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ICICI Prudential Life Insurance launches a new annuity plan: ICICI Pru Guaranteed Pension Plan Flexi
Posted May 5, 2022
- Offers the flexibility to make regular contributions and systematically build retirement savings
- Accelerated health boosters and reminder payments for extra cash to meet financial obligations
- The joint and survivor annuity option offers a premium waiver feature providing financial security to the secondary owner
Bombay : ICICI Prudential Life Insurance has launched ICICI Pru Guaranteed Pension Plan Flexi, a regular premium annuity product, which allows customers to save systematically and build long-term retirement savings. This product has been specifically designed to meet clients’ need to regularly contribute to a savings pool and receive guaranteed income for life to lead a financially independent retirement life.
To meet the varied needs of customers, ICICI Pru Guaranteed Pension Plan Flexi is available in seven variants, the unique ones being Life Annuity with Accelerated Health Boosters and Life Annuity with Booster Payouts. These unique variants were designed for clients looking for annuity products that provide guaranteed income for life as well as additional cash to meet their health care and lifestyle needs.
With the Accelerated Health Booster option, the customer receives an additional payment if they are diagnosed with difficulties in performing activities of daily living. This extra cash flow is useful because it can help customers meet medical expenses.
The Booster Payout option provides individuals with five lump sum payments in addition to their annuity. This can help clients plan and achieve their post-retirement goals, such as traveling, starting a hobby, or providing for a grandchild using these periodic payments.
The ICICI Pru Guaranteed Pension Plan Flexi Joint Life Annuity option comes with the premium waiver benefit which is useful in the event of the death of the first holder during the premium payment period. In such a scenario, all future premiums are forfeited while ensuring that the second or co-owner receives a guaranteed regular income for life at the end of the deferment period. On the death of the co-holder, all of the premiums invested are paid to the candidate(s), which can be used as a tool for wealth planning.
The product also allows for premium refunds and the ability to surrender the policy upon diagnosis of specific critical illnesses or permanent disabilities. This ensures that customers can use the funds for medical treatment.
Mr. Amit Palta, Distribution Manager, ICICI Prudential Life Insurance, said: “The pandemic has disrupted livelihoods, causing individuals to place greater emphasis on safeguarding savings and income, especially in retirement. Generally, annuity products can be purchased by paying a lump sum premium. Therefore, ICICI Pru Guaranteed Pension Plan Flexi has been specifically designed to provide clients with the ability to make regular, portfolio-friendly contributions over the long term to build the desired retirement savings pool. We believe that the option of making regular bonus payments will allow more of the country’s population to plan ahead for their golden years. This is in line with our vision to build a sustainable institution that responds sensitively to clients’ long-term savings and protection needs. As a customer-centric organization, we constantly strive to develop products that meet customer needs while our digital platform provides them with an immersive, hassle-free experience throughout the policy lifecycle.
ICICI Pru Guaranteed Pension Plan Flexi, a versatile and innovative annuity product, provides additional liquidity by making payments that enable clients to meet financial goals or cover medical treatment costs, as appropriate. Typically, individuals need 70% to 90% of their pre-retirement income to lead a comfortable life in retirement. With rising prices, rising health care costs and increasing life expectancies, it is imperative that individuals have an annuity plan in their financial portfolio.