On Tuesday 22nd September, 2010 ICICI Prudential Life Insurance Company launched single premium ULIP which conforms to the new norms laid down by Insurance Regulatory and Development Authority of India (IRDA).
From the 1st of September, 2010 the revised norms came into effect and almost all old ULIP policies were withdrawn by all insurance companies in India. The new norms prescribed by IRDA are much more customer friendly than the existing version and the insurance companies would see a considerable pain in the short run. However most insurance companies have already some new products and are confident of performing well.
The policy launched by ICICI Prudential Life Insurance Company is called ICICI Prudential LifeLink Wealth SP. This is the 2nd ULILP launched by the company which meets the revised norms and the company is confident that this product will do well in the Indian market. In addition, the company has already got approval from the regulator for a new pension plan also, but the company is yet to launch the same. Pension plans need a guaranteed 4.5% per annum returns and hence life insurance companies were reluctant to launch the same. But more and more companies are gradually launching new unit linked products in the pension plans space also. Compare plans from different insurance companies first to find the best pension plans at MyInsuranceClub.com
Some key features of LifeLink Wealth SP:
1. It is a single premium product so customers need not worry too much about making regular payments every year. Any surplus money can be invested here as a long term investment.
2. The minimum premium is Rs. 40,000 which some may find a bit high. But given that it is a single premium product, the target customer should find this fine.
3. Customers below the age of 60 can avail this insurance policy.
4. Customers have the flexibility to choose a sum assured between 125% and 500% of the single premium paid.
The other unit linked insurance plan launched by ICICI Prudential Life Insurance Company earlier this month is ICICI Prudential LifeTime Premier.
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