New Term Insurance Plan: ICICI Pru iProtect Return of Premium Launched – Product Highlights


ICICI Prudential Life Insurance has launched a new term insurance plan – ICICI Pru iProtect Return of Premium. “A customer-centric proposition offering life stage-based coverage in which the quantum of life coverage is automatically adjusted based on the customer’s life stages,” a company statement read.

According to a company note, the ICICI Pru iProtect Return of Premium offers 105% reimbursement of all premiums paid in the event of survival, in addition to providing coverage against 64 critical illnesses, one of the highest in the world. sector.

Proposed variants

It offers two variants – Life Stage Cover and Level Cover.

Life Stage Coverage

“Life-stage coverage is an innovative feature that automatically adjusts the sum insured or life coverage based on the life stage of customers. It allows customers to increase their life coverage when it matters most as responsibilities increase in the initial stages. , it automatically reduces life coverage as responsibilities decrease in later life stages. It is important to note that the premium remains constant throughout the life of the policy. This is ideal for customers looking for adequate life cover at all stages of their life, plus it offers customers the flexibility to get 105% of premiums refunded at an early age of 60 or 70 with continued protection up to at the end of the policy term or at maturity, depending on the client’s choice,” the company explains.

Level coverage

“The Level Cover variant is ideal for people looking for a term insurance plan that provides a survivor benefit as well as a fixed death benefit,” according to the company.

Commenting on the product launch, Amit Palta, Director of Distribution, ICICI Prudential Life Insurance, said, “Our innovative protection product, ICICI Pru iProtect Return of Premium, promises adequate protection at all life stages with premiums fixed rates and a 105% refund of all premiums. We believe this product answers the questions customers have about survival benefits. Our approach to product development is to incorporate customer needs as product features. We will continue to leverage cutting-edge technology solutions to provide financial security to more of the country’s population. This aligns with our vision to build a sustainable institution that responds sensitively to clients’ long-term savings and protection needs.


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