ICICI Prudential Life offers 15% lifetime discount for women and an additional 15% discount for salaried women on its term plan – iProtect Smart

· Option to choose cover against 34 critical illnesses including breast, ovarian, uterine and cervical cancers

· Company endeavours to make life insurance more affordable for women

Bengaluru, June 17, 2024: ICICI Prudential Life Insurance today announced a lifetime discount of 15% exclusively for women on all the premiums to be paid, for its best-selling term insurance product, iProtect Smart. Additionally, salaried women will be eligible for an extra 15% discount on the first year’s premium, empowering them to provide financial security to themselves and their loved ones.

iProtect Smart combined with the critical illness benefit, provides cover against 34 critical illnesses including ailments such as breast, ovarian, uterine and cervical cancers. This combination offers benefits of both health and life insurance. Importantly, the critical illness cover amount is paid out on diagnosis, providing the requisite financial resources for seeking immediate medical treatment, without disrupting the family’s savings.

As per The Lancet estimates, the incidence of cancer diagnosed in the under 50 years adult age group had a higher ratio of women. A single hospitalisation can cost upwards of Rs. 1 lakh in an urban private hospital, hence, it is essential for women to plan availability of financial resources to treat such critical ailments.

Commenting on this announcement, Mr. 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.”

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 provides financial protection against life’s uncertainties, including death, terminal illness and disability at affordable premiums. Also, it offers life cover up to 99 years of age. For instance, a 30-year-old salaried woman can purchase the product with a life cover of Rs. 1 crore with a policy tenure of 30 years by paying a monthly premium of just Rs. 546 after the discount. By availing this offer, women stand to save Rs. 34,920 over a 30-year premium paying tenure.