new product from icici pru

ICICI Prudential Life has launched two ULIP products - ICICI Pru Elite Life and ICICI Pru Elite Wealth. According to a company release, these products offer customers the flexibility of either choosing a single pay option or limited pay option of premium payment for five years. Under the single premium option, a sum assured of minimum 125 per cent to maximum 500 per cent of the premium amount is available to customers. In the limited pay option, a fixed sum assured ranges between seven to ten times of the annual premium. Another feature of these products is that loyalty additions will be paid to customers every year from the sixth year onwards. On maturity of the policy, the customer can choose to receive the maturity benefit as a lump sum or as structured payout through the settlement option to meet one’s financial goals. The death benefit that is given to the nominee will be higher than the sum assured and the fund value. The products offer customers the flexibility of structuring their asset allocation by choosing from a wide array of fund options with no limit on fund switches. The available fund options are: Opportunities Fund Multi Cap Growth Fund Bluechip Fund Maximiser V Dynamic P/E Fund Multi Cap Balanced Fund Income Fund Money Market Fund. Speaking on the launch, Mr. Madhivanan Balakrishnan, Executive Director, ICICI Prudential Life Insurance said, “The launch of ICICI Pru Elite Life & ICICI Pru Elite Wealth is aimed at aiding long term wealth creation and provide significant value to customers.”