ICICI Prudential Life Insurance has launched their new savings product ‘ICICI Pru Guaranteed Income for Tomorrow (Long-term)’. This new non-participating product will provide customers with the option to either receive regular guaranteed tax-free income or income with a 110 per cent return of premium. Both these plan options provide income for up to 30 years. The life cover offered under this product will continue for the entire duration of the policy, including the income period, thereby providing financial security to the policyholder’s family.
Policyholders will 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. The life insurance company claims that this saving plan will provide 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 will also enable customers to eliminate the uncertainty of future income streams to a large extent.
It also comes with the feature ‘Save the Date’ – which will provide policyholders with the flexibility to choose an income start date that can coincide with special dates such as marriage anniversaries and spouse’s birthday. This will help the policyholder’s family receive income on dates with special significance.
Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, says, “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).”
He further adds, “Since a policyholder would know the exact amount of income receivable, it will enable them to develop a robust financial savings plan. Customer-centric approach coupled with new-age digitalisation solutions will offer policyholders a safe, secure and virtually paperless onboarding experience.”
Key features of the plan;
· Tax-free guaranteed income for up to 30 years
· Pay premiums only for 7 or 10 years
· Flexibility to choose from the ‘Income’ option or ‘Income with 110 per cent Return of Premium’
· ‘Save the Date’ feature to receive guaranteed income on a date with special significance