ICICI Prudential Life Insurance has launched ICICI Pru Gold, a new long-term savings product designed to enable customers to create an additional income stream to meet their diverse requirements. Besides receiving guaranteed lifelong income, the life cover component in the product will provide financial security to the family, the insurer said in a statement.
ICICI Pru Gold has three variants – Immediate Income, Immediate Income with Booster and Deferred Income.
Customers opting for the ‘Immediate Income’ variant can choose to receive income after 30 days from the date of policy issuance, enabling them to immediately create a supplementary source of lifelong income, the company said.
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Customers who purchase the “Immediate Income with Booster” variant receive additional guaranteed income every fifth policy year in addition to the lifelong income, which begins after 30 days from the policy issuance date, it added.
Under the ‘Deferred Income’ variant, customers will have the flexibility to choose when they want the income to start, as per their financial goals. Customers can start receiving income as early as the second policy year or as late as the 13th policy year.
Apart from the above benefits, ICICI Pru Gold will offer customers the option to accumulate their income in a Savings Wallet instead of receiving it as regular payments. Customers will be able withdraw the amount accumulated in their Savings Wallet, either partially or in full, depending on their financial needs. The Premium Offset option will enable customers to pay their future premiums from the accumulated corpus.
Commenting on the new scheme, Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “Rising inflation is nudging many consumers to build an additional source of guaranteed income apart from the income they receive from their profession. This was the genesis of designing ICICI Pru Gold. This innovative long-term savings product provides customers with a guaranteed source of income cushioned from market fluctuations.”
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He further said that ICICI Pru Gold has been specifically designed to provide customers with flexibility in terms of liquidity. It can be customised to meet their income needs. All three variants of this product will provide customers with a combination of guaranteed and bonus-oriented regular income, besides life cover.
“We have also introduced ‘Premium Offset’, a novel feature that provides customers the option to offset future premiums against the corpus accumulated in the Savings Wallet. With this long-term savings product, we aim to enable our customers to meet their diverse income needs without having to worry about the uncertainties impacting their finances,” said Palta.