ICICI Prudential Launches Long-Term Savings Product

Current Context: The ICICI Prudential Life Insurance Company Limited launched a new long-term savings product named, “ICICI Pru Sukh Samruddhi”.

• “ICICI Pru Sukh Samruddhi” is a participating savings product that will provide customers with growth potential and benefits in the form of bonuses.
• The insurance plan will also provide a life cover for the entire duration of the policy.
• In order to encourage women to attain financial independence, the plan will provide a higher maturity benefit to women customers.
• It will be available in two variants:

1. Income Variant (guaranteed regular income for a specified time period)
2. Lump sum Variant (for building a corpus during a long-term policy)

• Other features include:

1. Save Wallet (to allow customers to accumulate and increase their income)
2. Save the Date (to enable customers to receive payments on the date of their choice)

• The ICICI Prudential Life Insurance Company Limited was established in 2001 with its headquarters in Mumbai. The current CEO and MD of the company is NS Kannan.

Question:

Q.1 The recently launched “ICICI Pru Sukh Samruddhi” is a/an?
a. Life Insurance Plan
b. Home Insurance Plan
c. Travel Insurance Plan
d. Motor Insurance Plan