Life insurance company ICICI Prudential Life has introduced ICICI Prudential Pinnacle, a new ULIP, which is a long- term wealth creation plan. It offers customers an advantage of varying exposure to equities along with downside protection, thus providing the much needed long term security, according to the company.

ICICI Prudential says that Pinnacle guarantees the highest net asset value (NAV) recorded on a daily basis, in the first seven years of the Pinnacle fund (fund period being October 24, 2009 to October 24, 2016) and the minimum guaranteed NAV is Rs. 10. The guarantee will be applicable only at maturity, which is after a term of 10 years. At maturity the higher of the fund value and the guaranteed value as on maturity date and the additional allocation, will be payable. Further, the policy offers a limited premium payment term of three years and allows up to 100 percent equity exposure.

Pranav Mishra, Senior Vice President and Head - Products, ICICI Prudential Life said, "We realize that consumers are hesitant to invest due to the volatile nature of the markets. They feel that they cannot predict the markets and hence even if they make gains, it might be short-lived due to the unpredictable nature of the markets."

According to Mishra, some consumers also do not have the time and understanding of markets in order to make the right fund switches in order to protect their gains. These factors keep a whole lot of consumers away from market-linked instruments. The company is trying to address these concerns of the consumer through its new offering.