ICICI Prudential Life Insurance has introduced the ICICI Pru Smart Insurance Plan Plus (SIP+), a new market-linked insurance product targeting young investors.
The product, which requires a starting monthly premium of just Rs 1,000, blends investment and insurance, “making it both cost-effective and tax-efficient for first-time earners and young professionals”, it said in a release.
The launch comes at a time when India’s economic momentum is driven significantly by its young population, which accounts for roughly 65 percent of the total demographic.
India is set to become the world’s third-largest economy by 2028, ICICI Prudential Life said, citing Morgan Stanley projections. In this context, the company sees SIP+ as a tool to help the youth participate in this growth story through disciplined investing.
“ULIPs are inherently strong wealth-creation tools, and with this new product, we want to encourage young Indians to start their investment journey early,” said Amit Palta, chief product and distribution officer at ICICI Prudential Life Insurance. “This plan offers affordability, flexibility, and security, all in one package.”
SIP+ offers investors 25 funds and four portfolio strategies, the release said, adding it also allows unlimited fund switches without incurring tax or fees, offering a nimble approach to asset allocation.
Recognising the tech-savvy nature of its target audience, the company said it has enabled a fully digital purchase experience.
It also offers an optional Waiver of Premium add-on, ensuring that long-term savings goals remain uninterrupted even if the policyholder is unable to continue premium payments due to unforeseen circumstances, it said.
The company recently rolled out ICICI Pru Stack, a suite of digital and analytical tools designed to support both customers and distributors in navigating product options and delivering a seamless service experience.
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