ICICI Prudential Life Insurance has introduced ‘ICICI Pru GIFT Select’, a long-term savings product which offers customers a guaranteed immediate income providing them with liquidity.
The product offers multiple flexibilities to customers such as choosing when they want the guaranteed income to start, the duration of the guaranteed income and the amount that they can get at the time of maturity. Additionally, the life cover component ensures financial security for the family.
One of the unique features of the plan is the increasing income option wherein the quantum of the income increases at a compounding rate of 5 per cent per annum, thereby making it an effective inflation hedge.
Amit Palta, Chief Product and Distribution Officer, ICICI Prudential Life Insurance said the unique product allows customers to get the benefit of guaranteed income that they can customise as per their life goals and cash flow requirements.
In a dynamic macroeconomic environment, there could be spells of market volatility like the one seen over the last couple of months. In such situations, customers prefer products that offer guaranteed returns while ensuring wealth preservation, he said.
ICICI Pru GIFT Select enables customers to insulate their financial savings from market fluctuations and achieve their financial goals.
One of the key differentiators of the plan is the increasing income feature which can enable customers to effectively address the fear of inflation.
The insurance company has claim settlement ratio of 99.3 per cent in nine months of FY’25, with an average claim settlement time (non-investigated) of just 1.2 days, he said.