Mumbai, India – March 3, 2025 – ICICI Prudential Life Insurance has launched a new savings-oriented insurance product, ICICI Pru GIFT Select, designed to provide guaranteed income and financial stability amid ongoing market fluctuations. The newly introduced plan caters to individuals seeking predictable returns, financial security, and flexibility in structuring their payouts.
According to the company’s official release, ICICI Pru GIFT Select allows customers to personalize their income streams, determining when the payouts begin, their duration, and the final maturity amount. The plan also features an “Increasing Income” option, which ensures that payouts grow at a compounded annual rate of 5%, thereby addressing the long-term impact of inflation.
Customizable Payouts for Financial Planning
One of the key highlights of ICICI Pru GIFT Select is its customizable nature, allowing policyholders to align their payout structure with their financial goals. Customers can opt for immediate income, deferred income, or a lump-sum payout at maturity, ensuring financial flexibility at different life stages.
The increasing payout structure is particularly beneficial for individuals looking to maintain their purchasing power over time. With a 5% annual increment, the plan provides a steady rise in payouts, making it an effective tool for countering inflation and ensuring long-term financial security.
Comprehensive Life Insurance Cover
Apart from guaranteed income, ICICI Pru GIFT Select includes a life insurance component, enhancing financial protection for policyholders’ families. This ensures that in case of an unfortunate event, dependents receive financial support, making it a comprehensive financial planning tool rather than just a savings product.
Amit Palta, Chief Product and Distribution Officer at ICICI Prudential Life Insurance, emphasized the significance of this new offering in light of evolving consumer preferences. “With market volatility and economic uncertainty, customers are looking for stability and assured returns. ICICI Pru GIFT Select is designed to cater to these needs by providing financial predictability and security,” he stated.
Strong Track Record in Claim Settlement
ICICI Prudential Life Insurance has maintained an industry-leading claim settlement ratio of 99.3% in the first nine months of FY25. The insurer has also recorded an average non-investigated claim settlement time of just 1.2 days, demonstrating its commitment to ensuring quick and efficient payouts for policyholders and their families.
This high claim settlement ratio underscores ICICI Prudential Life’s reliability and commitment to delivering on its promises, making it a trusted choice for insurance and savings solutions.
Why ICICI Pru GIFT Select Stands Out
In the current financial landscape, where market-linked investments are experiencing high volatility, ICICI Pru GIFT Select provides an attractive alternative by offering stable, guaranteed returns. The plan is particularly well-suited for individuals who:
- Seek financial stability without exposure to market risks.
- Want inflation-adjusted income to maintain purchasing power over time.
- Prefer a structured payout system that aligns with personal financial milestones.
- Look for dual benefits of guaranteed savings and life insurance protection.
The product is available with multiple premium payment options, allowing policyholders to choose payment terms ranging from 5 to 12 years, based on their financial convenience.
ICICI Prudential Life’s Response to Market Conditions
The launch of ICICI Pru GIFT Select comes at a time when investors are seeking stability amid economic uncertainty and fluctuating equity markets. With global financial conditions remaining unpredictable, many investors are shifting their focus from high-risk investments to safer, guaranteed-return products.
ICICI Prudential Life’s move to introduce this guaranteed income plan reflects the company’s proactive approach to meeting evolving customer needs and ensuring long-term financial security for policyholders.
Tax Benefits and Wealth Preservation
Another advantage of ICICI Pru GIFT Select is its tax-efficient structure, which allows policyholders to claim tax benefits under Section 80C and Section 10(10D) of the Income Tax Act. These tax advantages make the plan even more attractive for individuals looking to preserve wealth while optimizing their tax liabilities.
Conclusion: A Reliable Savings Plan for Uncertain Times
With its combination of guaranteed income, flexible payout options, increasing income features, and life insurance coverage, ICICI Pru GIFT Select stands out as a strong financial planning tool for individuals looking for stability in unpredictable market conditions.
By introducing this product, ICICI Prudential Life Insurance has reinforced its commitment to delivering innovative, customer-centric financial solutions, helping policyholders secure their financial future with confidence.
