ICICI Prudential Life Insurance has launched a long-term savings scheme called "ICICI Pru Sukh Samruddhi," which provides customers with benefits of guaranteed income, potential bonuses, and life cover for the policy duration.
The product offers a higher maturity benefit to women to “encourage them to achieve financial independence,” it said in a press release.
The plan has two key features: income and lump sum.
The income plan offers a guaranteed tax-free income for a selected period to meet financial goals, such as children’s education, annual family vacations, etc. Additionally, customers receive a lump sum maturity benefit.
Besides, the scheme’s ‘Savings Wallet’ feature allows customers to grow their income instead of taking it as payment. Also, one can withdraw the accumulated corpus from the wallet in part or in full at any time during the policy term.
Furthermore, according to the fund house, the plan’s unique ‘Save the Date’ feature enables customers to receive income on a date of their choice.
For instance, customers can receive income on special dates such as marriage anniversaries, spouses’ birthdays, etc, thus making them memorable.
In the lump sum plan, customers can build a large maturity corpus over the long term for big-ticket financial goals like purchasing a house, financing children’s higher education, or legacy planning.
Amit Palta, chief distribution officer of ICICI Prudential Life Insurance, said financial goals, such as a child’s education or buying a house, require planning, and ICICI Pru Sukh Samruddhi has been specifically designed for that purpose.
Besides guaranteed maturity benefits, annual bonuses can further beef up their corpus, Palta said, adding that the fund house declared bonuses for 16 consecutive years for policyholders.