ICICI Prudential Life Insurance has launched a new income plan, ICICI Pru GIFT Pro, which provides customers the option to receive either a year-on-year increasing income or a constant regular income. In addition, the life cover component of this non-participating savings product ensures the family has financial security, the insurer said.
ICICI Pru GIFT Pro allows customers to customise the product to their unique needs by providing a choice of income benefits and premium payment terms, among other flexibilities, it said.
Along with assured long-term income, ICICI Pru GIFT Pro offers customers the option to receive a lump sum benefit. Customers have the flexibility to choose any amount up to 100 percent of the premiums paid as a lump sum benefit and also select the timing of receiving the benefit. With this feature, customers can plan for life's most cherished milestones, such as owning a house, leaving a lasting legacy for loved ones, or building a substantial retirement corpus.
This product also ensures the nominee will continue to receive the income in case of the demise of the policyholder during the income period. ICICI Pru GIFT Pro effectively provides customers with the flexibility to meet both short and long-term income needs, ICICI Prudential Life Insurance said.
ICICI Pru GIFT Pro provides a range of premium payment terms from 5 to 12 years, letting customers save as per their convenience and goal timeline. Also from the 8th year onwards, they can start receiving income for as long as 30 years.
Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance said, "ICICI Pru GIFT Pro is a long-term savings product with built-in flexibilities that will allow customers to adjust the product to suit their unique needs, thereby enabling them to better prepare for and achieve life goals. Besides the life cover component in the product provides financial security to the family."
"ICICI Pru GIFT Pro has been designed to empower customers to receive income as per their financial needs. Significantly, the product will also enable customers to decide the time and quantum of lump sum funds they want, to ensure the fruition of their financial goals," he added.
