ICICI Prudential Life Insurance has unveiled ICICI Pru GIFT Select, a savings plan designed to provide clients with a guaranteed immediate income, responding to the current market’s volatility.
This new product provides guaranteed returns, wealth protection, and an inflation-adjusted increasing income feature. The plan is intended to offer financial security by providing customizable immediate income based on an individual’s needs by adjusting the start dates, the payouts’ durations, and amounts.
During periods of market instability and a dynamic macroeconomic environment, people seek products that guarantee returns while prioritizing wealth preservation. ICICI Pru GIFT Select is a potential offering to protect customers’ financial savings from market fluctuations, which is intended to allow them to successfully meet their financial objectives.
Furthermore, the product includes a life cover meant to ensure the financial security of policyholders and their families, rendering it an appealing choice given the unpredictable economic environment.
One of the key features of ICICI Pru GIFT Select is its increasing income option, which allows the guaranteed income to grow at a 5% per annum compounded rate. This feature acts as a hedge against inflation, helping customers maintain their purchasing power. The product is designed to keep up with inflation, ensuring the income’s value remains stable in real terms, providing a dependable financial buffer against economic volatility.
“This unique product allows our customers to get the benefit of guaranteed income that they can customise as per their life goals and cash flow requirements,” said Amit Palta, chief product and distribution officer of ICICI Prudential Life Insurance.
Palta further emphasized the product’s appeal. Such products are becoming a preferred choice for those looking to safeguard their investments and preserve wealth in a fluctuating market.
ICICI Pru GIFT Select was launched in response to the growing consumer demand for stable financial solutions that ensure long-term wealth preservation and financial goal achievement. ICICI Prudential Life Insurance has an industry-leading claim settlement ratio of 99.3% over nine months of FY25, with an average settlement time of just 1.2 days, which reaffirms its commitment to policyholders by offering products that meet the needs of consumers seeking security and stability.
The launch of ICICI Pru GIFT Select demonstrates ICICI Prudential’s strategic approach to providing financial solutions that meet customers’ life goals and cash flow requirements. As economic environments remain volatile, these products offer a promising alternative for those looking to align their income with their financial objectives while ensuring stability and growth.
With market fluctuations expected to continue, the demand for dependable and flexible financial products is likely to grow, positioning ICICI Pru GIFT Select as a key player in the insurance sector.
