242 views 2 mins 0 comments

ICICI Prudential Life Insurance Launches New Income Product

In Business
December 02, 2021

ICICI Prudential Life Insurance today launched a new non- participating savings product ‘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 them receive income on dates with special significance. 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.”