ICICI Prudential Life Insurance has introduced ‘ICICI Pru GIFT Select’, a long-term savings product which offers customers guaranteed immediate income providing them with liquidity.
This product offers multiple flexibilities to customers such as choosing when they want the guaranteed income to start, the duration of the guaranteed income and the amount that they can get at the time of maturity. Additionally, the life cover component ensures financial security for the family.
One of the unique features of the product is the increasing income option wherein the income increases at a compounding rate of 5% per annum, thereby helping customers to manage inflation.
Mr. Amit Palta, Chief Product and Distribution Officer, ICICI Prudential Life Insurance, said, “We continue to build on our legacy of innovation to meet the evolving needs of our customers with ICICI Pru GIFT Select being the latest addition to our product portfolio. This unique product allows our customers to get the benefit of guaranteed income that they can customise as per their life goals and cash flow requirements.
We recognise that in a dynamic macroeconomic environment, there could be spells of market volatility like the one that we have seen over the last couple of months. In such situations, we have seen customers preferring products that offer guaranteed returns while ensuring wealth preservation. ICICI Pru GIFT Select will enable customers to insulate their financial savings from market fluctuations and achieve their financial goals.
The increasing income feature of the product can enable customers to effectively address the fear of inflation.Our commitment to deliver on the promises made to our customers is reflected in our industry-leading claim settlement ratio of 99.3% in 9M-FY2025, with an average claim settlement time (non-investigated) of just 1.2 days.”