ICICI Prudential Life Insurance has launched an innovative 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.
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.
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% 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 feature-rich 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 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.
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.
ICICI Prudential Life has institutionalised a 4D framework with customers at the core, offering ‘diversified product propositions’ as one of the pillars. Besides regularly engaging with our customers to understand their needs, one of the ongoing initiatives is to reimagine life insurance products well beyond the traditional constraints.
The other important point we picked up in our engagement with customers was the need to have benefits which could provide some cushion to inflation. Which is why, in ICICI Pru Gift Pro, we are providing customers with a choice to either receive increasing income every year or constant income, both for a period of up to 30 years.