ICICI Pru Life launches its 3rd ULIP under new IRDA norms

"ICICI Pru LifeLink Wealth SP is a single premium product that will save customers the hassle of remembering premium payment dates or policies getting discontinued because of non-payment within a stipulated time," ICICI Prudential Life's CEO and Managing Director, Sandeep Bakhshi, told reporters here.

The product, whose minimum premium is set at Rs 40,000, provides customers the flexibility of choosing between 125 per cent to 500 per cent of premium.

It will give a loyalty benefit of up to 2.5 per cent of the fund-value at the end of every fifth policy year, which will start from the tenth policy year.

In addition to this, ICICI Pru LifeLink Wealth SP also gives tax benefits on the premium paid and Change in Portfolio Strategy (CIPS) which means the customer is given an opportunity to choose from two unique portfolio strategies.

For passive customers, the product has Trigger portfolio strategy, which gives them the opportunity to automatically capitalise and protect gains made from equity investment based on market movement.

The product has Fixed Portfolio Strategy for more active customers, offering them flexibility to choose fund options according to individual risk-reward appetite.

Bakhshi said that there were no immediate plans for cash infusion into the company and that its solvency margin presently is in excess of 250-300 per cent.

The life insurer has already got IRDA's approval for pension product, he said.
"We have a pension product in the pipeline which will be launched soon," he said.