ICICI Pru launches 3rd ULIP under new IRDA norms

MUMBAI: ICICI Prudential Life on Tuesday announced the launch of ICICI Pru LifeLink Wealth SP, which is the life insurer's third unit-linked insurance product under the new Insurance Regulation and Development Authority (IRDA) regime.

"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 said.

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 the 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.