ICICI Prudential Life Insurance has launched a new income plan – ICICI Pru GIFT Pro – which will provide customers with an 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 will also provide financial security to the family of the policyholder.

In a statement, ICICI Prudential Life Insurance said 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,” the insurer said.

The insurer further said that this feature-rich product further 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 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.

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“We are excited to introduce ICICI Pru GIFT Pro, a long-term savings product with built-in flexibilities that will allow customers to adjust the product to suit their unique needs, thereby enabling them to better prepare for and achieve life goals. Besides the life cover component in the product provides financial security to the family,” said Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance.

According to Palta, 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.

“Today the customer is exposed to a wide array of products and services which offer the promise of hyper-customisation. Even in financial services, the customer is seeking the assurance that the financial product they are trusting will be tailor-made to their specific requirements and not just be a one-size-fits-all plan,” said Palta.

“The other important point we picked up in our engagement with customers was the need to have benefits that 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,” he added.

Disclaimer: The above content is based on a press release shared by ICICI Prudential Life Insurance. The views and facts expressed above are those of the insurer and they do not reflect the views of financialexpress.com. Please read the offer document carefully before buying any insurance policy.