The life cover offered under the product continues for the entire duration of the policyICICI Prudential Life Insurance today launched a new non-participating savings product ICICI Pru Guaranteed Income for Tomorrow (Long-term), that provides customers with the option to either receive regular guaranteed tax-free income' or income with 110 per cent'return of premium'.
Both plan options provide income for up to 30 years, according to a statement shared by the life insurance company.The life cover offered under the product continues for the entire duration of the policy including the income period.Customers have the flexibility to select the premium payment term of either sevenor 10 years and based on their needs can opt to receive income for a period of 15, 20, 25, or 30 years.Thesaving plan provides peace of mind to customers by helping to build an alternate source of steady income to support their financial goals such as a child's higher education, retirement planning, among others.It also allowscustomers to eliminate the uncertainty of future income streams to a large extent.The save the date' feature providesthe flexibility to choose an income start date which can coincide with special dates such as marriage anniversaries and spouse's birthday.
This helps inreceivingincome on significant dates chosen by the customer.Financial planning has assumed added significance in a post-pandemic world, as individuals strive to ring-fence sources of future income or develop a supplementary source of steady income.Since customers know the exact amount of income receivable, it enables them to develop a robust financial savings plan,'' saidMr.
Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance.On Thursday, December 3, shares of ICICI Prudential Life Insurance settled 1.94 higher at Rs 608.75 apiece on the BSE.