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New term life plan covers pre-existing diseases & cancer

ICICI Prudential Life Insurance’s plan is the first such product designed specifically for people with these health conditions.

ET Bureau|
Updated: Nov 15, 2019, 08.46 AM IST
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In the same age category, 9.6 per cent of urban women and 15.1 per cent of urban men are affected by high BP, the company said.
Mumbai: A private insurer has launched a term plan targeting people who find it difficult to get a life cover, such as those with diabetes, elevated blood pressure, high cholesterol, obesity and even cancer survivors.

ICICI Prudential Life Insurance’s plan is the first such product designed specifically for people with these health conditions. Term insurance plans provide protection against the loss of income by the family due to the demise of the earning member.

The National Family Health Survey estimates that in the age group of 15-49 years, 10.5 per cent of urban women and 13.2 per cent of urban men are afflicted by high blood sugar levels. In the same age category, 9.6 per cent of urban women and 15.1 per cent of urban men are affected by high BP, the company said.

“This product provides a route to customers with existing health conditions to ensure their families have the necessary financial resources to continue with their lives in their absence,” said ICICI Prudential Life Insurance deputy managing director Puneet Nanda. The plan allows customers to pay premium once or regularly during the tenure of the policy.

ICICI Prudential has been increasing the share of protection products in the overall pie, thereby improving the value of new-business margin. For the quarter ended September 30, the company reported a net profit of Rs 301 crore.

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