Mumbai: ICICI Prudential Life Insurance has launched ICICI Pru Gold, an innovative long-term savings product designed to enable customers to create an additional income stream to meet their diversified income requirements. Apart from getting guaranteed lifetime income, the life insurance component in the product provides financial security to the family. To meet the various income requirements of the customers, this product is available in three variants namely Immediate Income, Immediate Income with Booster and Deferred Income.
Customers opting for the ‘Immediate Income’ option can choose to receive the income after 30 days from the date of issue of the policy, thereby creating a supplementary source of lifelong income immediately.
Customers who purchase the “With Immediate Income Booster” version, get additional guaranteed income every fifth policy year, which starts after 30 days from the date of issue of the policy, in addition to the lifetime income.
In ‘Deferred Income’ mode, customers have the flexibility to choose when they want to start earning as per their financial goals. Customers can start receiving income as early as the beginning of the 2nd policy year or by the end of the 13th policy year. It gives the customers the flexibility to receive income as per their requirements.
In addition to these benefits, ICICI Pru Gold offers customers the option of accumulating their income in a savings wallet instead of receiving it as regular payments. The customer can withdraw the balance in his Savings Wallet either partially or in full depending on his financial needs. Premium offset option enables customers to pay their Future Premium from Consolidated Fund.
Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurancesaid, “Rising inflation is prompting many consumers to create an additional source of guaranteed income apart from the income they earn from their profession. This was the genesis of designing ICICI Pru Gold. This innovative long-term savings product is marketed to customers Provides a guaranteed source of income protected from volatility.
ICICI Pru Gold is specially designed to provide liquidity flexibility to customers and can be customized to meet their income needs. All the three variants of this product, i.e. Immediate Income, Booster and Immediate Income with Deferred Income, offer customers a combination of guaranteed and bonus-oriented regular income in addition to life cover.
We have also introduced ‘Premium Offset’, a new feature that provides customers with an option to offset future premiums against the accumulated corpus in the savings wallet. With this long-term savings product, we aim to enable our customers to meet their diversified income needs without worrying about the uncertainties affecting their finances.”
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