ICICI Prudential Life Insurance launches new product for long-term saving

ICICI Prudential Life Insurance has launched a new product, ‘ICICI Pru Sukh Samruddhi,’ to provide customers with dual benefits of guaranteed benefits and growth potential in the form of bonuses. The long-term saving product has been made available in two variants – Income and Lump sum. Besides, the life cover continues for the entire duration of the policy, including the income period, providing financial security to the family, the company said in an official statement.

This product also provides a higher maturity benefit to women customers to encourage them to embark on their saving journey and achieve financial independence.

As per the company, ICICI Pru Sukh Samruddhi – Income provides an excellent route to create a supplementary source of tax-free guaranteed income to meet financial goals, such as child’s education, annual vacations, or any other interim income requirement. This option provides customers with a guaranteed regular income for the specified time-period selected at the time of purchase. Additionally, customers also receive a lump sum maturity benefit.

The ‘Savings Wallet’ feature allows customers to accumulate and grow the income, instead of taking it as payment. This accumulated corpus can be withdrawn from the ‘Savings Wallet’ in part or in full at any time during the policy term. This feature can enable customers to meet their changing financial needs as per their lifestage.

The ‘Save the Date’ feature enables customers to start receiving income on a date of their choice. Customers can choose to receive income on special dates such as marriage anniversary, spouse’s birthday, etc., thereby making them memorable.

ICICI Pru Sukh Samruddhi – Lump sum: This variant is for customers looking to build a corpus over the long term and utilise the lump sum maturity amount to achieve big-ticket financial goals such as purchasing a house, financing children’s higher education, or legacy planning, to name a few.

Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said that the company believes in achieving financial goals such as child’s education or buying a house, requires astute planning. "ICICI Pru Sukh Samruddhi has been specifically designed to enable the fruition of the customers’ financial goals."

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