NEW DELHI: ICICI Prudential Life Insurance has introduced a retirement solution by combining two variants of ‘Guaranteed Pension Plan’ (deferred and immediate annuity), which offers a guaranteed return on investments.
According to a press release, “This solution provides customers with increasing regular income that doubles after five years and triples after the 11th year, thereby shielding them against the rising cost of living.”
The annuity products enable customers to plan for their retirement and are available in two variants i.e. immediate and deferred annuity. The immediate annuity option allows customers to start receiving regular income immediately by paying a one-time premium. On the other hand, the deferred annuity option gives customers the flexibility to start receiving income in the future, for instance closer to retirement. Customers have the option to defer the start of the income for a maximum period of 10 years. The longer the deferment, the higher would be the income.
Key benefits:
Guaranteed lifelong annuity: Pay once (purchase price) and get guaranteed regular income for your entire life (annuity)
Choose your retirement date: Choose to receive your annuity now or defer it by 1-10 years
Flexibility to receive annuity monthly, quarterly, half-yearly or yearly
Option to take the plan for single life or joint lives
Wide range of annuity options: Choose from 11 annuity options to suit your financial needs
Early return of purchase price options: Options to receive purchase price back from age 76 or at age 80
Return of purchase price option on death, critical illness or permanent disability due to accident
High purchase price benefit gives you additional annuity as per the purchase price slab and annuity option
The top-up option lets you increase your annuity and benefit from a high purchase price
The ICICI Pru Guaranteed Pension Plan annuity product offers a benefit of early return of purchase price from the age of 76 years or on turning 80. It also offers return of purchase on death or upon being diagnosed with specific critical illnesses or permanent disability due to an accident.
