ICICI Prudential launches new plan

Following the new guidelines issued for Unit Linked Insurance Product, insurers are launching new ULIPs, which are in accordance with the new norms released by the IRDA. The first among private insurers is ICICI Prudential which has launched its new single premium product - LifeLink Super. The policy is structured along the new ULIP guidelines that were issued by Insurance Regulatory and Development Authority (IRDA) in December 2005. LifeLink Super will open with a New Fund Series that allocates units to customers at an NAV of Rs 10 per unit on the opening day - March 13, 2006. Explaining the rationale behind the launch of LifeLink Super, Ms Shikha Sharma, Managing Director and CEO, ICICI Prudential Life Insurance said, “The new ULIP guidelines have created a level field for the structure of single premium products, and we are excited to be the first movers in this space. With LifeLink Super, we believe we have a product that can compete with the single premium products available in the market, without diluting the concept of life insurance as a long-term instrument for protection and wealth creation. ” As per the new ULIP guidelines, LifeLink Super has a minimum term of 5 years, giving the policyholder the opportunity to adopt a long-term perspective and earn commensurate returns. There is an option to choose between two levels of sum assured (125% or 500%). The four fund options available under this policy are - equity, balanced, debt, and money markets & cash. The policy can be liquidated after the completion of three years.