ICICI Prudential Life Insurance launches new income product-ICICI ensures income for tomorrow
ICICI Prudential Life Insurance today launched the new non-participating savings product ‘ICICI Pru’s Income Guaranteed Tomorrow (Long Term), offering customers the option of receiving a ‘regularly guaranteed’ income or ‘ income with 110% ‘premium profit’. Both plan options offer up to 30 years of income, according to a statement shared by the life insurance company.
Life insurance offered under the product continues for the entire life of the policy including the income period. Customers have the flexibility to choose a premium payment term of seven or 10 years and based on their needs can choose to receive income for a period of 15, 20, 25 or 30 years.
Savings Plans provide peace of mind to clients by helping to build an alternative stable source of income to support their financial goals such as their children’s college education, planning for retirement, etc. It also allows clients to eliminate the uncertainty of future income streams to a large extent.
The ‘save date’ feature provides flexibility to choose an earnings start date that can coincide with special dates such as marriage anniversaries and spouse’s birthdays. This helps to receive earnings on important dates selected by the client.
“Financial planning is more important in a post-pandemic world, when individuals are trying to sidestep future sources of income or develop an additional steady stream of income.
Mr. Amit Palta, Director of Distribution, ICICI Prudential Life Insurance, said that because customers know the exact amount of their receivables, they can build an effective financial savings plan.
On Thursday, December 3, shares of ICICI Prudential Life Insurance hit a higher 1.94 at Rs 608.75 per unit on BSE.