ICICI Prudential Life Insurance today launched a new non-participating savings product ‘ICICI Pru Guaranteed Income for Tomorrow (Long-term), that provides customers with the option to either receive regular guaranteed tax-free ‘income’ or ‘income with 110 per cent ‘return of premium’. Both plan options provide income for up to 30 years, according to a statement shared by the life insurance company.
The life cover offered under the product continues for the entire duration of the policy including the income period. Customers have the flexibility to select the premium payment term of either seven or 10 years and based on their needs can opt to receive income for a period of 15, 20, 25, or 30 years.
The 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, among others. It also allows customers to eliminate the uncertainty of future income streams to a large extent.
The ‘save the date’ feature provides the flexibility to choose an income start date which can coincide with special dates such as marriage anniversaries and spouse’s birthday. This helps in receiving income on significant dates chosen by the customer.
“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.
Since customers know the exact amount of income receivable, it enables them to develop a robust financial savings plan,” said Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance.
On Thursday, December 3, shares of ICICI Prudential Life Insurance settled 1.94 higher at Rs 608.75 apiece on the BSE.