Leading life insurer ICICI Prudential Life Insurance recently introduced retirement solution having the scope of increasing the regular income option. According to a statement shared by the insurer on Tuesday, May 25, ICICI Prudential’s new retirement solution involves the combination of two variants of its ‘Guaranteed Pension Plan’. It is a customised retirement solution with increasing income, in order to meet the rising costs of living, said the insurer.
According to a press release, “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.”
Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “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 immediate annuity option allows policyholders to start receiving regular income immediately by paying a one-time premium. Whereas, the deferred annuity option provides the flexibility to start receiving income in the future, closer to the time of retirement.
Key benefits:
Guaranteed lifelong annuity: Pay once (purchase price) and get guaranteed regular income for your entire life (annuity)
Choose your retirement date: Choose to receive your annuity now or defer it by 1-10 years
Flexibility to receive annuity monthly, quarterly, half-yearly or yearly
Option to take the plan for single life or joint lives
Wide range of annuity options: Choose from 11 annuity options to suit your financial needs
Early return of purchase price options: Options to receive purchase price back from age 76 or at age 80
Return of purchase price option on death, critical illness or permanent disability due to accident
High purchase price benefit gives you additional annuity as per the purchase price slab and annuity option
ICICI Prudential Guaranteed Pension Plan is a major annuity product of the company and provides facilities such as 76 years of age or initial withdrawal of purchase price from the age of 80. It also includes permanent disability due to a serious illness or accident when the purchase is refunded or diagnosed at death.
