ICICI Pru Life launches new annuity plan, guaranteed income for life

This plan has been designed for a happy life after retirement.

This plan provides additional liquidity to meet the lifestyle and healthcare needs after retirement and guarantees a lifetime income.

ICICI Prudential Life Insurance (ICICI Prudential Life Insurance) has launched ICICI Pru Guaranteed Pension Plan Flexi. It is a regular premium payment annuity product that allows customers to systematically save and save money over a long period of time. retirement ,Retirement) enables you to make savings. According to ICICI Pru Life, this product has been specifically designed to meet the need of the customers to make a regular contribution towards savings and a lifetime guaranteed income to lead a happy life after retirement.

ICICI Pru Guaranteed Pension Plan Flexi is available in seven variants according to the needs of the customers. One of these unique plans is Life Annuity with Accelerated Health Booster and Life Annuity with Booster Payout. These unique variants have been designed for customers looking for an annuity product. Under this plan, one gets guaranteed lifetime income along with additional liquidity to meet healthcare and lifestyle needs.

Customer gets extra payment in Accelerated Health Booster option. This helps the customers to meet the expenses related to medical care. The Booster Payout option provides individuals with five lump sum payouts in addition to their annuity. It can help clients plan and achieve their retirement goals.

Features of the plan-

ICICI Pru Guaranteed Pension Plan Flexi Joint Life Annuity Option comes with Waiver of Premium Benefit which is useful in case of death of the first holder during the premium paying term. In such a situation, all future premiums are waived off, while ensuring that the second or joint holder receives a guaranteed regular income for life at the end of the term. The total premium invested is paid to the nominee on the death of the joint holder.

There is also a return of product premium and an option to surrender the policy on treatment of specific critical illnesses or permanent disability. This ensures that the customers can use the funds for medical treatment.

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Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance said, “The pandemic has impacted livelihoods, leading to greater emphasis on protecting people’s savings and income, especially on retirement. Generally, annuity products can be purchased by paying a lump sum premium. Hence, ICICI Pru Guaranteed Pension Plan Flexi has been specially designed keeping in mind the investment for the long term post retirement. We are confident that the option of making regular premium payments will help a large section of the country’s population to plan for their bright future.