ICICI Prudential Life Insurance launches first ULIP with fund value-based distributor payouts


Srinagar: ICICI Prudential Life Insurance launched ICICI Pru Platinum, the Company’s first unit-linked product which aligns distributor payouts to their customers’ fund value – the distributor commissions are linked to their customers’ Assets under Management.

ICICI Pru Platinum provides unlimited free switches between asset classes, without any cost or tax implications. Customers can choose from an array of 21 funds under this product, comprising 13 equity and four each in the debt and balanced categories, besides offering an option of four portfolio strategies.

Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “ICICI Pru Platinum, our Company’s first unit-linked product designed to make distributor payouts aligned to their customers fund value, promoting the long-term interests of both.

“We endeavour to continuously innovate and introduce products and processes which are simple. This is in line with our philosophy of ensuring right product to the right customer at the right price and through the right channel. We have introduced pioneering products on the annuity and pension savings platform.”

He further added “Life insurance is all about claims and as a customer friendly brand we aim to settle all claims speedily. This is reflected in our industry leading claim settlement ratio of 99.2% for FY2024 with an average turnaround time of just 1.3 days.”

ICICI Pru Platinum provides a choice between two life cover variants. The Growth Plus variant entitles the nominee to receive either the sum assured or the fund value, whichever is higher. Whereas the Protect Plus variant offers the nominee both the sum assured and the fund value.

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