ICICI Prudential Life Insurance Company Ltd (ICICI Prudential Life) launched 2 new products namely ICICI Pru Elite Life and ICICI Pru Elite Wealth.
Both these products offer customers the flexibility of either choosing a single pay option or limited pay option of premium payment for 5 years.
Under the single premium option, a sum assured of minimum 125% to maximum 500% of the premium amount is available to customers. In the limited pay option, a fixed sum assured which ranges between 7 to 10 times of the annual premium is made available to customers.
The loyalty additions will be paid to customers every year from the 6th year onwards. This is in addition to the maturity benefit payable by the Company.
On maturity of the policy, the customer can choose to receive the maturity benefit as a lump sum or as structured payout through the settlement option to meet one's financial goals.
In the unfortunate event of the death of the policyholder during the policy term, the nominee will receive the death benefit to meet any financial liabilities. The death benefit will be the higher of the sum assured (reduced by applicable partial withdrawals) and the fund value.