ICICI Prudential Life Insurance on Monday launched a new unit-linked insurance plan (ULIP), ICICI Pru Platinum, to bridge the gap between the interests of distributors and policyholders. As per an official release, the plan will align distributor payouts with the customer's fund value to encourage long-term investment behaviours and ensure better outcomes for customers.
The plan provides a high degree of flexibility. With the option of 21 funds, including equity, debt, and balanced funds, customers can curate their investment strategy to match their risk appetite and financial objectives.
The plan also lists four portfolio strategies for those who want to opt for pre-defined asset allocations.
It also allows unlimited free switches between asset classes wherein policyholders can tailor their investments depending on the market conditions and changing financial needs, without being subjected to any extra costs or tax implications.
Under this plan, customers will be able to choose between two life cover variants that come with flexibility in terms of the death benefit payout:
- Growth Plus variant entitles the nominee to receive either the sum assured or the fund value, whichever is higher
- The Protect Plus variant offers the nominee both the sum assured and the fund value.
The company assures a speedy claim settlement under this plan. “Life insurance is all about claims and as a customer-friendly brand we aim to settle all claims speedily. This is reflected in our industry-leading claim settlement ratio of 99.2 per cent for FY2024 with an average turnaround time of just 1.3 days,” said Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance.
Earlier, ICICI group had also launched ICICI Pru Stack, a first-of-its-kind suite of platform capabilities that combines digital tools and analytics to enhance the understanding of customers' requirements and enable distributors to offer suitable insurance products.
ULIP stands for Unit Linked Insurance Plan which offers the dual benefit of investment for long-term goals and a life cover/insurance. A portion of the premium paid towards a ULIP goes into your life cover while the remaining part is invested in the fund of your choice. The funds may range from equity, debt, or a combination of both, based on your risk appetite and financial goals.
