Mumbai: 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 calculated.

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.

Under 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.