The instant annuity function of the policy will allow policyholders to start out getting standard earnings quickly by paying a a single-time premium.
ICICI Prudential Life Insurance has launched ‘ICICI Pru Guaranteed Pension Plan’, a retirement strategy. This pension strategy will offer you assured life-lengthy earnings to lead a financially independent retired life.
This providing is a non-linked non-participating person annuity solution, which will provide policyholders with the flexibility to pick out in between instant and deferred annuity.
The instant annuity function of the policy will allow policyholders to start out getting standard earnings quickly by paying a a single-time premium. On the other hand, the deferred annuity solution provides policyholders the flexibility to start out getting the earnings at any point later, for instance, closer to their retirement. Policyholders also have the solution to defer the start out of the earnings for a period of 10 years. Note that, the longer the deferment, the larger would be the earnings.
The insurance coverage corporation says this pension strategy enables a single to strategy and lead a financially independent retired life. To address the challenge of increasing inflation policyholders also have the solution to prime-up their contribution and thereby enhance the earnings they get.
Among other selections readily available to consumers, they have the option to choose single or joint-life selections. In the single-life solution, standard earnings is paid to the policyholder for the complete life. In the joint-life solution, the earnings continues to be paid to the joint policyholder on the demise of the key policyholder. The solution also permits a return of the premium quantity on the diagnosis of distinct essential illnesses and permanent disability. The corporation says this will assure that the policyholder can use the funds to access health-related care to treat the illness.
ICICI Prudential Life Insurance Chief Distribution Officer, Amit Palta, says “With a higher life expectancy, absence of any social security, rising inflation, and healthcare costs, it is imperative for individuals to plan for a secure retired life. The ‘ICICI Pru Guaranteed Pension Plan’ is a versatile retirement planning product enabling customers to receive regular income immediately upon retiring or later – an option which will be relevant to people for whom retirement is still some time away.”