ICICI Pru Sukh Samruddhi: ICICI Prudential Life Insurance Launches New Savings Product, Check Details

ICICI Prudential Life Insurance has launched ICICI Pru Sukh Samruddhi, a new participating savings plan which offers customers assured benefits and bonus growth possibilities. It gives the subscriber the freedom to choose whether they want the benefits as a one-time lump amount or as a regular income, allowing one to reach milestones during all phases of life. It also helps to expand one’s savings through participation in bonuses. Additionally, this product offers female consumers a larger maturity benefit to entice them to start saving and work toward financial independence.

So now, let us take a closer look at the two variants of this long-term saving product:

Lump sum: This option is perfect for clients who want to accumulate wealth over time and use the lump sum maturity amount to accomplish significant financial objectives, such as buying a home, paying for their children's further education, or estate planning, to mention a few.

Income: This variant offers a great way to establish a second source of guaranteed, tax-free income to achieve financial objectives like paying for a child's education, taking yearly holidays, or any other temporary income need. Customers who choose this option receive a guaranteed regular income for the predetermined time frame they specify at the time of purchase. Customers gain access to a lump sum upon maturity as well.

Additionally, consumers can raise their income rather than spend it as payment thanks to the program's savings wallet feature. Plus, the wallet's accrued funds may be withdrawn in full or in part at any time throughout the policy's duration. Furthermore, consumers can choose the date they want to begin receiving payments thanks to the innovative Save the Date feature. They may receive money on noteworthy milestones like wedding anniversaries, spouses' birthdays, etc., making them more memorable.