ICICI Prudential expands portfolio with new unit linked insurance plan

By Puja Sharma

ICICI Prudential Life Insurance has launched ICICI Pru Signature Secure, an India-focused Unit Linked Insurance Plan (ULIP) with an in-built guaranteed maturity benefit.

ICICI Pru Signature Secure is a Non-Participating Linked Individual Savings Life Insurance Plan and has been designed for customers looking for the reassurance of tax-efficient guaranteed benefits. The product offers a simple proposition – invest once, stay protected through life cover during the policy term and receive a maturity benefit at the end of five years. . On maturity, the customer receives the higher of the fund value or the guaranteed maturity benefit, providing the reassurance of a guaranteed outcome.

For instance, a 45-year-old customer looking for a one-time investment solution can invest ₹5 lacs in ICICI Pru Signature Secure and remain protected through life cover during the policy term.  The customer can choose a life cover (Sum Assured) of ₹6.25 lacs and gets a guaranteed maturity benefit of ₹7 lacs in this case.

Commenting on the launch, Vikas Gupta, Chief Product Officer, ICICI Prudential Life Insurance, said, “Customers seeking guaranteed returns have traditionally relied on instruments such as fixed deposits, bonds and other guaranteed-return products. However, customers are increasingly looking for solutions that can help them achieve better post-tax outcomes along with guaranteed returns and financial protection. ICICI Pru Signature Secure has been designed to address this need by bringing together the benefits of a ULIP, an in-built guaranteed maturity benefit and life cover within a single proposition.

The product enables customers to make a one-time investment while remaining focused on their long-term financial goals with greater confidence. The plan also offers life cover throughout the policy term, helping customers secure the financial future of their loved ones.”

Notably, the product provides a guaranteed maturity benefit of up to 140% of the initial premium paid. At maturity, customers receive the higher of the fund value or the guaranteed maturity benefit. In addition, the product comes with zero premium allocation charges and policy administration charges.