Page 51 - Insurance Times June 2023

contractor as well as the principal (contract awarding new debt fund to build long-term
authority).
wealth
SBI General informed that the product is designed to
ICICI Prudential Life Insurance launched a debt fund on
provide protection against breach of terms and conditions
Monday which will enable customers to lock-in their
by the contractors either during the bidding stage or during
investments at current high interest rates, build long-term
the performance stage of a project.
wealth and achieve financial goals.
The product is designed to provide protection against
The prevailing interest rate regime provides customers with
breach of terms and conditions by the contractors either
an excellent opportunity to invest in the debt fund - ICICI
during the bidding stage or during the performance stage
Peru Constant Maturity Fund - the first such fund in the life
of a project, SBI General said in a statement.
insurance market. With interest rates closer to their peak,
The Surety insurance product consists of a wide range of any fall in interest rates makes debt instruments attractive
bonds, such as bid bonds, advance payment bond, as an investment option for customers. This is due to the
performance bond, and retention money bond, it said. inverse relationship between prices of debt instruments and
interest rates - their prices increase when interest rates fall,
The product caters to the requirements of a diversified
thus benefitting customers who have invested in these
group of contractors, many of whom are operating in
instruments.
today's increasingly volatile environment, he said while
launching the product. This fund is available for investments with the company's
flagship Unit Linked Insurance Plans (ULIP). ULIPs provide
Additionally, the statement said, there are two variants
customers with a unique proposition of life cover, financial
available in the product i.e. conditional and unconditional.
security to the family and facilitate building wealth over the
In a conditional bond, a specified sum is paid to the long-term. ICICI Pru Constant Maturity Fund is available
beneficiary upon claim when specific conditions are met,
with Unit Linked Products from May 15, 2023.
while an unconditional bond allows the beneficiary to claim
Investments in ULIPs provide tax benefits. If annual
the money almost without any conditions.
investments made are up to Rs 2.5 lakh and with a life cover
of 10 times the annual premium, maturity proceeds are tax-
ICICI Prudential Life Insurance launches
free for customers.

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46 June 2023 The Insurance Times