ICICI Prudential Life Insurance launches new savings product – 'ICICI Pru Guaranteed Income for Tomorrow'
• Guaranteed income for the fulfilment of financial goals
• Option to receive income from second year onwards
• Single premium option to receive guaranteed lumpsum benefit
• 'Save the Date' featureto receive guaranteed income on any date of choice
February, 2021:ICICI Prudential Life Insurance has launched a new goal-based savings product – 'ICICI Pru Guaranteed Income for Tomorrow' (GIFT), which provides guaranteed income to policyholdersto help them achieve their long-term financial goals.This non-participating savings product can enable customers to eliminate the uncertainty of future income streams to a large extent.The life cover provides financial security to the family,which is essential for a robust financial plan.
The three variants of this goal-based savings product are:
Income: The policyholder can opt to receive the maturity benefit in the form of Guaranteed Income for a period of 5, 7 or 10 years. For instance,this option can be ideal for customers planning their child's education where the flexible premium payment and income period options help to align the income with educational goals.
Early income:This variant offersa unique feature, whichenables customers to start receiving income from the second year of the policy, known as Guaranteed Early Income. The Guaranteed Early Income option eliminates the need for customers to wait until the maturity of the policy to receive regular income.This option enables customers to receive benefits while their savings continue to grow.
Single pay lumpsum:In this variant, customers need to pay the premium only once at the time of purchase and choose the policy tenure after which they would like to receive the Guaranteed lumpsum benefit. Customers will also enjoy the added benefits of guaranteed returns coupled with life cover.
Anotherunique aspect of 'ICICI Pru Guaranteed Income for Tomorrow' is the "Save The Date" feature. Customers can use this feature to make milestones in their personal lives extra special. For instance, they can choose to start receiving income on special dates such as their wedding anniversary, birthday of spouse, etc.
Commenting on the launch, Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said; "We recently celebrated our 20th anniversary and the launch of ‘ICICI Pru Guaranteed Income for Tomorrow'(GIFT)couldn't have been timed better. This versatile long-term savings product offers a multitude of benefits to customers. It not only takes care of the diverse income needs of customers but also offers them a route to build wealth.This feature-rich product is designed to offer smoothened returns and provides customers the flexibility to start receiving the benefits as early as the second year, enabling them to develop a robust financial plan.”
About ICICI Prudential Life Insurance Company
ICICI Prudential Life is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. The Company began operations in fiscal 2001 and has consistently been amongst the top private sector life insurance companies in India on a Retail Weighted Received Premium (RWRP) basis. The Company offers an array of products in the Protection and Savings category which match the different life stage requirements ofcustomers, enabling them to provide a financial safety net to their families as well as achieve their long-term financial goals. The digital platform of the Company provides a paperless onboarding experience to customers, empowers them to conduct an assortment of self-service transactions, provides a convenient route to make digital payments for purchasing and making renewal premium payments, and facilitates a hassle-free claims settlement process. On December 31, 2020, the Company had an AUM of ₹ 2,048.72 billion and a Total Sum Assured of ₹ 19.01 trillion. ICICI Prudential Life is listed on both the National Stock Exchange (NSE) Limited and the BSE Limited.
Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'expected to', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. ICICI Prudential Life insurance undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. This release does not constitute an offer of securities.