ICICI Pru GIFT Pro: A long-term savings product with built-in flexibility

financialexpress.com:

ICICI Prudential Life Insurance has launched a new income plan – ICICI Pru GIFT Pro – which will provide customers with an option to receive either a year-on-year increasing income or a constant regular income. In addition, the life cover component of this non-participating savings product will also provide financial security to the family of the policyholder.

In a statement, ICICI Prudential Life Insurance said ICICI Pru GIFT Pro allows customers to customise the product to their unique needs by providing a choice of income benefits and premium payment terms, among other flexibilities.

Along with assured long-term income, ICICI Pru GIFT Pro offers customers the option to receive a lump sum benefit. Customers have the flexibility to choose any amount up to 100% of the premiums paid as a lump sum benefit and also select the timing of receiving the benefit. “With this feature, customers can plan for life’s most cherished milestones, such as owning a house, leaving a lasting legacy for loved ones, or building a substantial retirement corpus,” the insurer said.

The insurer further said that this feature-rich product further ensures the nominee will continue to receive the income in case of the demise of the policyholder during the income period.

ICICI Pru GIFT Pro provides a range of premium payment terms from 5 to 12 years, letting customers save as per their convenience and goal timeline. Also from the 8th year onwards, they can start receiving income for as long as 30 years.

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“We are excited to introduce ICICI Pru GIFT Pro, a long-term savings product with built-in flexibilities that will allow customers to adjust the product to