ICICI Prudential Life Insurance has unveiled ICICI Pru Platinum, its first unit-linked insurance plan (ULIP) that ties distributor payouts to customer fund values, aiming to foster long-term investment behavior.ICICI Pru Platinum distinguishes itself with unlimited, cost-free switches between asset classes, exempt from tax implications. Customers can diversify across 21 funds, including 13 equity, four debt, and four balanced options, and choose from four portfolio strategies.
Amit Palta, Chief Distribution Officer at ICICI Prudential Life Insurance, commented on the launch: “ICICI Pru Platinum aligns distributor incentives with customer fund values, promoting long-term financial growth. This is in line with our philosophy of providing the right product to the right customer at the right price through the right channel.”The product offers two life cover variants: Growth Plus, which provides the higher of the sum assured or fund value to the nominee, and Protect Plus, which offers both the sum assured and fund value.
ICICI Prudential Life is noted for its swift policy issuance, with 45% of savings policies issued on the same day in FY2024. The company also boasts an industry-leading claim settlement ratio of 99.2%, with an average turnaround time of 1.3 days.As of March 31, 2024, the company reported an AUM of ₹2,941.40 billion and a total in-force sum assured of ₹34.1 trillion, reinforcing its leadership in the Indian life insurance sector.
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