ICICI Prudential Life launches guaranteed market-linked plan

The policy requires a single investment and runs for five years.

ICICI Prudential Life Insurance has launched ICICI Pru Signature Secure, the Indian life insurance industry's first Unit Linked Insurance Plan (ULIP) to include a built-in guaranteed maturity benefit.

The new individual savings plan is designed for customers seeking tax-efficient guaranteed returns alongside life insurance coverage. 

The policy requires a single, one-time investment with a policy term of five years. 

Upon maturity, the policyholder receives whichever is higher between the actual fund value or the guaranteed maturity benefit, which can reach up to 140% of the initial premium. 

The product also features zero premium allocation and policy administration charges.

According to Vikas Gupta, Chief Product Officer at ICICI Prudential Life Insurance, the plan aims to provide better post-tax outcomes than traditional instruments like fixed deposits and bonds, whilst maintaining financial protection.