ICICI Prudential Life Insurance Company has rolled out a new unit linked plan that enables customers to protect their capital on maturity and have a potential for upside through an exposure to equities.
In order to offer risk managed returns, the new ICICI Pru Guaranteed Wealth Protector policy offers exposure to an equity oriented fund of up to 60% for customers aged below 45 years and up to 45% for customers above this age limit.
Furthermore, the policy gives loyalty additions of 0.25% of the average fund value are added every year after the completion of the sixth policy year.
Moreover, Wealth Boosters, which are added after the completion of the tenth policy year, has been designed to offer customers the opportunity to optimize their returns without the risk of capital erosion.
This feature protects the customers’ corpus from any market downturn, according to the India-based insurer.
ICICI Prudential Life executive director Puneet Nanda said, "We understand that customers are concerned about the volatility of their savings and our approach through this product has been to provide capital protection with a potential for higher returns through equity exposure.
"We believe that the unique features of this product will facilitate customers achieving their financial goals in a systematic and disciplined manner."