ICICI Prudential Life Insurance has achieved an impressive 158% growth in its guaranteed savings products segment from FY2020 to FY2023. This substantial increase in growth underscores a clear shift in customer preference towards products that offer guaranteed benefits.
The changing landscape of customer preferences can be attributed to the heightened volatility in stock markets. In such uncertain times, guaranteed benefit products have gained popularity for their ability to ensure the safety of one’s capital while providing consistent returns. These products not only offer financial stability but also serve as a potential avenue for building an additional income source.
Mr. Vinod H, Senior Executive Vice President at ICICI Prudential Life Insurance, stated, “We have observed a growing trend among consumers who seek to establish an alternative source of income. Some of our customer-centric offerings, such as ICICI Pru Guaranteed Income for Tomorrow, ICICI Pru Gold, and ICICI Pru Sukh Samrudhi, empower customers to strategically plan for their long-term financial aspirations. Several of our products also grant customers the opportunity to cultivate an alternate income stream, often as early as the second policy year. Notably, certain products feature an innovative savings wallet option, allowing individuals to accumulate income that can be used towards future premium payments or received as a lump sum. Equipped with knowledge of the maturity benefit, customers can better strategize for their long-term financial objectives.”
