ICICI Pru iProtect Smart Offers 'Life Continuity' Option

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10 Jul 24
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ICICI Pru iProtect Smart Offers 'Life Continuity' Option

Every earning individual has financial goals, such as buying a house, saving for children's education, or preparing for retirement. However, life is unpredictable, and the untimely death of the breadwinner can disrupt these financial goals, plunging the family into financial crisis.

It's commonly advised that individuals should first focus on security and then on savings. Buying a term insurance plan is considered the best option for financial planning. The rationale is simple: if the earning member dies, how will the family continue their savings plan? Ideally, life insurance should cover all outstanding liabilities and provide enough for the family to continue their lives.

ICICI Prudential Life offers the 'Life Continuity' option in its best-selling term insurance product, ICICI Pru iProtect Smart. This feature enables the family to receive the claim amount as monthly income, which is particularly useful for families who may not know how to manage a lump sum claim amount.

Another valuable addition is related to serious illness coverage, which is advisable to include. Studies show that about 100 million Indian families fall into poverty each year due to healthcare expenses. For a nominal additional premium, iProtect Smart offers serious illness benefits, covering 34 diseases like cancer, kidney failure, leukemia, and Parkinson's. The plan ensures that the claim for a serious illness is paid upon diagnosis, thus providing individuals with sufficient funds for medical treatment.

When choosing a term insurance plan, checking the claim settlement ratio and average claim settlement time are two crucial factors. For the financial year 2024, ICICI Prudential Life boasted a claim settlement ratio (non-investigative) of 99.17% and an average settlement time of only 1.27 days.

Ensuring the security and betterment of one's family's future is a commitment every individual should uphold. Many financial experts agree that term insurance is the foundation of responsible financial planning.

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