordable price. This innovative product combines the benefits of life and health insurance and is not just a typical term product.”
“Customers have been given the flexibility to increase their cover at various milestones in their lives for e.g. marriage, child birth etc. This feature will enable them to provide adequate protection to their families across different life stages. We are confident that with this unique product we will bridge, to an extent, the protection gap that currently exists in the country.” added Mr. Nanda.
Benefits | Age | Policy Term | Monthly Premium (*) (Rs.) |
#Death cover Rs.50 lakhs + Accidental Death cover Rs.50 lakhs + Critical illness cover Rs.10 lakhs | 30 years |
30 years | 1110/- |
35 years | 1493/- | ||
40 years | 2126/- |
*Premiums for non-smoker male
# Death benefit is inclusive of Terminal illness and Waiver of Premium in case of disability due to an accident
Summary
Comprehensive protection plan offering cover against Death, Critical illness, Accident and Disability
Premium for critical illness cover is guaranteed to remain the same throughout the term of the policy
Option to take death benefit as monthly income over 10 years
Terminal illness cover
About ICICI Prudential Life Insurance:
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential Life was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life's capital infused stands at Rs. 48.16 billion (as of March 31, 2015) with ICICI Bank Ltd. and Prudential plc holding 74% and 26% stake respectively. For the financial year 2015, the company garnered a total premium of Rs. 153.07 billion. The company has assets under management of Rs. 1001.83 billion as on March 31, 2015.
Except for the historical information contained herein, statements in this release which contain words or phrases such as “will”, “would”, “aim”, “will likely result”, “believe”, ”expect”, “will continue”, “anticipate”, ‘”estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”, “objectives”, “goals”, “project”, “should”, “will pursue”, and similar expressions or variations of such expressions may constitute “forward looking statements”. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.
These risks and uncertainties include, but are not limited to ICICI Prudential Life’s ability to successfully implement its strategy in the field of insurance, our growth and expansion, technological changes, investment income, cash flow projections, our exposure to market risks as well as the other risks detailed in the reports filed by ICICI Bank (joint promoters of ICICI-Prudential Life Insurance Company Limited) with the Securities and Exchange Commission of the United States. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
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