ICICI Prudential Life launches industry’s first annuity plan with Zero Surrender Charges

Business MInutes

ICICI Prudential Life Insurance has launched ICICI Pru Guaranteed Pension Plan Flexi with Benefit Enhancer, the industry's first annuity plan which offers a 100% refund of premiums at any time from the date of purchase.

An annuity product provides customers with a guaranteed income for life enabling them to lead a financially independent retired life.

Customers can choose the Joint Life with Waiver of Premium in ICICI Pru Guaranteed Pension Plan, which waives off all future premiums in the event of the demise of the customer. Importantly, the product benefit of guaranteed regular life-long income will be paid out to the second annuitant or joint holder. Depending on the choice made by the customer the second annuitant can be the spouse, parents, children etc.

Recently, the IRDAI proposed regulations around providing customers with appropriate and fair surrender value, ICICI Pru Guaranteed Pension Plan Flexi with Benefit Enhancer has been designed in line with the proposed regulations which are aimed at increasing demand for life insurance products.

Significantly, to enable customers in managing unexpected financial obligations, the product offers a loan facility so that customers retirement planning goals are not compromised.


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