Pru ICICI AMC introduces gift certificates as investments

Our Banking Bureau
11 April 2003

There is an increasing trend, to present a gift that is more long-term and will serve a definite objective or aspiration. What can get better than gifting an investment solution that addresses the financial objectives, needs and aspirations of the loved ones? More so, gifting an investment solution suits all gifting purposes and occasions like on festivals like Diwali and Rakhi and occasions like birthdays and anniversaries.

Prudential ICICI has introduced the Gift Certificates after taking into consideration the need to offer their customers an easier and hassle-free means of gifting mutual fund units. Unlike other gift options, PruICICI''s Gift Certificate captures the imagination of a typical gifter who not only intends to gift money, but also wants the value of the gift to enhance in the hands of the recipient, over a period of time.

Here is an example on how a Gift Certificate works: Sishir Gupta, 55, lives in Delhi and has just taken a voluntary retirement scheme. It is his daughter-in-law''s birthday and she resides in Mumbai. He wants to send her a birthday present. The daughter-in-law is a modern, independent, working lady and hence the gift needs to be something substantial.

He is not willing to send her cash, so he goes to the PruICICI designated customer service centre. He fills a Gift Certificate form and submits a cheque to the customer service centre. Now the customer service officer enters the details in the Gift Certificate software and creates a personalised Gift Certificate. Gupta sends the Gift Certificate to his daughter-in-law. She either goes to the designated Mumbai branch or sends the duly filled and signed application form for encashing the Gift Certificate. She then can select any designated mutual fund schemes that Prudential ICICI has to offer.

Says PruICICI deputy CEO Pankaj Razdan: "Mutual fund gifting is not just a gift but a beginning of a valuable relationship which will be cherished and remembered with gratitude by the loved ones. It creates an opportunity for your loved ones, the habit of making informed investments in schemes that can help achieve their financial goals. It''s no wonder that the Gift Certificate product has been launched after taking into consideration the need to offer customers an easier and hassle-free means of gifting mutual fund units."

Gift Certificate is an ideal way to introduce loved ones to the concept of investing. It offers a wide range of schemes including equity, debt and balanced funds. The giftee as per his or her needs and time can choose the designated schemes that suits him or her the most. The positive side of the Gift Certificate is that instead of gifting lifestyle consumables like gadgets and jewellery or for that matter cash, one can chose to gift an option that addresses a long-term objective or need.