ICICI Prudential Life Insurance Company Limited is marketing of ICICI Pru Guaranteed Wealth Protector, a new unit-linked plan seeking long-term investments with capital protection.
The ten-year product is linked to the performance of the firm’s equity-oriented Life Growth Fund and the firm’s debt-oriented Life Secure Fund. At the start of the investment term, a higher portion of investors’ money will be invested in the equity-oriented fund (60% for investors aged below 45 years and up to 45% for customers above this age).
Over tim,e the allocation to the debt oriented fund will be increased in order to manage the guarantee; while the allocation between the equity-oriented fund and the debt-oriented fund will be rebalanced periodically throughout the policy term.
ICICI Prudential Life Insurance’s executive director Puneet Nanda said that life insurance are long-term products and the key is to hold the product until the end of the policy term. “Our unit-linked products have over the last ten years delivered superior risk-adjusted returns to our customers,” he said. “Unit-linked life insurance products are an efficient route to build a corpus while simultaneously providing financial security to the family or dependants.”
According to SRP data, this is the second life insurance product by the Indian provider following the launch of the firm’s ICICI Pru Pinnacle, a ten-year unit-linked insurance plan (ULIP) marketed in 2009.
SRP data also shows that there are 53 live products by ICICI Prudential Asset Management, the fund management division of ICICI group.
This product will be available shortly on India’s database.