ICICI Prudential Life Insurance offers pension solution

Hyderabad: Retired individuals haunt for regular flow of income in few cases of emergencies as cost of living keeps on rising and to aid their needs, ICICI Prudential Life Insurance has developed an innovative retirement solution by combining the Immediate and Deferred annuity options of Guaranteed Pension Plan.

B Srinivas, Head of Products, ICICI Prudential Life Insurance Company Limited said: "Covid-19 has caused disruption to lives and livelihoods and made consumers realise the importance of financial planning, with a special focus on retirement planning. The Guaranteed Pension Plan offers customers a guaranteed life-long regular income. The Guaranteed Pension Plan has been voted as the 'Product of the Year 2021', which in a way highlights the popularity of the product."

The solutions provided are in Immediate Annuity customers start receiving guaranteed regular income immediately on purchase. On the other hand, in Deferred Annuity, customers have the flexibility to begin receiving income in the future closer to retirement.

Customers have the option to defer the start of the income for a period of 10 years. The interest rate can be locked at the time of purchase for both options.

This product offers features like return of purchase price where in if the policyholder is diagnosed with specific critical illnesses or suffers from a permanent disability due to an accident.

The Joint Life Annuity option ensures that the guaranteed regular income is paid to the spouse in case of demise of the primary policyholder, providing them with financial security. Upon demise of the both policyholders the purchase price is paid out to the nominee.