Fund Value-based distributor payouts to motivate long-term investment behavior by customers
FinTech BizNews Service
Mumbai, May 06, 2024: ICICI Prudential Life Insurance launched ICICI Pru Platinum, the Company’s first unit-linked product which aligns distributor payouts to their customers’ fund value – the distributor commissions are linked to their customers’ Assets under Management. This unique product incentivises distributors to encourage their customers to stay invested for the entire policy tenure. Notably, it offers customers a cost and tax-efficient route to build wealth over the long-term.
ICICI Pru Platinum provides unlimited free switches between asset classes, without any cost or tax implications. Customers can choose from an array of 21 funds under this product, comprising 13 equity and four each in the debt and balanced categories, besides offering an option of four portfolio strategies.
Announcing the launch, Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “ICICI Pru Platinum, our Company’s first unit-linked product designed to make distributor payouts aligned to their customers fund value, promoting the long-term interests of both.
We endeavour to continuously innovate and introduce products and processes which are simple. This is in line with our philosophy of ensuring right product to the right customer at the right price and through the right channel. We have introduced pioneering products on the annuity and pension savings platform. These include an annuity product which offers a 100% refund of all premiums paid from the date of purchase. We also offer a traditional product which allows customers to make partial withdrawals to meet liquidity requirements.
Notably, we are the only life insurer in the country to payout commissions to distributors on the same day. Besides, achieving the milestone of issuing ~45% of our savings policies on the same day in FY2024.”
He further added “Life insurance is all about claims and as a customer friendly brand we aim to settle all claims speedily. This is reflected in our industry leading claim settlement ratio of 99.2% for FY2024 with an average turnaround time of just 1.3 days.”
ICICI Pru Platinum provides a choice between two life cover variants. The Growth Plus variant entitles the nominee to receive either the sum assured or the fund value, whichever is higher. Whereas the Protect Plus variant offers the nominee both the sum assured and the fund value.
