ICICI Prudential Life launches 'ICICI Pru Pinnacle'
A ULIP that guarantees returns as per highest NAV, recorded in first 7 years
ICICI Prudential Life, India's leading life insurance company today announced the launch of ICICI Pru Pinnacle, a unit-linked long- term wealth creation plan. This plan will boost the customer's morale to invest in the equity markets as it offers customers an advantage of varying exposure to equities along with downside protection, thus providing the much needed long term security.
ICICI Pru Pinnacle guarantees the highest Net Asset Value (NAV) recorded on a daily basis, in the first 7 years of the Pinnacle fund (fund period October 24, 2009, on October 24, 2016 minimum guaranteed NAV being Rs.10. The guarantee will be applicable only at maturity, which is after a term of 10 years. The period of 7 years commences from October 24, 2009, the date of launch of Pinnacle Fund and will end on October 24, 2016, daily highest NAV will be applicable on a daily basis. The policy offers a limited premium payment term of 3 years and allows upto 100% equity exposure.
ICICI Pru Pinnacle at a glance
Premium Payment Term
Rs.50,000 per annum
Minimum/Maximum Entry Age
8/ 65 years
Maximum Maturity Age
Minimum Sum Assured
5 ' Annual Premium
Speaking on the launch of ICICI Pru Pinnacle, Mr. Pranav Mishra, Senior Vice President & Head - Products, ICICI Prudential Life Insurance Company said, ''We realize that consumers are hesitant to invest due to the volatile nature of the markets. They feel that they cannot predict the markets and hence even if they make gains, it might be short-lived due to the unpredictable nature of the markets. Some consumers also do not have the time & understanding of markets in order to make the right fund switches in order to protect their gains. These factors keep a whole lot of consumers away from market-linked instruments.
This product will help address these concerns. Whatever be the daily NAV fluctuations throughout the entire period of the fund, the customer is guaranteed to get the highest NAV thereby ensuring that his investments stay high once they reach a peak. The minimum NAV is Rs. 10/- which means that consumers are also insured against losing money during a downturn. ICICI Pru Pinnacle is a manifestation of ICICI Prudential Life?s commitment to its existing and prospective customers to innovate unique life insurance solutions for changing times''.
Key Benefits of ICICI Pru Pinnacle:
- Customers get the benefit of the highest NAV recorded on a daily basis, in the first 7 years of the fund, at maturity.
- Limited premium payment term for only 3 years.
- Additional allocations of 3% of the fund value at maturity
- In the unfortunate event of death, the nominee receives higher of Sum Assured or Fund Value.
- One partial withdrawal every policy year applicable from the 6th policy year onwards.
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 first quarter ended June 30, 2009, the company garnered Rs 2,844 crores of total premiums and has underwritten over 9 million policies since inception. The company has a network of 2,079 offices and 225,668 advisors. For the past eight years, ICICI Prudential has maintained its dominant position amongst life insurers 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
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. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.