With the stock markets still volatile, investors are showing greater apprehension towards investing in the markets. Retail investors' sentiments are weak, which is influencing them to hold on to cash and postpone their investments in ULIPs. However, keeping in mind the long-term nature of life insurance and its ability to help consumers meet their long-term financial goals, ICICI Prudential Life is proactively informing consumers on the benefits of investing in the markets, during this downturn and introducing various options.
"Understanding the underlying need of security, especially during this volatile phase, it is critical to assure protection of the policyholders' investment from downside risk, while assuring a return", said Mr. Pranav Mishra, Senior Vice President & Head - Products, ICICI Prudential Life Insurance. He added, "In tune with the current need of the consumer we recently launched LifeStage Assure, which provides upto 450 % of first year premium guarantee on maturity. Return Guarantee Fund (RGF), the recent addition to the existing bouquet of funds, provides guarantee on the first premium investment. This is available with four of our existing products. Through RGF consumers can protect their first year's investments/premium from equity market uncertainties/volatilities and enjoy the benefit of equity investment for the future premiums in the long-term. If the customer has opted for Return Guarantee Fund (RGF), higher of fund value as on Dec. 20, 2013 or Rs. 15.03 per unit, will be switched to other fund(s) in the proportion of his/ her money in the existing funds."
LifeStage Assure and some of the other ULIP products with RGF option have been designed to give consumers the security in times of turmoil and yet not choke all future money in pure debt or fixed income securities. In addition to the existing funds, policyholders of ICICI Prudential Life's LifeStage Pension, LifeStage RP, LifeTime Gold and LifeTime Super Pension can also pay their renewal premiums through RGF and potential consumers can invest in RGF through the above mentioned products.
In tune with ICICI Prudential Life's prudent investment strategies to enable consumers meet their long-term goals, RGF is designed to provide guarantee through investment in a diversified portfolio of high quality fixed income instruments. RGF will help ease investment worries by protecting the policyholder's first year investment from downside risk, while assuring a guaranteed return, subject to terms and conditions. It also offers the upside potential of higher returns and the flexibility to switch.
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 half year ended September 30, 2008, the company garnered Rs 6,726 crore of total premium and has underwritten over 8 million policies since inception. The company has a network of over 2,050 offices and 278,000 advisors. It is also the only life insurer in India to be assigned AAA (Ind) credit rating from Fitch Ratings. For the past eight years, ICICI Prudential has maintained its leading 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.