MUMBAI: ICICI Prudential Life on Thursday, announced the launch of ICICI Pru Pure Protect, a flexible and affordable term product.

The product is designed to provide customers with the option of availing an insurance cover and provide total security to their dependents in case of an unfortunate event.

Commenting on the launch of Pure Protect, Bhargav Dasgupta, Executive Director, ICICI Prudential Life Insurance, said, "While designing our products, we have always kept our consumers' convenience in mind. Following this philosophy of consumer-centricity we have introduced various innovative, yet simple products to enable consumer their life, health and pensions needs, effectively. Further, we believe it is crucial to provide customers, across all income segments, the ability to cover their life and provide security to their dependents. Hence, we have further strengthened our term products portfolio with the launch of Pure Protect, a product designed to provide life cover at one of the lowest rates in the market."

ICICI Pru Pure Protect is available in two variants, ICICI Pru Pure Protect Classic for sum assured of up to Rs 25,00,000 and ICICI Pru Pure Protect Elite for sum assured of Rs 25,00,000 and above. The term policy aims at providing insurance at the lowest rates in the market with premium starting from as low as Rs 2,400 p.a.

ICICI Prudential Life has always been sensitive to the needs of the customers and has customized its product and service offerings to meet customer needs. Keeping in line with this, ICICI Pru Life's Pure Protect is designed to help consumers customize their policy with additional benefits such as Accidental Death and Disability Benefit Rider and Waiver of Premium Rider. Accidental Death and Disability Benefit Rider provides enhanced protection in case of accidental death of life assured while the Waiver of Premium Rider covers total and permanent disability in case of accident along with payment of all future premiums till maturity.

In case of death of the life assured during the term, the sum assured will be paid to the beneficiary. ICICI Prudential Life's Pure Protect provides tax benefits applicable under Sec 80C.

Key benefits of Pure Protect

Insurance protection at one of the lowest market rates

Policy enhancement with the optional Waiver of Premium Rider and Accidental Death and Disability Benefit Rider

Tax benefits under Sec 80C of the Income Tax Act, 1961