Prudential Financial Inc. has launched a new term life policy with a return-of-premium feature.

Prudential, Newark, N.J., says its new PruLife Return of Premium Term product is available in 29 states.

Prudential is issuing the policy in most states through its Pruco Life Insurance Company subsidiary.

The new policy offers a return of all premiums paid if the insured lives beyond the level-premium-paying period selected–either 15, 20 or 30 years.

In addition, the policy can be converted to a permanent Prudential or Pruco Life individual life insurance policy if the individual wishes to retain the policy after the end of the term period.

Premiums for such policies are generally payable to age 95 and increase every year, Prudential says.

Pruco Life is responsible for backing the PruLife ROP policy guarantees.