ICICI Prudential Life Insurance has introduced ICICI Pru Gold, an innovative long-term savings solution that allows consumers to generate a supplementary income stream to satisfy their different income needs. Besides from getting guaranteed lifelong income, the product’s life cover component gives financial stability to the family.
This product is available in three forms to meet the diverse income demands of customers: Immediate Income, Immediate Income with Booster, and Delayed Income.
Clients who choose the ‘Immediate Income’ option can choose to receive money 30 days after the policy is issued, allowing them to immediately generate a supplemental source of lifelong income.
Clients who choose the “Immediate Income with Booster” version earn additional guaranteed income every fifth policy year on top of the lifelong income that begins 30 days after the policy is issued.
Customers with the ‘Deferred Income’ option can choose when they want their income to begin based on their financial goals. Clients might begin receiving payments as early as the second policy year or as late as the thirteenth policy year. This allows clients to get revenue based on their specific needs.
Aside from these advantages, ICICI Pru Gold provides customers with the option of accumulating their money in a Savings Wallet rather than receiving it as regular instalments. Clients can withdraw the funds in their Savings Wallet in full or in part, depending on their financial circumstances. Customers can use the Premium Offset option to pay future premiums from the accumulated corpus.
Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “Rising inflation is nudging many consumers to build an additional source of guaranteed income apart from the income they receive from their profession. This was the genesis of designing ICICI Pru Gold. This innovative long-term savings product provides customers with a guaranteed source of income cushioned from market fluctuations.
ICICI Pru Gold is specifically designed to provide customers with flexibility in terms of liquidity and can be customised to meet their income needs. All three variants of this product, i.e. Immediate Income, Immediate Income with Booster and Deferred Income, provide customers with a combination of guaranteed and bonus-oriented regular income, besides life cover.
We have also introduced ‘Premium Offset’, a novel feature that provides customers the option to offset future premiums against the corpus accumulated in the Savings Wallet. With this long-term savings product, we aim to enable our customers to meet their diverse income needs without having to worry about the uncertainties impacting their finances.”
