According to the company, an individual can apply online for iProtect and the payment can be made either through his internet banking account or credit card. The life cover commences as soon as the premium is paid.
Speaking at the launch, Madhivanan Balakrishnan, executive vice president ICICI Prudential Life said, "India has witnessed a proliferation of internet usage and e-commerce. People are increasingly turning to the internet as a medium to transact from the confines of their homes at their convenience. The launch of iProtect will help us to be more accessible to our customers."
The policy can be bought completely online as no physical documentation is required.
iProtect provides financial security to the family of the policy holder in the event of his untimely death. In case of such an eventuality, the nominee will receive the entire sum assured.
The entry age for a customer is a minimum of 20 years and a maximum of 65 years with a minimum policy term of 10 years and a maximum of 30 years.
The maximum age at policy expiry is 75 years.
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