HT Bureau
GUWAHATI, May 8: ICICI Prudential Life Insurance has launched ICICI Pru Guaranteed Pension Plan Flexi, a regular premium payment annuity product, which enables customers to systematically save and build retirement savings over the long term. This product has been specifically designed to address the need of customers to make regular contributions towards building a savings pool and receive a life-long guaranteed income to lead a financially independent retired life.
The plan is available in seven variants including Life Annuity with Accelerated Health Boosters and Life Annuity with Booster Payouts. These unique variants have been designed for customers seeking annuity products that offer guaranteed life-long income along with additional liquidity to meet their healthcare and lifestyle needs. With the Accelerated Health Booster option, the customer gets an additional payout on being diagnosed with difficulties in performing activities of daily living. This additional cash flow is useful as it can enable customers to meet expenses for medical care. The Booster Payout option provides individuals with five lump-sum payments in addition to their annuity.
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The ICICI Pru Guaranteed Pension Plan Flexi Joint Life Annuity option comes with the Waiver of Premium benefit which is useful in case of the demise of the first holder during the premium paying term. In such a scenario, all future premiums are waived off while ensuring the second or joint holder receives a life-long guaranteed regular income upon the conclusion of the deferment period.
Amit Palta, chief distribution officer, ICICI Prudential Life Insurance, said, “The pandemic has disrupted livelihoods leading individuals to lay greater emphasis on safeguarding savings and income, especially on retirement. Typically, annuity products can be purchased by making a lump-sum premium payment. Therefore, ICICI Pru Guaranteed Pension Plan Flexi has been specifically designed to provide flexibility to customers to make wallet-friendly regular contributions over the long term to build the desired retirement savings pool. We believe the option to make regular premium payments will enable a larger section of the country’s population to plan for their golden years in advance.”
