ICICI Prudential launches 'Pru GIFT Select' for guaranteed income

This product offers flexibilities to customers such as choosing when they want the guaranteed income to start, the duration of the guaranteed income & the amount that they get at the time of maturity

ICICI Prudential Life Insurance has unveiled a new long-term savings product, ICICI Pru GIFT Select, aimed at providing customers with guaranteed immediate income to navigate the uncertainties of the current market. The plan offers multiple benefits, including guaranteed returns, wealth preservation, and an inflation-adjusted increasing income option.

 

ICICI Pru GIFT Select enables customers to customise their income by choosing the start date, duration, and amount of their guaranteed payouts. Additionally, the plan includes a life cover component, ensuring financial security for policyholders and their families.

 

One of the standout features of this product is the increasing income option, where the guaranteed income grows at a compounded rate of 5 per cent per annum, making it an effective hedge against inflation. This ensures that customers’ purchasing power remains intact, even in an unpredictable economic environment.

 

 

“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,” said Amit Palta, chief product and distribution officer, ICICI Prudential Life Insurance.

 

Palta further noted that in times of market volatility, customers seek stable and assured returns, making products like ICICI Pru GIFT Select a preferred choice. He highlighted the company's industry-leading claim settlement ratio of 99.3 per cent in nine months of FY25, with an average claim settlement time (non-investigated) of just 1.2 days, reinforcing their reliability and commitment to policyholders.

 

Key benefits

 

Offers guaranteed income along with a lump sum maturity benefit.

 

Provides an increasing income option – 5 per cent compounded annually to manage inflation.

 

Gives customers the flexibility to choose the duration of the guaranteed income as per their needs.

 

Enables customers to preserve wealth and achieve financial goals.

 

This latest offering from ICICI Prudential Life Insurance aligns with the growing consumer demand for stable financial solutions, ensuring long-term wealth preservation and financial goal achievement despite economic fluctuations.