A triple advantage wealth creation product.
Mumbai, Maharashtra, India, September 25, 2008 (PRESSbooth.ORG) -- ICICI Prudential Life announced the launch of LifeStage Assure, a unique triple advantage wealth creation product. This unit linked insurance plan will provide upto 450 % of first year premium guarantee on maturity, to enable consumers to dabble in equities without any risk of downside. The premium from second year onwards will be invested after deducting a very low premium allocation charge, ensuring benefit from the upside of equity investment in the long term. The additional advantage of LifeStage Assure includes the benefit of a lifecycle based portfolio strategy that allocates the investor's money across various asset classes based on his life stage and risk appetite.
Other features of LifeStage Assure include the option of cover continuance, which ensures continuance of life insurance cover, even in a case of break in premium payment. Further, LifeStage Assure allows the option of withdrawing money systematically over a period of 5 years on maturity of the policy. In addition the premium paid for the policy will be eligible for tax benefit under section 80C and any benefit amount received under this policy will be eligible for tax benefit under section 10(10D), as per the Income Tax Act 1961.
Speaking on launch, Mr. Bhargav Dasgupta, Executive Director, ICICI Prudential Life Insurance, said, "With the continuous volatility in the equity markets, the retail investor is averse towards investing in the markets. However, they are keen on getting the benefits of equity investment in the long term. Through the guaranteed returns on the first year premium, LifeStage Assure enables the investor to tide over the current market volatility while providing an unmatched start to long term wealth creation. We realize that the investors are hesitant to invest in the markets in this current volatility. However, life insurance enables investors to achieve their long-term financial goals. With the introduction of LifeStage Assure, we intend to effectively cushion the consumer's investment from market uncertainties, while providing the benefits of equity investment in the long term "
With LifeStage Assure, the policyholder has the option to choose from either the Lifecycle based portfolio strategy or the Fixed portfolio strategy. Lifecycle based portfolio strategy relieves the policyholder of regularly tracking his asset allocation by automatically adjusting the equity component of the investor's funds depending on his age and policy term. Whereas, policyholders who choose to manage their own investments actively, has the option of fixed portfolio strategy, which allows them to decide their own investment allocation. ICICI Prudential Life provides the option of seven funds (R.I.C.H IV, Flexi Growth IV, Multiple IV, Flexi Balanced IV, Balancer IV, Protector IV, Preserver IV) to invest the policyholders' premiums.
Key benefits of LifeStage Assure:
· First year premium contributes to a Guaranteed Maturity Addition
· Low premium allocation charges from 2nd year onwards
· Lifecycle based portfolio strategy
· Cover continuance option ensuring continuance of insurance cover, even if you wish to take a break in premium payment
· Option to withdraw money systematically over a period of 5 years on maturity of the policy
· Tax benefits on premium paid and benefits received as per the Income Tax Act, 1961
About ICICI Prudential Life Insurance:
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc. It was one of the first players to commence operations when the insurance industry was opened to the private sector in 2000. For the quarter ended June 30, 2008, the company garnered Rs 1,526 crore of retail weighted + group new business premiums and wrote 614,330 policies. The company has a network of 2,029 offices, 274,552 advisors; as well as 20 bank partners. It is also the only life insurer in India to be assigned AAA (Ind) credit rating from Fitch Ratings. For the past seven years, ICICI Prudential has retained its position as the No. 1 private life insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life. To know more about the company, please visit www.iciciprulife.com.
Forward-Looking Statements:
Except for the historical information contained herein, statements in this release which contain words or phrases such as "will", "would", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", '"estimate", "intend", "plan", "contemplate", "seek to", "future", "objectives", "goals", "project", "should", "will pursue", and similar expressions or variations of such expressions may constitute "forward looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to ICICI Prudential's ability to successfully implement its strategy in the field of insurance, our growth and expansion, technological changes, investment income, cash flow projections, our exposure to market risks as well as the other risks detailed in the reports filed by ICICI Bank (joint promoters of ICICI Prudential Life Insurance Company Limited) with the Securities and Exchange Commission of the United States.
Contact:
Anuja Sharma
Senior Manager,
Corporate Communications,
ICICI Prudential Life Insurance Company
Tel: 22 66274623
Email: sharma.anuja @ iciciprulife.com
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