ICICI Life Insurance Limited has launched its Guaranteed Indexed Pension plan, offering customers a combination of fixed lifelong income¹ and variable income² linked to the NIFTY 50 Total Return Index.
The product allows policyholders to select a guaranteed annuity component between 60% and 100%, with the balance linked to the index. This combination aims to provide income certainty while offering the potential to benefit from market movements and support retirement income against inflation.
According to Vikas Gupta, Chief Product Officer, ICICI Life Insurance, longer life expectancy and rising expenses make it important to have retirement solutions that offer both stability and the possibility of income growth. The new plan enables customers to choose a guaranteed income level that suits their requirements.
The product comes with single-life and joint-life options, along with a return of purchase price³. In the event of the death of the annuitant or the last surviving annuitant, the nominee receives an amount equal to the total premiums paid.
The ‘Annuity Advance’⁵ facility provides access to up to 99% of up to five years of future guaranteed annuity as a lump sum. Customers can select monthly, quarterly, half-yearly or annual payouts.
Health management and wellness services are also included as value-added benefits.