Tag: ICICI Prudential Life Insurance

ICICI Prudential
Business World, News

ICICI Prudential Life Insurance launches new savings product – ‘ICICI Pru Guaranteed Income for Tomorrow’

Feb 11, 2021 by Rekha Nair 0 Comments #ICICI Prudential Life Insurance

ICICI Prudential Life Insurance has launched a new goal-based savings product – ‘ICICI Pru Guaranteed Income for Tomorrow’ (GIFT), which provides guaranteed income to policyholdersto help them achieve their long-term financial goals.This non-participating savings product can enable customers to eliminate the uncertainty of future income streams to a large extent.The life cover provides financial security to the family,which is essential for a robust financial plan.

The three variants of this goal-based savings product are:

Income: The policyholder can opt to receive the maturity benefit in the form of Guaranteed Income for a period of 5, 7 or 10 years. For instance,this option can be ideal for customers planning their child’s education where the flexible premium payment and income period options help to align the income with educational goals.

Early income:This variant offersa unique feature, whichenables customers to start receiving income from the second year of the policy, known as Guaranteed Early Income. The Guaranteed Early Income option eliminates the need for customers to wait until the maturity of the policy to receive regular income.This option enables customers to receive benefits while their savings continue to grow.

Single pay lumpsum:In this variant, customers need to pay the premium only once at the time of purchase and choose the policy tenure after which they would like to receive the Guaranteed lumpsum benefit. Customers will also enjoy the added benefits of guaranteed returns coupled with life cover.

Anotherunique aspect of ‘ICICI Pru Guaranteed Income for Tomorrow‘ is the “Save The Date” feature. Customers can use this feature to make milestones in their personal lives extra special. For instance, they can choose to start receiving income on special dates such as their wedding anniversary, birthday of spouse, etc.

Commenting on the launch, Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said; “We recently celebrated our 20th anniversary and the launch of ‘ICICI Pru Guaranteed Income for Tomorrow'(GIFT)couldn’t have been timed better. This versatile long-term savings product offers a multitude of benefits to customers. It not only takes care of the diverse income needs of customers but also offers them a route to build wealth.This feature-rich product is designed to offer smoothened returns and provides customers the flexibility to start receiving the benefits as early as the second year, enabling them to develop a robust financial plan.”

ICICI Prudential Life Insurance launches Guaranteed Pension Plan
News

ICICI Prudential Life Insurance launches Guaranteed Pension Plan

Dec 24, 2020 by Rekha Nair 0 Comments #Chief Distribution Officer, #ICICI Prudential Life Insurance, #Mr. Amit Palta

ICICI Prudential Life Insurance has launched ‘ICICI Pru Guaranteed Pension Plan’, an innovative retirement plan that offers guaranteed life-long income to lead a financially independent retired life. A non-linked non-participating individual annuity product, it provides customers with the flexibility to choose between Immediate and Deferred Annuity.

The Immediate Annuity option enables customers to start receiving regular income immediately by paying a one-time premium. On the other hand, the Deferred Annuity option gives customers the flexibility to start receiving the income at any point later, for instance closer to their retirement. Customers have the option to defer the start of the income for a period of 10 years. Longer the deferment, higher would be the income.

This product enables customers to plan and lead a financially independent retired life. To address the challenge of rising inflation customers also have the option to top-up their contribution and thereby increase the income they receive.

Among other options available to customers, they have the choice to select single or joint life options. In the single life option, regular income is paid to the policyholder for the whole life. In the joint life option, the income continues to be paid to the joint policyholder on demise of the primary policyholder. The product also allows return of the premium amount on diagnosis of specific critical illnesses and permanent disability. This is to ensure that the policyholder can use the funds to access medical care to treat the illness.

Commenting on the launch,Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “We are delighted to bring to customers a guaranteed life-long income solution that can provide certainty in today’s unpredictable times. With a higher life expectancy, absence of any social security, rising inflation and healthcare costs, it is imperative for customers to plan for a secure retired life. The ‘ICICI Pru Guaranteed Pension Plan’ is a versatile retirement planning product enabling customers to receive regular income immediately upon retiring or later – an option which will be relevant to people for whom retirement is still sometime away.”

agreement
Business World

ICICI Prudential Life partners with NSDL Payments Bank to offer insurance products

Sep 14, 2020 by Gouri Achary 0 Comments #ICICI Prudential Life Insurance, #Mr. Ashutosh Singh, #Mr. N S Kannan, #NSDL Payments Bank

September 2020:ICICI Prudential Life Insurance has entered into a corporate agency agreement with NSDL Payments Bank, a subsidiary of NSDL, the largest depository of India. Under the agreement, ICICI Prudential Life will provide its customer-centric protection and savings products to customers of NSDL Payments Bank. These insurance products will enable NSDL Payments Bank customers to provide financial security to their families and help them achieve their financial goals.

This is also an effort by ICICI Prudential Life Insurance to cover the uninsured population of the country by offering its innovative and easy to understand life insurance POS products on NSDL Payment Bank’s exhaustive point of sale (POS) network, across the country. POS life insurance products are very easy to understand and can be purchased in a completely hassle-free manner. To start with,‘iProtect Smart’,a term plan that offers protection and ‘ICICI Pru ASIP’,a unique savings product offering guaranteed maturity benefits, will be provided.

Mr. N S Kannan, MD & CEO, ICICI Prudential Life Insurance, said, “We are delighted to partner with NSDL Payments Bank. The key objective of both the partners is to leverage technology to provide a hassle-free and immersive experience to customers. This partnership will help the bank’s customers leverage our digital platform to conveniently purchase life insurance products. We believe our customer-centric protection and long-term savings products will enable NSDL Payments Bank customers to provide financial security to their loved ones and help them achieve their financial goals. This partnership is also a step towards fulfilling our commitment to address the huge protection gap in the country.”

Mr. Ashutosh Singh, CEO, NSDL Payments Bank said on this occasion, “We are looking at offering the whole suite of products to our customers either by building them out ourselves or through partnerships. The partnership with ICICI Prudential Life Insurance is a significant one as it will allow our customers the opportunity to discover some of the most relevant products for their lifestyle and income levels. COVID-19 has only just emphasized the importance of having the right insurance plans and adequate insurance covers, both of which we want to address through this partnership. Also, as over 70% of our customer base is under the age of 30, given our thrust on digital and CLICK-CLICK fulfilment journeys, we are very excited to help shape the right attitude and approach towards insurance and investment for this segment from an early age so that they and their families can reap the rewards later and tide over eventualities such as these with little or no financial damage.”

Artificial intelligence
Technology

ICICI Prudential Life Launches AI-powered voice chatbot on Google Assistant

Sep 2, 2020 by Gouri Achary 0 Comments #Artificial Intelligence (AI), #ICICI Prudential Life, #ICICI Prudential Life Insurance, #ICICI Prudential Life LiGo, #Managing Director & CEO, #May I talk to ICICI Prudential Life LiGo"., #Mr. N S Kannan

Septemeber, 2020:ICICI Prudential Life Insurance has introduced its customer service chatbot ‘LiGo’ on ‘Google Assistant’.This would enable the Company’s policyholders to have their queries addressed by simple voice commands such as “Ok Google, I want to speak to ICICI Prudential Life LiGo” or “May I talk to ICICI Prudential Life LiGo”.

Expanding its innovation quotient by leveraging digital technologies such as Artificial Intelligence (AI) the Company has added another layer of convenience for its customers. Extending LiGo functionalities to Google Assistant is part of the Company’s strategy to be present on platforms preferred by customers and to offer them an immersive experience

Customers can instantly access information on their policies by activating ‘Google Assistant’ on their Android smartphones and speaking out their policy number or registered phone number. It is as simple as asking Google for directions or traffic.

In this ever-evolving digital world where speed, efficiency and convenience are continually being enhanced, there has been rapid adoption of AI-powered voice assistants by individuals owing to personalized, and immediate experiences being provided. Available in Indian English’ and with support for nine Indian languages, Google Assistant enables people to have a conversation with Google, and get things done in their world in a natural and personalized way.

Mr. N S Kannan, Managing Director & CEO, ICICI Prudential Life Insurance said,”At ICICI Prudential Life, all our innovations hinge around customer-centricity. Sometime back we embarked on our hyper-personalization journey built on the pillars of 3 Vs – Video, Voice and Vernacular. Catering to the evolving needs of our customers, we have enabled our customer service voice bot LiGo on ‘Google Assistant’, making it accessible on all platforms and devices it is available on. Accessing policy information based on voice commands provides unmatched convenience and instant gratification. With the addition of this digital enabler, there will be a transformation in the way customers interact with the Company. We will continue to innovate to further empower our customers”

By leveraging new-age technologies the Company has introduced a bouquet of digital enablers to address every requirement of a customer during the policy lifecycle –from on-boarding to servicing the needs of the customers. For instance, customers can use the Company’s digital enablers to transact online and each of the digital enablers, i.e. WhatsApp, the Company website, mobile app and Chatbot LiGo are almost equivalent to a virtual branch. On Chatbot LiGo about 3.5 lakh voice chats per month are conducted. Customers can leverage any of these digital enablers to perform an assortment of transactions.