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| ICICI Prudential Life launches SecureSave |
| Announcement / Banking Jun 02, 2009, 19:17 IST |
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Guarantees return on all premiums paid1; Provides twin benefits of security and growth.
Today, the retail investors are keen to invest in the equity markets but are hesitant due to the prevalent volatility. They need an investment with the potential to enjoy the upside of the equity markets without the risk of loss, a safety net that will protect their investments while providing the investment a potential to grow. Understanding this need of the hour, ICICI Prudential Life was quick to respond to the situation by launching SecureSave, in order to effectively address all these consumer concerns.
SecureSave is an innovative wealth creation product that aims to grow the value of the investor’s savings, over time, with an assurance of a minimum guaranteed maturity amount. This twin benefit unit linked product enables the investor to enjoy the power of long term equity investment without worrying about the downside risks associated with equity markets. SecureSave will provide a guaranteed maturity benefit upto 150%2 of the sum of all the investment premiums paid1. The additional advantage of SecureSave includes a limited premium payment term, while enjoying the advantage of a long term insurance cover and wealth creation.
Speaking on the launch Mr. Pranav Mishra, Senior Vice-President and Head - Products, ICICI Prudential Life Insurance said “Our experience shows that in the short term, equity investment is bound to be volatile. However, the growth potential of equity remains intact over a long term horizon. We realized that the investors want to invest in equity but still remains worried about the volatility, therefore they needed an investment with potential for upside, without the risk of loss. Hence, we launched SecureSave to ensure both security and returns to our consumers.”
SecureSave at a glance
Minimum/maximum Entry Age: 18 - 45 years
Maximum Maturity Age: 65 years
Policy term: 10/15/20 years
Minimum Premium: Rs. 20K per annum for a term of 10 years, 15K per annum for terms of 15 and 20 years
Maximum Premium: Rs. 35,000 per annum for all terms
Sum Assured: As per the SA multiple matrix
Available Funds: SecureSave Guarantee, SecureSave Builder
Tax Benefit: Premium paid for the policy will be eligible for tax benefit under section 80C. Any benefit amount received under this policy will be eligible for the tax benefit under section 10(10D), as per the Income Tax Act, 1961
In SecureSave, consumers have the option to choose from either guaranteed or non guaranteed fund options. SecureSave Guarantee Fund provides an opportunity to get market upside and protects against any loss due to the market volatility, by guaranteeing a minimum amount at maturity (higher of fund value or guaranteed maturity benefit). Whereas, SecureSave Builder provides the right balance of growth and steady returns, by investing in both equity & debt portfolios.
Key benefits of SecureSave
- Get a Guaranteed Maturity Benefit2 of 110% to 150% of the sum of all your investment premiums paid1
- Pay premiums for a limited period and enjoy the advantage of long term insurance cover and wealth creation
- Enhanced protection by providing Sum Assured PLUS Fund Value to the nominee in case of an unfortunate event of death
- Potentially higher returns over the long term by investing in equity backed unit-linked funds
- Tax benefits on premiums paid and benefits received under the policy, as per the prevailing Income Tax Laws
About ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc. It was one of the first players to commence operations when the insurance industry was opened to the private sector in 2000. For FY09, the company garnered Rs. 15,356 crores of total premiums and has underwritten over 9 million policies since inception. The company has a network of 2,099 offices and 272,920 advisors. For the past eight years, ICICI Prudential has maintained its dominant position amongst life insurers in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life. To know more about the company, please visit www.iciciprulife.com.
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