Bengaluru : ICICI Life Insurance Limited has launched ICICI Life Guaranteed Indexed Pension, a retirement income product that offers customers a combination of Guaranteed Annuity and Variable Annuity. While the guaranteed component offers income stability to customers, the variable component helps them protect against inflation through index-linked income.
A key feature of the product is the flexibility to choose a guaranteed annuity component ranging from 60% to 100%, with the remaining portion is linked to the NIFTY 50 Total Return Index, enabling customers to participate in the market and provide an upside potential for retirement income in their golden years.
Commenting on the launch, Mr. Vikas Gupta, Chief Product Officer, ICICI Life Insurance, said, “With increasing life expectancy, individuals need to plan for a longer retirement period. Rising living expenses and changing financial priorities make it crucial to have retirement solutions that provide stability while also offering the potential for market-linked income growth.
With ICICI Life Guaranteed Indexed Pension, customers can choose the level of guaranteed income they are comfortable with along with the opportunity to benefit from market performance. This flexibility enables them to make informed choices and plan their retirement years with greater confidence and financial security.
The product offers single-life and joint-life options with return of purchase price. Upon unfortunate demise of the annuitant or the last surviving annuitant, death benefit equal to total premiums paid would be returned to the nominee.”
The product also offers additional flexibility for immediate liquidity needs of customer with ‘Annuity Advance’ feature. The feature allows customers to receive up to 99% of up to next five years of guaranteed annuity in advance as a lump sum, offering immediate liquidity when needed the most. Customers can choose to receive annuity payouts on a monthly, quarterly, half-yearly or yearly basis, depending on their financial requirements.
Additionally, the product also offers value-added services to customers, helping them to access health management and wellness services to support their broader needs as they prepare for and navigate retirement.
With this product launch, ICICI Life Insurance continues to strengthen its retirement solutions portfolio, offering customers greater choice and flexibility in planning for their long-term financial needs. The product reflects the Company’s broader commitment to making financial planning simpler, enabling customers to secure their future with greater confidence, in line with its brand promise of making ‘Har Kal Aasaan’ for its stakeholders.
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