ICICI Prudential Life Insurance on July 24, 2023 launched ICICI Pru Protect N Gain, a life insurance product that offers life protection along with market-linked returns.
The product provides a life insurance cover up to 100 times the annual premium and enables customers to maximise returns by offering 18 funds options to choose from across equity and debt.
It also provides cover against accidental death and permanent disability due to an accident.
“It provides customers the perfect blend of protection and long-term savings to achieve their financial goals by ensuring that there is complete financial protection for the family during the policy tenure and a significant lump sum for self on survival,” the insurer said in a release.
Among other features, it also offers the flexibility to make unlimited changes in premium allocation between equity and debt to maximise returns, at zero cost, the life insurer said in a release.
The buying process has also been simplified. The policies can be issued based on declared income, the insurer. In addition, customers under the age of 45 years are not required to undergo physical medical tests, it added.
According to the insurer, the life cover or claim amount will be paid out as a lump sum to the beneficiary and/or nominee in case of the demise or permanent disability of the policyholder due to an accident.
Amit Palta, chief distribution officer, ICICI Prudential Life Insurance, said: “We are delighted to launch ICICI Pru Protect N Gain, a unique product, which offers customers a life cover up to 100 times the annual premium which safe-guards the financial savings goal of customers in case of any eventuality. Besides, the market-linked returns offered by this product, on the premiums invested can offer a large lump sum to customers at the end of the policy tenure. Planning for specific financial goals, such as a child’s future education or saving for retirement are non-negotiable goals and necessitate long-term investments along with the flexibility to choose exposure to equity and debt based on the prevailing market conditions. We believe this product, which offers the twin benefits of protection and wealth creation, addresses the fundamental needs of customers i.e. protection and long-term savings.”
“ICICI Pru Protect N Gain is a step towards financially empowering individuals across all segments of society. This is in sync with our vision to build an enduring institution that serves the protection and long-term saving needs of customers with sensitivity,” he added.
