For premium payments for these products, the customers are offered the flexibility of either choosing a single pay option or a limited pay option over a period of 5 years. To structure their asset allocation, customers can choose from a wide range of fund options.
The product is aimed at aiding long-term wealth creation and providing significant value to customers. ICICI Prudential Life said that they would continue to build on their products and service offerings that meet the customers' changing requirements.
Maturity benefit can be received by the customer either as a lump sum or a structured payout through the settlement option, on maturity of the policy.
From the 6th year onwards, customers would also be eligible for a loyalty bonus every year. This is in addition to the maturity benefit payable by the company.
2 life insurance products-'ICICI Pru Elite Life' and 'ICICI Pru Elite Wealth' were launched by ICICI Prudential offering customers the flexibility of choosing the frequency of their premium payments.