Money & Banking

Innovative term plan ICICI Pru Precious Life rolled out

Our Bureau New Delhi | Updated on November 14, 2019

icici-prudentiallife

New product offers live cover to even those with existing health conditions

ICICI Prudential Life Insurance, a private life insurer, has launched ICICI Pru Precious Life, the industry’s first term plan specifically designed for customers who find it difficult to get access to life cover due to existing health conditions.

Term insurance plans provide protection against the loss of income by the family due to the demise of the earning member. Individuals who have existing health conditions such as diabetes, high blood pressure, high cholesterol, obesity or even those who have successfully recovered from cancer or any other surgeries, find it difficult to get life cover and hence are unable to fulfil their responsibility to protect their families.

These individuals not only have to work towards maintaining their health, but feel vulnerable with no protection cover. The National Family Health Survey (NHFS-4) estimates that in the age group of 15 – 49 years, 10.5 per cent of urban women and 13.2 per cent of urban men are afflicted by high blood sugar levels. It further estimates that in the same age category, 9.6 per cent of urban women and 15.1 per cent of urban men are affected by high blood pressure.

ICICI Pru Precious Life is a term insurance plan that offers appropriate life cover to customers by factoring in the nuances of various health conditions.

This product provides a route to customers with existing health conditions to ensure their families have the necessary financial resources to continue with their lives in their absence.

The product provides flexibility to customers to pay premium once or regularly during the tenure of the policy. Customers can also choose as to how their family receives the claim amount, be it as a lump sum or regular monthly income or a combination of the two.

ICICI Prudential Life Insurance Deputy Managing Director, Puneet Nanda said, “Term plans are typically focused on providing life cover to customers who are healthy. We have large segments of the population who have been diagnosed with one or more lifestyle related conditions or other health ailments. Individuals in these segments will find it difficult to get life cover leaving their families financially vulnerable. ICICI Pru Precious Life is an innovative product that has been specifically designed to cater to this need-gap. By offering them an appropriate life cover, we help our customers to provide financial security to their families. We believe such innovative products coupled with simple processes are key to increasing life insurance penetration in the country.”

Published on November 14, 2019

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