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ICICI Prudential Life Insurance has launched ICICI Pru Guaranteed Pension Plan Flexi with Benefit Enhancer, industry’s first annuity plan that provides customers with the option to receive a 100% refund of premiums paid at any time starting from the date of purchase.
This product comes loaded with features which address all apprehensions customers may have around retirement planning. Customers can choose from an array of annuity options such as single life option, in which the income is paid for as long as they live, or a joint life option, where after one passes away, the income is paid to the spouse, child, parent or sibling – known as the secondary annuitant.
Notably, the Joint life option comes with a Waiver of Premium option. In this feature, in case of the unfortunate demise of the customer all future premiums are waived off and the secondary annuitant receives a life-long guaranteed regular income.Retirement planning is a non-negotiable goal and unexpected financial emergencies have the potential to disrupt this goal. To enable customers to tide over unexpected financial obligations, the product provides a loan facility, enabling customers to remain invested in the product and achieve the retirement planning goal.
Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “We are delighted to introduce ICICI Pru Guaranteed Pension Plan Flexi with Benefit Enhancer, a versatile annuity product designed to address the uncertainties that individuals may face when planning for their retirement. What sets this annuity product apart is the flexibility to get a 100% refund of the premiums paid at any time if they are unable to continue paying premiums.
This product offers guaranteed life-long income ensuring financial independence in the golden years. Particularly, the waiver of premium benefit ensures continuity of income for the spouse in case of the unfortunate demise of the policyholder.