ICICI Prudential today launched two life insurance products, ICICI Pru Elite Life and ICICI Pru Elite Wealth, that offer customers the flexibility of choosing the frequency of their premium payments.

The products offer customers the flexibility of either choosing a single pay option or a limited pay option for premium payments over a period of five years, the company said in a statement.

Both these products allow customers to structure their asset allocation by choosing from a wide range of fund options.

"The product is aimed at aiding long-term wealth creation and providing significant value to customers. We will continue to build on our product and service offerings that meet the changing requirements of our customers," ICICI Prudential Life Insurance Executive Director Madhivanan Balakrishnan said.

On maturity of the policy, the customer can choose to receive the maturity benefit as a lumpsum or structured payout through the settlement option to meet one's financial goals, the statement added

Further, customers would be eligible for a loyalty bonus every year from the sixth year onward. This would be in addition to the maturity benefit payable by the company.