ICICI Prudential Life Insurance has registered 158% growth in its guaranteed savings products segment from FY2020 to FY2023. This uptick in growth clearly highlights the customer preference towards products which offer guaranteed benefits.
Customer preference has shifted towards products giving guaranteed benefits due to increased volatility in stock markets. Guaranteed benefit products provide safety of capital and offer steady returns. This category of products provides financial stability and a possible route to build a secondary income source.
Mr. Vinod H, Senior Executive Vice President, ICICI Prudential Life Insurance, “We have noticed a lot of consumers are looking to build an alternate source of income. Some of our customer-friendly products such as ICICI Pru Guaranteed Income for Tomorrow, ICICI Pru Gold and ICICI Pru Sukh Samrudhi enable customers to plan for their long-term financial goals. A few of our products also provide customers the option to build an alternative income stream, as early as from the second policy year onwards. The innovative savings wallet feature offered by a few products can be used to accumulate income which can then be used to pay future premiums or take it as a lumpsum amount. Knowing the maturity benefit enables customers to better plan for their long-term financial goals.
To ensure easy availability of insurance to various customer segments, the Company has put in place a 4D framework. The framework includes Data Analytics, Diversified Propositions, Digitalisation, and Depth in partnerships. Data analytics helps create customised life insurance products, while diversified propositions expand the product portfolio enabling the Company to cater to a wider range of customers. Digitalisation provides customers with a paperless buying journey and empowers customers with self-service options. Depth in distribution strengthens partnerships to better position life insurance among customers. The goal is to sell the right product to the right customer based on their needs.”
