ICICI Prudential has launched two unit linked insurance products – ICICI Pru Elite Life and ICICI Pru Elite Wealth. These products offer customers the flexibility of choosing the frequency of their premium payments.
The products offer customers the flexibility of either choosing a single pay option or a limited pay option for premium payments over a period of five years.
Under the single premium option, a sum assured of minimum 125 per cent to maximum 500 per cent of the premium amount is available to customers. In the limited pay option, a fixed sum assured which ranges between seven and 10 times of the annual premium.
On maturity of the policy, the customer can choose to receive the maturity benefit as a lump sum or structured payout through the settlement option to meet one’s financial goals.
The customers would also be eligible for a loyalty bonus every year from the sixth year. It will be in addition to the maturity benefit payable by the company.