ICICI Prudential Life Insurance offered a 15% lifetime discount for women on all premiums for its best-selling term insurance product, iProtect Smart. Furthermore, salaried/working women will be eligible for an additional 15% off the first year’s payment, allowing them to create financial stability for themselves and their loved ones.
iProtect Smart, along with the critical disease benefit, covers 34 critical illnesses, including breast, ovarian, uterine, and cervical cancer. This combination provides the benefits of both health and life insurance. Importantly, the critical illness coverage sum is paid out upon diagnosis, providing the necessary financial resources for rapid medical treatment without jeopardising the family’s funds.
According to The Lancet estimates, women make up a greater proportion of cancer diagnoses in adults under the age of 50. A single hospitalisation in an urban private hospital might cost up to Rs. 1 lakh; thus, it is crucial for women to plan for the availability of financial means to treat such serious illnesses.
Commenting on this announcement, Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance said, “We recognise the sacrifices women make as caregivers and guardians to ensure the well-being of their families. To celebrate the indomitable spirit of women we are proud to offer a lifetime discount of 15% on all premiums to be paid for our most popular term insurance product, iProtect Smart. Working women are equal contributors to household finances, they play crucial roles of being ‘protectors’ and ‘providers.’ As part of our commitment to empower them to be financially secure we are offering an additional discount of 15% to salaried women on the first year’s premium.”
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He further stated, “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. With our approach of ‘right product to the right customer’ we believe, the women segment holds significant growth potential going forward. We believe, iProtect Smart will enable them to ring-fence their long-term financial savings plan, as it can act as an income replacement tool for the family in case of any eventuality.
He went on to state, “This affordable and attractive offering exclusively for women is backed by our commitment to deliver on the promise we make. This is reflected in our industry leading claim settlement ratio of 99.17% for FY2024 with an average claim settlement turnaround time of just 1.27 days.”
iProtect Smart offers cheap financial protection against life’s uncertainties, such as death, terminal illness, and incapacity. It also provides life insurance coverage up to 99 years of age. For example, a 30-year-old salaried woman can buy the insurance with a Rs. 1 crore life cover and a 30-year policy tenure for Rs. 546 per month after the discount. Women who take advantage of this offer will save Rs. 34,920 over the course of a 30-year premium payment period.
