PruProtect says it will calculate the size of the reduction for individual clients based on their occupation, age, whether they smoke, the term length and any waiver of premium option.
It says a 30-year-old male, non-smoker, in occupation class one wanting £1,500 of cover a month over a 30-year term with a six-month deferred period will see his monthly premiums fall 21 per cent from £18.50 a month to £14.66.
PruProtect head of account development Phil Jeynes says: “Our IP product has lots of other features that you do not get with other providers, so the only barrier to increased sales was that it was not the most competitive on price and we wanted to rectify that.”
The provider is also offering an additional 30% life cover free of charge for three years for those taking out its life and serious illness plan before September 30.
After the three-year period, customers will have the option to continue with the extra cover. Those who take up the offer will receive a premium discount of up to 15%, based on their Vitality status, which is the provider’s scorecard to determine how healthy a person is.
Le Beau Visage managing director Peter Le Beau says: “Income protection is referred to by many as the product the industry has forgotten, so it is gratifying to see such a positive product push.”