ICICI Prudential Life Insurance on June 17, 2024, announced a 15 per cent lifetime discount on premiums exclusively for women for its term insurance plan, iProtect Smart. Salaried women will be eligible for an extra 15 per cent discount on the first year's premium. This initiative aims to empower women to secure their financial future and take care of their loved ones, ICICI Prudential Life said in a release.
iProtect Smart
iProtect Smart combined with the critical illness benefit cover, provides coverage against 34 critical illnesses including ailments such as breast, ovarian, uterine and cervical cancers. The critical illness cover amount is paid upon diagnosis of the illness, helping policyholders in the event of immediate medical treatment. Thus, iProtect Smart combines the benefits of both health and life insurance, the insurance company said. Essentially the plan covers death up to 99 years of age, terminal illness and disability.
Premium: A 30-year-old employed woman has the option to buy a life insurance policy for Rs. 1 crore with a policy tenure of 30 years by paying a monthly premium of Rs. 546, after applying the discount. With the new offer, women can save Rs. 34,920 over the tenure of paying premiums for 30 years. Premiums can be paid within the grace period of 30 days from the due date, failing which the policy will lapse and the life insurance cover, including the rider cover, will be terminated.
As per medical journal The Lancet, the incidence of cancer diagnosed in adults under 50 years of age was higher prevalence among women. As a single hospitalisation can cost upwards of Rs. 1 lakh in an urban private hospital, women need to plan the availability of financial resources to treat such critical ailments, the release said.
Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance said, “ We have seen a rising interest amongst women for both protection as well as long-term savings plans as seen through our consistent business growth in the women segment over the last few years. As the share of working women in the country’s workforce continues to rise, they will need life insurance to provide financial security to themselves and their loved ones." Palta added that ICICI Prudential Life Insurance has a claim settlement ratio of 99.17 per cent for FY 2024 with an average claim settlement turnaround time of 1.27 days.
