ICICI Prudential Life Insurance launches first ULIP to align distributor payouts with customers’ fund value: ICICI Prudential Life Insurance, one of the country’s leading insurance companies, has launched a new ULIP scheme – ICICI Pru Platinum (ICICI Pru Platinum) has been launched. itThis is the first unit-linked product of the company, in which the distributor commission is linked to the fund value of the customers. The company believes that this will encourage distributors to make long-term investments. The company believes that fund value-based distributor pay-out will help in creating long-term investment habits among the scheme customers.
Unlimited switches between 21 funds, 4 portfolio strategies
A special feature of ICICI Pru Platinum is that the customers investing in it will get the facility of unlimited free switching in different asset classes. That means they will be able to switch their funds to different categories of funds as many times as they want. Under this ULIP scheme, the company is providing investment option in 21 different funds, which include 13 equity funds and 4 each debt and balanced funds. Along with this, the company is also offering the option of four different portfolio strategies to those investing in the scheme.
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Customers will get two options for life cover
Under ICICI Pru Platinum, customers will also get the option to choose between two life cover options. In its Growth Plus variant, there is a provision to give the sum assured or fund value, whichever is higher, to the nominee. At the same time, in the Protect Plus variant, a provision has been made to pay both the sum assured and fund value amount to the nominee.
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ICICI Pru Life’s claim settlement ratio is 99.2%
Announcing the launch of ICICI Pru Platinum, Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, ICICI Pru Platinum is our company’s first unit-linked product that enables distributors to align payments to their customers’ fund values and Designed to promote the interests of both in the long term. He said that we constantly try to innovate and introduce such products and processes which are simple. This is in line with the company’s philosophy of providing quality products to its customers through the right channels at affordable costs. He said that during the financial year 2023-24 (FY2024), the claim settlement ratio of ICICI Prudential Life Insurance has been 99.2 percent, which is the best in the industry. Not only this, the average turn-around time of the company is only 1.3 percent.
