ICICI Prudential Life Insurance on Monday launched the ICICI Pru Gold, a long-term savings product that enables customers to create an additional income stream.
Besides guaranteed lifelong income, it provides life cover for the family’s financial security.
The product is available in three variants: Immediate Income, Immediate Income with Booster, and Deferred Income.
The first variant provides income after 30 days from the date of policy issuance, allowing subscribers to immediately create a supplementary lifelong source of income.
The second variant offers additional guaranteed income every fifth policy year besides lifelong income, which starts after 30 days from the policy issuance date.
The last variant offers customers income as per their choice and financial goals. Customers can start receiving income from the second policy year or as late as the 13th policy year.
The fund house said that besides these benefits, ICICI Pru Gold offers customers the option to accumulate their income in a “Savings Wallet” instead of receiving it as regular payments.
In addition, customers can withdraw the wallet amount either partially or in full. Also, the “Premium Offset” option allows payment o future premiums from the accumulated corpus.
Commenting on the policy, 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 product provides customers with a guaranteed source of income cushioned from market fluctuations.”
Palta, in a press release, said the ICICI Pru Gold is specifically designed to provide customers the flexibility in terms of liquidity and customised to meet their income needs.
All three variants of this product provide them with a combination of guaranteed and bonus-oriented regular income, besides life cover.
Palta highlighted that ‘Premium Offset’ provides customers the option to offset future premiums against the corpus accumulated in the Savings Wallet. The product aims to enable customers to meet their diverse income needs without having to worry about the financial uncertainties.
A recent survey by ICICI Prudential has shown that most Indians have an optimistic view of post-retirement life, despite worries about inflation and critical illness impacting their savings.
Around 66 per cent of respondents in the study expressed worry over inflation and critical illness impacting their retirement savings.
The study, conducted in association with Quantum Consumer Solutions, interviewed over 1,100 individuals to understand their attitudes toward retirement, money, and annuity plans. According to the study, 83 per cent of respondents want to continue their current lifestyle even after retirement.
