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On Monday, ICICI Prudential shares fell 2.33% to  ₹322 apiece on the BSE while the benchmark Sensex shed 0.93% to end the day at 37,808.91 points. (Reuters)
On Monday, ICICI Prudential shares fell 2.33% to 322 apiece on the BSE while the benchmark Sensex shed 0.93% to end the day at 37,808.91 points. (Reuters)

ICICI Pru launches goal-based savings product GIFT. 3 ways to avail its benefits

  • GIFT is a great way to save for your mid to long term goals like children education, retirement
  • Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said: We recently celebrated our 20th anniversary and the launch of GIFT couldn't have been timed better.

ICICI Prudential Life Insurance has recently launched Guaranteed Income for Tomorrow or GIFT that helps policyholders to achieve their long-term financial goals.

Apart from providing cover to the family members of the policyholder in case of any unfortunate event, GIFT also enables customers to eliminate the uncertainty of future income streams to a large extent by providing guaranteed income.

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Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, "We recently celebrated our 20th anniversary and the launch of GIFT couldn't have been timed better."

Here are the three ways you can avail the benefits of the product:

1) The policyholder can opt to receive the maturity benefit in the form of guaranteed income for a period of 5, 7 or 10 years. For instance, this option can be ideal for customers planning their child's education where the flexible premium payment and income period options help to align the income with educational goals.

2) This enables customers to start receiving income from the second year of the policy, known as Guaranteed Early Income. The Guaranteed Early Income option eliminates the need for customers to wait until the maturity of the policy to receive regular income. This option enables customers to receive benefits while their savings continue to grow.

3) For this, customers need to pay the premium only once at the time of purchase and choose the policy tenure after which they would like to receive the Guaranteed lump sum benefit. Customers will also enjoy the added benefits of guaranteed returns coupled with life cover.

GIFT also has a "Save The Date" feature. Customers can use this feature to make milestones in their personal lives extra special. For instance, they can choose to start receiving income on special dates such as their wedding anniversary, birthdays, etc.

"This versatile long-term savings product offers a multitude of benefits to customers. It not only takes care of the diverse income needs of customers but also offers them a route to build wealth," Palta adds.

This feature-rich product is designed to offer smoothened returns and provides customers the flexibility to start receiving the benefits as early as the second year, enabling them to develop a robust financial plan."

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