ICICI Prudential Life Insurance has reported an impressive 158% growth in its guaranteed savings products segment between FY2020 and FY2023. This substantial surge underscores the growing preference among customers for products that offer guaranteed benefits.
The shift in customer preference towards guaranteed benefit products can be attributed to the heightened volatility in stock markets. These products not only ensure the safety of one’s capital but also provide consistent returns. This category of financial instruments offers a sense of financial stability and serves as a potential avenue to establish an additional income source.
According to Mr. Vinod H, Senior Executive Vice President at ICICI Prudential Life Insurance, “We have observed a significant number of consumers seeking to create an alternative source of income. Some of our customer-centric offerings, such as ICICI Pru Guaranteed Income for Tomorrow, ICICI Pru Gold, and ICICI Pru Sukh Samrudhi, empower customers to plan for their long-term financial objectives. Certain products even grant customers the opportunity to develop an alternate income stream as early as the second policy year. The innovative savings wallet feature available with select products enables individuals to accumulate income, which can then be utilized for future premium payments or received as a lump-sum amount. Understanding the maturity benefit equips customers with better tools to plan for their long-term financial aspirations.”
