ICICI Prudential Life Insurance came out with a retirement remedy by combining two variants of its preferred ‘Guaranteed Pension Plan’, which provides a assured return on investments. This new strategy will provide policyholders with escalating normal revenue that doubles following 5 years and triples following the 11th year, thereby shielding them against the increasing price of living.
The organization says the pandemic has made shoppers appreciate the significance of monetary organizing, and this is specially so for life following retirement. This strategy will provide a customised retirement remedy with escalating revenue to meet the increasing price of living, specially for senior citizens.
ICICI Prudential’s ‘Guaranteed Pension Plan’, has been voted as ‘Product of the Year’ – beneath the Retirement and Pension Plans category by shoppers. Product of the Year (POY) is the world’s biggest customer-voted award for item innovation in their respective categories.
Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, says, “We are delighted that consumers have voted Guaranteed Pension Plan as ‘Product of the Year’. We believe, the industry-first features of this product resonated very well with consumers and is a testimony of our approach to developing innovative products. It is imperative that customers plan for their retirement and the solution offered by the ‘Guaranteed Pension Plan’ enables customers to receive increasing regular income and lead a financially self-sufficient retired life.”
Annuity goods allow shoppers to strategy for their retirement and are out there in two variants i.e. Immediate and Deferred Annuity. The Immediate Annuity choice enables shoppers to start off getting normal revenue right away by paying a one-time premium. On the other hand, the Deferred Annuity choice offers shoppers the flexibility to start off getting revenue in the future for instance closer to their retirement. Customers have the choice to defer the start off of the revenue for a maximum period of 10 years. The longer the deferment, the larger would be the revenue.
ICICI Pru Guaranteed Pension Plan is an annuity item and provides features such as the early return of buy cost from the age of 76 years or on turning 80. It also contains other people such as the return of buy on death or upon getting diagnosed with certain essential illnesses or permanent disability due to an accident.