ICICI Pru Life Insurance launches a product offering income for 30 years

ICICI Prudential Life Insurance on Friday launched an income plan, ICICI Pru GIFT Pro, which provides customers the option to receive a year-on-year increasing income or a constant regular income. The life cover part will provide financial security to the family.

ICICI Pru GIFT Pro offers a range of premium payment terms from 5 to 12 years. The plan, aimed at providing its customers some cushion during inflation, will start giving them income for as long as 30 years from the eighth year onwards. Thereby, the product will help to meet both short- and long-term income needs of its clientele.

Further, customers can customise the product from a range of income benefits and premium payment terms, among other flexibilities, stated the press release.

The product offers clients an option to receive a lump-sum benefit where the customers can avail any amount up to 100 per cent of the premiums paid as a lump-sum benefit and also select the timing of receiving the benefit.

Under the circumstance of the policyholder's demise during the income period, the nominee will continue to receive the income.

Speaking about the product, Amit Palta, chief distribution officer at ICICI Prudential Life Insurance, said, "We are excited to introduce ICICI Pru GIFT Pro, a long-term savings product with built-in flexibilities that will allow customers to adjust the product to suit their unique needs, thereby enabling them to better prepare for and achieve life goals. Besides, the life cover component in the product provides financial security to the family. ICICI Pru GIFT Pro has been designed to empower customers to receive income as per their financial needs. Significantly, the product will also enable customers to decide the time and quantum of lump-sum funds they want, to ensure the fruition of their financial goals."