ICICI Prudential Life floats income guarantee product, inflation-adjusted returns for volatile times; how will it work

ICICI Prudential Life Insurance has launched a new product, ICICI Pru GIFT Select, designed to provide guaranteed immediate income, addressing the uncertainties of current market conditions. This new savings plan includes benefits such as guaranteed returns, preservation of wealth, and an inflation-adjusted increasing income option. For those seeking financial security, the plan offers immediate income that can be tailored to individual needs by customising start dates, durations, and amounts of payouts. 

During periods of market volatility in a dynamic macroeconomic environment, individuals seek products that provide guaranteed returns and prioritize wealth preservation. ICICI Pru GIFT Select allows customers to safeguard their financial savings from market fluctuations and successfully reach their financial objectives.

Additionally, it contains a life cover feature that ensures the financial safety of policyholders and their families, making it an attractive option in today's unpredictable economic environment.

One of the significant features of ICICI Pru GIFT Select is its increasing income option, which allows the guaranteed income to grow at a compounded rate of 5 per cent per annum. This feature is particularly beneficial as it acts as a hedge against inflation, ensuring that customers can maintain their purchasing power over time. The product has been crafted to keep pace with inflation, ensuring that the value of the income remains stable in real terms, thus providing a reliable financial buffer against economic instability. 

"This unique product allows our customers to get the benefit of guaranteed income that they can customise as per their life goals and cash flow requirements," said Amit Palta, chief product and distribution officer of ICICI Prudential Life Insurance. Palta further emphasised the product's appeal during times of market volatility, noting that customers are increasingly seeking stable and assured returns. Such products are becoming a preferred choice for those looking to safeguard their investments and preserve wealth in a fluctuating market.

ICICI Pru GIFT Select has been launched in response to the growing consumer demand for steady financial solutions that ensure long-term wealth preservation and financial goal achievement. ICICI Prudential Life Insurance, renowned for its industry-leading claim settlement ratio of 99.3 per cent over nine months of FY25, with an average settlement time of just 1.2 days, reaffirms its commitment to policyholders by offering products that meet the needs of consumers seeking security and stability.

The launch of ICICI Pru GIFT Select signifies ICICI Prudential's strategic approach to providing financial solutions that align with customers' life goals and cash flow requirements. 

As economic environments remain volatile, such products offer a promising alternative for those looking to align their income with their financial objectives while ensuring stability and growth. As the market continues to fluctuate, the demand for assured and adaptable financial products is likely to grow, positioning ICICI Pru GIFT Select as a key player in the insurance sector.