ICICI Prudential Life Insurance has launched a guaranteed income product called ‘ICICI Pru GIFT Select’. This is a long-term savings product offering customers a flexibility to choose guaranteed income with liquidity as per their needs, according to a company release.
Key highlights of ICICI Pru GIFT Select:
-Offers guaranteed income along with a lump sum maturity benefit;
-Provides an increasing income option – 5% compounded annually to manage inflation;
-Gives customers the flexibility to choose the duration of the guaranteed income as per their needs;
-Enables customers to preserve wealth and achieve financial goals;
-Fulfils customer preference by offering product with guaranteed returns.
The guaranteed income 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, the company said. Additionally, the life cover component ensures financial security for the family.
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“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 annum, thereby making it an effective inflation hedge,” it added.
Amit Palta, Chief Product and Distribution Officer, ICICI Prudential Life Insurance, said, “We continue to build on our legacy of innovation to meet the evolving needs of our customers with ICICI Pru GIFT Select being the latest addition to our product portfolio. This unique product allows our customers to get the benefit of guaranteed income that they can customise as per their life goals and cash flow requirements.”
“We recognise that in a dynamic macroeconomic environment, there could be spells of market volatility like the one that we have seen over the last couple of months. In such situations, we have seen customers preferring products that offer guaranteed returns while ensuring wealth preservation. ICICI Pru GIFT Select will enable customers to insulate their financial savings from market fluctuations and achieve
their financial goals,” he added.
One of the key differentiators of the plan, he said, is the increasing income feature which can enable customers to effectively address the fear of inflation.
“Our commitment to deliver on the promises made is reflected in our industry-leading claim settlement ratio of 99.3% in 9M-FY2025,
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