ICICI Prudential Life launches ULIP with just ₹1,000 monthly premium
What's the story
ICICI Prudential Life Insurance has launched a new market-linked insurance product, the ICICI Pru Smart Insurance Plan Plus (SIP+). The innovative offering is aimed at young investors and comes with a minimum monthly premium of just ₹1,000. Under a Unit Linked Insurance Plan (ULIP), you pay a regular premium. A portion of this premium goes toward life insurance coverage, while the remainder is invested in equity, debt, or balanced funds. The returns are market-linked, similar to those from mutual funds.
Economic engagement
Plan taps into India's young demographic
The launch of SIP+ comes as India is witnessing an economic boom, largely driven by its young population, which makes up about 65% of the total demographic. ICICI Prudential Life cited Morgan Stanley projections that India will become the world's third-largest economy by 2028. In this context, the company sees SIP+ as a way for young people to contribute to this growth story through disciplined investing.
Investment options
Plan provides a fully digital purchase experience
The SIP+ plan provides investors with a choice of 25 funds and four portfolio strategies. It also allows unlimited fund switches without any tax or fees, giving a flexible approach to asset allocation. Recognizing the tech-savvy nature of its target audience, ICICI Prudential Life has enabled a fully digital purchase experience for this innovative product.
Add-on feature
Plan offers optional waiver of premium add-on
The SIP+ plan also comes with an optional Waiver of Premium add-on. This ensures that long-term savings goals are not disrupted even if the policyholder is unable to pay premiums due to unforeseen circumstances. The company had recently launched ICICI Pru Stack, a suite of digital and analytical tools, to help customers and distributors navigate product choices for a seamless service experience.