ICICI Prudential Life Insurance Launches ICICI Pru Guaranteed Pension Plan Flexi With Benefit Enhancer

• Industry’s first annuity product to give back 100% of premiums paid at any time
• Joint-life with Waiver of Premium option ensures the financial security of the spouse
• Offers loan against policy to meet liquidity needs due financial exigencies
• In alignment with the proposed regulations on offering policyholders fair and appropriate surrender value 

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.

Significantly, this product is in line with the proposed regulations, which aim to ensure customers receive a fair and appropriate surrender value, particularly in the event of an early exit from the policy.

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 industry-first feature is in alignment with the regulator’s proposal and our belief that insurance products should not only nudge customers towards long-term savings but also provide an exit route for customers facing financial constraints.

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.

Given the increasing life expectancy, changing family structures and rising healthcare costs, individuals must plan for retirement with products that provide guaranteed income throughout their lives. ICICI Pru Guaranteed Pension Plan Flexi offers customers the certainty needed for a financially secure retired life.”