ICICI Prudential Life Insurance has launched ICICI Pru Protect N Gain, aunique product which offers a comprehensive life insurance cover, protection against accidental death and permanent disability due to an accident and market-linked returns to build long-term wealth and achieve financial goals.
The product provides a life insurance cover up to 100 times the annual premium and enables customers to maximise returns by offering 18 funds options spread across equity and debt to choose from. It provides customers the perfect blend of protection and long-term savings to achieve their financial goals by ensuring that there is complete financial protection for the family during the policy tenure and a significant lump sum for self on survival.
Additionally, the Company has simplified the buying process as per which policies can be issued based on declared income. Specifically, customers under the age of 45 are not required to undergo physical medical tests. The life cover or claim amount will be paid out as a lump sum to the beneficiary/nominee in case of the demise or permanent disability of the policyholder due to an accident, ensuring the family is not financially vulnerable.
Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance said, “We are delighted to launch ICICI Pru Protect N Gain, a unique product which offers customers a life cover up to 100 times the annual premium which safe-guards the financial savings goal of customers in case of any eventuality. Besides, the market-linked returns offered by this product, on the premiums invested can offer a large lumpsum to customers at the end of the policy tenure.
Planning for specific financial goals such as a child’s future education or saving for retirement are non-negotiable goals and necessitate long-term investments along with the flexibility to choose exposure to equity and debt based on the prevailing market conditions. We believe this product, offering the twin benefits of protection and wealth creation addresses the fundamental needs of customers i.e. protection and long-term savings.
As a ‘Customer First’ brand, we have simplified the purchase process to provide a smooth and quick buying experience for customers. We have also leveraged technology to ensure all genuine death claims are settled speedily and beneficiaries receive the claim proceeds at the earliest. For FY2023, our average time to settle a genuine death claim stood at 1.2 days after receiving all documents.
We believe any earning individual with dependents should have adequate life insurance cover. ICICI Pru Protect N Gain is a step towards financially empowering individuals across all segments of society. This is in sync with our vision to build an enduring institution that serves the protection
and long-term saving needs of customers with sensitivity.”