ICICI Prudential Life launched its third unit-linked insurance product (ULIP) named ICICI Pru LifeLink Wealth SP, which is also in accordance to the new Insurance Regulation and Development Authority (IRDA) regime.
ICICI Prudential Life's CEO and Managing Director Sandeep Bakhshi said, "ICICI Pru LifeLink Wealth SP is a single premium product that will save customers the hassle of remembering premium payment dates or policies getting discontinued because of non-payment within a stipulated time".
About the product:
• Minimum premium is set at Rs 40,000,
• Provides customers the flexibility of choosing between 125 % and 500 % of the premium.
• Assures a loyalty benefit of up to 2.5 % of the fund-value at the end of every fifth policy year, which will start from the tenth policy year.
• In addition to this, ICICI Pru LifeLink Wealth SP also gives tax benefits on the premium paid and Change in Portfolio Strategy (CIPS), which means the customer is given an opportunity to choose from two unique portfolio strategies.
• For passive customers, the product has Trigger portfolio strategy, which gives them the opportunity to automatically capitalize and protect gains made from equity investment based on market movement.
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