ICICI Prudential Life Insurance has introduced a new market-linked product, ICICI Pru Smart Insurance Plan Plus, designed to help customers build wealth over the long term. This product is affordable, with a monthly premium of just ₹1000, making it accessible to a large cross-section of young customers. The product combines a life cover component, which ensures that the customer’s family is financially secure, with a systematic investment plan to achieve long-term financial goals.
According to Amit Palta, Chief Product and Distribution Officer at ICICI Prudential Life Insurance, the product is specifically designed to encourage young people to start investing early and remain invested for the long term. India’s growth story is driven by its youth, who make up about 65% of the population, and ULIPs (Unit Linked Insurance Plans) like ICICI Pru Smart Insurance Plan Plus are effective wealth creation tools.
The product offers a range of features, including 25 funds and four portfolio strategies to choose from, allowing customers to fine-tune their asset allocation without incurring any costs or tax implications. Additionally, customers can opt for the Waiver of Premium add-on benefit, which ensures that their long-term savings goal remains on track even if the policyholder is unable to pay premiums.
The product is available for purchase through a complete digital journey, catering to the preferences of the target segment. Mr. Palta emphasized that the launch of ICICI Pru Smart Insurance Plan Plus reinforces the company’s focus on developing products that meet the evolving needs of customers. The product empowers individuals to plan for their future with flexibility, clarity, and peace of mind.
Overall, ICICI Pru Smart Insurance Plan Plus is a cost-effective and tax-efficient product that allows young customers to start investing early and achieve their long-term financial goals. With its flexible features and digital purchase journey, it is an attractive option for those looking to build wealth and secure their financial futures.