ICICI Prudential Life Insurance has introduced a new income plan, ICICI Pru GIFT Pro, offering customers the flexibility to choose between a year-on-year increasing income or a consistent regular income, all while including a life cover component to ensure financial security for their families.
ICICI Pru GIFT Pro presents a range of premium payment term options, spanning from 5 to 12 years. Designed to help customers combat inflation, this plan guarantees income for an impressive 30-year duration, commencing from the eighth year onward, effectively addressing both short- and long-term income needs.
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In addition to its extensive premium payment flexibility, customers can further tailor the product to their preferences by selecting from a variety of income benefits and premium payment terms, as outlined in the official press release.
The product goes a step beyond by offering clients the option to receive a lump-sum benefit. This means customers can choose to receive any amount, up to 100% of the premiums paid, as a lump-sum benefit, and even decide when they want to receive it.
Even in the unfortunate event of the policyholder’s demise during the income period, the nominee will continue to receive the income, providing added peace of mind.
Commenting on this product launch, Amit Palta, Chief Distribution Officer at ICICI Prudential Life Insurance, expressed enthusiasm, stating, “We are excited to introduce ICICI Pru GIFT Pro, a long-term savings product equipped with versatile features that empower customers to tailor the product to their specific needs, thus enabling them to better prepare for and achieve their life goals.
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Furthermore, the life cover component embedded within the product ensures financial security for the family. ICICI Pru GIFT Pro is designed to empower customers to receive income according to their financial requirements. Notably, the product also grants customers the autonomy to decide the timing and amount of lump-sum funds they desire, ensuring the realization of their financial aspirations.”
