ICICI Prudential Life Insurance launches two products
Hyderabad, Aug 24 (UNI) ICICI Prudential Life Insurance, leading private life insurer, today announced launch of two new products to offer greater security to investors and retirees alike.
InvestShield Life-New, claimed to be the first-of-its-kind premium guarantee product in the life insurance industry offered retail investors the opportunity for long-term capital appreciation through exposure to the markets and protecting against capital erosion, Immediate Annuity, the other product would provide retirees with 'a stable and secure income for life.' 'Anyone in the 45 to 80 age group can purchase Immediate Annuity by making a single lumpsum payment, ICICI Prudential Life Insurance Executive Vice President Sandeep Batra said while launching the products at an event here.
Stating that the company was planning to invest in balanced fund with 40 per cent exposure to equity, he said the products would be available for a minimum premium of Rs 8,000 per year for a policy term ranging between ten and 30 years.
On death, the policyholder's nominees would receive the assured sum plus the higher of the fund value and guarantee value (total premium paid), while on maturity, the higher of the fund value and guarantee value would be paid to the policyholer, he added.
One can select from ICICI Prudential's seven annuity options, depending on the extent to which the coverage is required. The payout options are-- annuity for life with and without return of purchase price, joint life (for annuitant and spouse) with and without return of purchase price and annuity for life guaranteed for 5/10/15 years.
"What makes ICICI Prudential's Immediate Annuity proposition even more powerful is the added benefit of an Annuity Card, which offers the annuitant the covenience of instantly accessing the annuity incomes from over 15,000 Visa locations in 150 locations across India and cash-free transactions in over 1.5 lakh Visa member establishment," he said.
Both the products- InvestShield Life, New and Immediate Annuity- are available for retail customers through ICICI Prudential vast distribution network across the country. Customer touch points, include over 83,000 advisors, 177 branches, its 19 bank partners and 200 corporate agents.
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