The product offers a dual protection feature through the smart benefit.
ICICI Prudential Life Insurance announced the launch of its ICICI Pru Smart Life, a savings product designed to provide financial protection and enable building a corpus over the long term, said a press release issued by the company.
The product offers a dual protection feature through the smart benefit. It pays the lumpsum of the sum assured to the nominee in case of death of the policyholder. Additionally, this feature enables the family of the policyholder to achieve their financial goal(s), as the company allocates units equal to the premium instalment. On completion of the policy term, the nominee receives the fund value.
ICICI Pru Smart Life has 8 underlying fund options which customers can choose from, including a new fund, Maximise India Fund, which will be benchmarked against the NIFTY 50 and NIFTY Junior indices.
Puneet Nanda, Executive Director, said “ICICI Pru Smart Life addresses the anxiety in the minds of customers about the well-being of their loved ones in their absence and the concern of financial goals being compromised. We believe, this product empowers customers and provides them the assurance of the fruition of their financial goals.”
Customers have the option to receive the entire maturity benefit by way of a lump-sum amount or in the form of structured payouts which can substitute regular income.