ICICI Life Insurance launches 2 products | india | Hindustan Times
Today in New Delhi, India
Mar 27, 2017-Monday
New Delhi
  • Humidity
  • Wind

ICICI Life Insurance launches 2 products

india Updated: Aug 26, 2006 00:14 IST

PRIVATE SECTOR life insurer ICICI Prudential Life Insurance today announced the launch of two new products aimed at offering greater security to investors and retirees alike. The first product is a premium guarantee market-linked plan which ensures that an investor will only get the benefits of the upsides of the stock market, without incurring any loss if the markets go down, and the other is an immediate annuity product that offers a guaranteed income for life for retired people above 45 years of age.

The premium guarantee product, christened InvestShield Life – New, offers retail investors the opportunity for long-term capital appreciation through exposure to the stock markets, while protecting them from any capital erosion.

Talking to the media persons, ICICI Prudential Life Insurance vice president and marketing head Sujit Ganguli said, “The majority of Indian investors prefer to save through traditional instruments as they do not want to risk their hard-earned money by investing in the stock markets; however, with the bank rates being where they are, most of them have no choice but to look at alternative modes of investment; many of them have seen their friends and colleagues earn good returns by investing in the markets and are looking for a low-risk opportunity to do so themselves.

The premium guarantee product is the ideal market entry product for such traditional investors who do not wish to risk their capital while investing in the markets.”

InvestShield Life – New is a long-term investment-cum-insurance plan that invests in balanced fund with 40 percent exposure to equity.

The product is available for a minimum premium of Rs 8,000 per year for a policy term ranging between 10 and 30 years. On maturity, the higher of the fund value and guarantee value is paid to the policyholder.

The second product, Immediate Annuity, is aimed at providing retirees with a stable and secure income for life. Commenting on the need for the product, Ganguli said, “Social and demographic trends in India have changed radically over the past decade or so; with the breakdown of the joint family system, increasing inflation and longer life spans, old age income security is a challenge for millions of retirees; our Immediate Annuity product addresses this growing need by promising a guaranteed income for life.”

A person between 45 and 80 years can purchase Immediate Annuity by making a single lump sum payment. He or she can select from ICICI Prudential’s 7 annuity options depending on the extent to which he or she requires coverage. The annuity can be received in monthly, quarterly, half-yearly or yearly modes.