ICICI Prudential Life Insurance has launched
a unit-linked insurance plan - ICICI Pru Life Link. The scheme is
designed as an open-ended mutual fund, with the company selling
units at par through an initial public offer (IPO) and at unit
value-based price thereafter.
The IPO will remain open
from 22 October to 12 November and the units will be sold at all
the ICICI Pru Life centres. Subsequently, the price of the units
will be calculated in the same manner as units of mutual funds are
There are three plans for
an investor to choose from: a growth plan, a balanced plan and an
income plan. The minimum premium amount has been fixed at Rs
20,000 and the maximum age limit has been fixed at 62 years. The
insurance cover available will be 1.5 times the invested amount.
the growth plan, 90 per cent of the funds will be invested
in equity and equity-related securities. In the balanced plan, a
maximum of 40 per cent of the funds will be invested in equity,
whereas in the income plan, the funds will be entirely invested in
debt and money market instruments.