ICICI Prudential Life Insurance today (November 14) announced the launch of a new participating savings product, ICICI Pru Sukh Samruddhi.
In a statement, the insurer said that this scheme will provide customers with dual benefits of guaranteed benefits and growth potential in the form of bonuses. Providing financial security to the family of the policyholder, the life cover will continue for the entire duration of the policy, including the income period.
ICICI Pru Sukh Samruddhi provides a higher maturity benefit to women customers to encourage them to embark on their saving journey and achieve financial independence. The scheme is available in two variants – Income and Lump sum.
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ICICI Pru Sukh Samruddhi – Income
ICICI Pru Sukh Samruddhi – Income scheme will help policyholders to create a supplementary source of tax-free guaranteed income to meet their financial goals, such as child’s education, annual vacations, or any other interim income requirement. This option also provides customers with a guaranteed regular income for the specified time period selected at the time of purchase. Additionally, customers will also receive a lump sum maturity benefit.
The scheme introduced a ‘Savings Wallet’ feature, which will allow customers to accumulate and grow their income, instead of taking it as payment. The accumulated corpus can be withdrawn from the ‘Savings Wallet’ in part or in full at any time during the policy term, according to the statement.
There is also a ‘Save the Date’ feature that will enable customers to start receiving income on a date of their choice. Customers can choose to receive income on special dates such as marriage anniversary spouse’s birthday, etc.
ICICI Pru Sukh Samruddhi – Lump sum
ICICI Pru Sukh Samruddhi – Lump sum may be idea for customers looking to build a corpus over the long term and utilise the lump sum maturity amount to achieve big-ticket financial goals such as purchasing a house, financing children’s higher education, or legacy planning, to name a few.
Commenting on the launch of the new scheme, Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “We believe that achieving financial goals such as child’s education or buying a house, requires astute planning. ICICI Pru Sukh Samruddhi has been specifically designed to enable the fruition of the customers’ financial goals.”
“ICICI Pru Sukh Samruddhi not only offers customers a guaranteed maturity benefit, the annual bonuses (as and when declared) can go a long way in further beefing up their accumulated corpus. This multipurpose savings product with features such as ‘Savings Wallet’ and ‘Save the Date’ enables customers to celebrate the milestones in their lives while aiding them to remain financially secure (through life cover) amidst changing needs and lifestages,” he added.
