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.
ICICI Pru Guaranteed Pension Plan offers a Joint Life with Waiver of Premium option, which waives future premiums in case of customer death. The product benefits guaranteed regular life-long income are paid to the second annuitant or joint holder, who can be the customer’s spouse, parents, or children.
The IRDAI has proposed regulations for customers to receive fair surrender value, and ICICI Pru Guaranteed Pension Plan Flexi with Benefit Enhancer has been designed to meet the increasing demand for life insurance products. Significantly, to enable customers in managing unexpected financial obligations, the product offers a loan facility so that customer’s retirement planning goals are not compromised.
