ICICI Prudential launches 2 ULIPs

New Delhi, Mar 13 (UNI) ICICI Prudential Life Insurance today launched two flexible unit-linked insurance plans (ULIPs) -- Flexi Growth and Flexi Balanced -- targeting investors with slightly high risk apetite.

The offer opens on March 17 at Rs 10 per unit for both the funds.

Customers who invest in the new funds through ICICI Prudential's ULIPs will enjoy the benefits of life cover and tax exemptions under section 80C.

''With flexibility to move across market caps and sectors, the funds will enable long-term growth and are ideal for those with a slightly higher risk appetite and long-term horizon,'' ICICI Prudential Life Insurance Chief Investment Officer Puneet Nanda said.

The funds will be available under all the ULIPs offered by ICICI Prudential, with the exception of the Premium Guarantee plans.

With the launch of these two new funds, ICICI Prudential ULIP policyholders now have the option of allocating their investments across six funds, including the earlier four of Maximiser, Balancer, Protector and Preserver.

The Flexi Growth fund is designed to generate enhanced long-term returns. It can have an equity exposure of up to 100 per cent in large cap, mid cap and small cap companies, and will allow fund managers to change the exposure to various classes, based on market conditions.

The Flexi Balanced fund will enable fund managers to achieve a balance between capital appreciation and stable returns by allowing them to invest up to 60 per cent in equity and at least 40 per cent in debt instruments for a balanced approach. Within equity, the Flexi Balanced fund also provides the opportunity to change exposure to various caps freely based on market conditions.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc.

UNI