In today’s uncertain economic environment, financial planning to ensure an additional income stream has become important which can aid individuals to manage rising inflation, navigate market fluctuations, and achieve financial goals. To meet this need individuals are looking for investment options which provide both safety of capital invested and growth. To fulfil this need, ICICI Prudential Life Insurance has launched a unique long-term savings product – ICICI Pru GIFT Select, a product designed to provide guaranteed income while preserving wealth.
“Our goal is to help customers achieve their long-term financial aspirations with certainty,” says Mr. Amit Palta, Chief Product and Distribution Officer, ICICI Prudential Life Insurance. The product offers flexibility, allowing customers to choose the duration of their guaranteed income while also receiving a lump sum on maturity in a tax-efficient manner. The increasing income feature, compounding at 5% annually, helps them manage inflation effectively.
ICICI Prudential Life Insurance is also transforming life insurance distribution with digital innovations, empowering agents through the IPRU Edge mobile app. “Agents play a crucial role in helping customers make informed financial decisions. With IPRU Edge, we are equipping them with a digital office at their fingertips,” Mr. Palta explains. The mobile app provides business leads, social media marketing content, and a paperless buying journey, allowing agents to focus on growth.
Between April and December 2024, the productivity of agents using IPRU Edge surged by 25%. Notably, 98% of eligible agents using the app were paid commissions on the same day. AI-powered solutions have enabled the Company to issue approx. 50% of the savings policies on the same day.
ICICI Prudential Life’s commitment to customers is evident in its 99.3% claim settlement ratio for the period April 2024 to December 2024, with an average claim settlement time of just 1.2 days for non-investigated claims. With its customer-centric approach and digital-first innovations, the Company continues to set new industry benchmarks, ensuring financial security for policyholders and seamless career growth for agents.