ICICI Prudential Life Insurance introduces an innovative retirement solution with increasing regular income option
ICICI Prudential Life Insurance has introduced an innovative retirement solution by combining two variants of its popular ‘Guaranteed Pension Plan’, which offers a guaranteed return on investments. This solution provides customers with increasing regular income that doubles after five years and triples after the 11th year, thereby shielding them against the rising cost of living.
In recognition of the innovative and industry-first features offered by the Company’s ‘Guaranteed Pension Plan’, it has been voted by consumers as ‘Product of the Year – Retirement and Pension Plans’ category. Product of the Year (POY) is the world’s largest consumer-voted award for product innovation in their respective categories.
Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “We are delighted that consumers have voted Guaranteed Pension Plan as ‘Product of the Year’. We believe, the industry-first features of this product resonated very well with consumers and is a testimony of our approach to developing innovative products. It is imperative that customers plan for their retirement and the solution offered by the ‘Guaranteed Pension Plan’ enables customers to receive increasing regular income and lead a financially self-sufficient retired life.”
The pandemic has made customers appreciate the importance of financial planning, and this is specially so for life after retirement. The customer-centric retirement or annuity products offered by the Company have enabled it to grow the annuity business segment by 120% in FY2021.
Annuity products enable customers to plan for their retirement and are available in two variants i.e. Immediate and Deferred Annuity. The Immediate Annuity option enables customers to start receiving regular income immediately by paying a one-time premium. On the other hand, the Deferred Annuity option gives customers the flexibility to start receiving income in the future; for instance closer to their retirement. Customers have the option to defer the start of the income for a maximum period of 10 years. Longer the deferment, higher would be the income.
ICICI Pru Guaranteed Pension Plan, is the Company’s flagship annuity product and offers industry-first features such as the early return of purchase price from the age of 76 years or on turning 80. It also includes others such as return of purchase on death or upon being diagnosed with specific critical illnesses or permanent disability due to an accident.