ICICI Prudential Life has launched its ambitious Sarv Jana Suraksha life insurance scheme which focuses towards lower income group people. Under the scheme of Sarv Jana Suraksha the policy maturity time would be five years. The policy offers age-independent premium to subscribers who are in the age group of 18-55 years.

 

Anup Rao, Senior VP of ICICI Prudential Life Insurance said that micro insurance is a key element in the financial services package, and people from the low-income group would get maximum benefit from it. He admitted that there is an imperative need to introduce products in the micro insurance space. He is of opinion that the scheme will provide customers the ability to avail a life insurance cover at an affordable cost.

 

According to a release from ICICI Prudential Life Insurance, the plan offers an annual premium payment frequency. Also, in case of death of subscriber there would be payment amounting to 100 times to the base premium. Interestingly enough, the scheme could be availed till the age of 60 years. Admittedly, the scheme has a minimum assurance sum of Rs 5,000 with an upper ceiling of Rs 50,000.