ICICI Prudential Life Introduces ‘ICICI Pru GIFT Select’: A Guaranteed Income Plan

ICICI Prudential Life Insurance has introduced ‘ICICI Pru GIFT Select,’ a long-term savings product designed to provide customers with guaranteed immediate income, offering much-needed liquidity. The plan includes various customisation options, allowing individuals to tailor their financial strategy according to their unique needs.

Customisation Options for Financial Flexibility

Customers opting for ‘ICICI Pru GIFT Select’ can decide:

• When they want the guaranteed income to commence
• The duration for which the guaranteed income will continue
• The amount they receive upon maturity

Additionally, the plan incorporates a life cover component, ensuring financial security for policyholders and their families.

Addressing Inflation with an Increasing Income Feature

One of the distinguishing features of this product is its increasing income option, where the income grows at a compounding rate of 5% per annum. This feature helps policyholders safeguard their purchasing power against inflation, making it a useful financial tool for long-term wealth preservation.

Amit Palta on the Product’s Unique Offering

Amit Palta, Chief Product and Distribution Officer, ICICI Prudential Life Insurance, highlighted that the plan enables customers to benefit from guaranteed income while customising it to align with their financial goals and cash flow requirements.

“In a dynamic macroeconomic environment, there could be spells of market volatility like the one seen over the last couple of months. In such situations, customers prefer products that offer guaranteed returns while ensuring wealth preservation,” he stated.

Market Volatility and Financial Stability

Market fluctuations can significantly impact financial planning. ‘ICICI Pru GIFT Select’ is structured to help customers insulate their financial savings from market uncertainties, ensuring a stable and predictable income stream.

Claim Settlement Performance

ICICI Prudential Life Insurance has demonstrated strong claim settlement efficiency, with a 99.3% claim settlement ratio recorded in the first nine months of FY’25. Additionally, the average claim settlement time for non-investigated cases is just 1.2 days, reflecting the company’s commitment to quick and hassle-free claim processing.

Conclusion

ICICI Pru GIFT Select offers a combination of guaranteed income, flexibility, and financial security, catering to individuals looking for predictable returns. The plan’s increasing income feature makes it particularly relevant in an inflationary environment, ensuring that policyholders can maintain their financial well-being over time.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.