- Tax-free, guaranteed income for up to 30 years
- Pay premiums only for 7 or 10 years
- Flexibility to choose from the ‘Income’option or‘Income with 110% Return of Premium’
- ‘Save the Date’ feature to receive guaranteed income on a date with special significance
Mumbai 2021: ICICI Prudential Life Insurance today launched a new non-participating savingsproduct ‘ICICI Pru Guaranteed Income for Tomorrow (Long-term)’. This product provides customers with the option to either receive regular guaranteed tax-free‘Income’ or ‘Income with 110% Return of Premium’. Both these plan options provide income for up to 30 years. The life cover offered under this product continues for the entire duration of the policy including the income period, thereby providing financial security to loved ones.
Customers have the flexibility to select the premium payment term of either 7 or 10 years and based on their needs can opt to receive income for a period of 15, 20, 25, or 30 years. This versatile saving plan provides peace of mind to customers by helping to build an alternate source of steady income to support their financial goals such as a child’s higher education, retirement planning, etc.It also enables customers to eliminate the uncertainty of future income streams to a large extent.
The ‘Save the Date’ feature provides customers the flexibility to choose an income start date which can coincide with special dates such as marriage anniversaries and spouse’s birthday. This helps themreceive income on dates with special significance.
Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “Financial planning has assumed added significance in a post-pandemic world, as individuals strive to ring-fence sources of future income or develop a supplementary source of steady income.Recognising this need, we have launched ICICI Pru Guaranteed Income for Tomorrow (Long-term). Since customers know the exact amount of income receivable,it enables them to develop a robust financial savings plan. Our customer-centric approach coupled with new-age digitalisation solutions offer customers a safe, secure and virtually paperless onboarding experience.”
About ICICI Prudential Life Insurance Company (www.iciciprulife.com)
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 of customers, 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 September 30, 2021 the Company had an AUM of Rs 2,370.87 billion and a Total Sum Assured of Rs 21.67 trillion. ICICI Prudential Life is listed on both the National Stock Exchange (NSE) Limited and the BSE Limited.