ICICI Prudential Life Insurance has introduced its first unit-linked insurance plan (ULIP) with fund value-based distributor payouts, named ICICI Pru Platinum. This groundbreaking product aligns distributor commissions with customer assets under management (AUM), encouraging long-term investment strategies.ICICI Pru Platinum stands out with its offer of unlimited free switches between asset classes, exempt from any costs or tax implications. This feature enables policyholders to freely diversify their investments among 21 available funds, which include 13 equity, four debt, and four balanced funds, along with four distinct portfolio strategies.
Amit Palta, Chief Distribution Officer at ICICI Prudential Life Insurance, emphasized the product’s customer-centric approach, stating, “ICICI Pru Platinum is designed to align distributor incentives with customer fund values, fostering long-term financial growth.”In addition to its investment flexibility, ICICI Pru Platinum offers two life cover options: Growth Plus, providing the higher of the sum assured or fund value to the nominee, and Protect Plus, which guarantees both the sum assured and fund value.
ICICI Prudential Life continues to innovate, having recently achieved a milestone of issuing 45% of savings policies on the same day in FY2024. The company also boasts an impressive claim settlement ratio of 99.2% with an average turnaround time of 1.3 days.With a substantial AUM of ₹2,941.40 billion and a total in-force sum assured of ₹34.1 trillion as of March 31, 2024, ICICI Prudential Life remains a leading player in the Indian insurance market.
