ICICI Pru Life Launches First Fund Value-Based ULIP

New Delhi, May 6 (PTI) ICICI Prudential Life Insurance on Monday said it has come out with its first unit-linked product which aligns distributor payouts to their customers' fund value.

'ICICI Pru Platinum', a unit-linked insurance plan, incentivises distributors to encourage their customers to stay invested for the entire policy tenure.

ICICI Pru Platinum provides unlimited free switches between asset classes, without any cost or tax implications.

Customers can choose from an array of 21 funds under this product, comprising 13 equity and four each in the debt and balanced categories, besides offering an option of four portfolio strategies, ICICI Pru Life said in a statement.

"Life insurance is all about claims and as a customer friendly brand we aim to settle all claims speedily. This is reflected in our industry leading claim settlement ratio of 99.2 per cent for FY2024 with an average turnaround time of just 1.3 days," ICICI Prudential Life Insurance Chief Distribution Officer Amit Palta said.

ICICI Pru Platinum provides a choice between two life cover variants. The Growth Plus variant entitles the nominee to receive either the sum assured or the fund value, whichever is higher. Whereas the Protect Plus variant offers the nominee both the sum assured and the fund value.