SRINAGAR: ICICI Prudential Life Insurance Company Limited Wednesday announced the launch of its new saving product ‘ICICI Pru Smart Life’
“This one-of-its-kind savings product is designed to provide financial protection and enable building a corpus over the long term,” the company said in a press statement issued here.
“The product offers a dual protection feature through the Smart Benefit. It pays the lump sum of the Sum Assured to the nominee in case of death of the policyholder. Additionally, this feature enables the family of the policyholder to achieve their financial goal (s), as the company allocates units equal to the premium instalment. On completion of the policy term, the nominee receives the Fund Value,” it added.
It said ICICI Pru Smart Life has eight underlying fund options, which customers can choose from, including a new fund, Maximise India Fund, which will be benchmarked against the NIFTY 50 and NIFTY Junior indices.
Explaining the benefits offered by the product, Executive Director of the company Puneet Nanda said: “ICICI Pru Smart Life addresses the anxiety in the minds of customers about the well-being of their loved ones in their absence and the concern of financial goals being compromised. We believe, this product empowers customers and provides them the assurance of the frui-tion of their financial goals.”
ICICI Pru Smart Life “rewards customers” over the long term by way of “Loyalty Additions” and “Wealth Boosters”, it said, adding this helps in building a corpus in a cost-effective manner that can be used to achieve a financial goal for, for instance, funding a child’s education, buying a home or planning a comfortable life after retirement.
“Customers have the option to receive the entire maturity benefit by way of a lump-sum amount or in the form of structured payouts which can substitute