ICICI Prudential Life Insurance has introduced the ICICI Pru Guaranteed Pension Plan Flexi with Benefit Enhancer, the first annuity plan in the industry offering a 100% refund of premiums. An annuity product provides customers with a guaranteed income for life enabling them to lead a financially independent retired life.
Customers can choose the Joint Life with Waiver of Premium in ICICI Pru Guaranteed Pension Plan, which waives off all future premiums in the event of the demise of the customer. Importantly, the product benefit of guaranteed regular life-long income will be paid out to the second annuitant or joint holder. Depending on the choice made by the customer the second annuitant can be the spouse, parents, children etc.
The IRDAI has proposed regulations for customers to receive fair surrender value, leading to the creation of the ICICI Pru Guaranteed Pension Plan Flexi with Benefit Enhancer. This product offers a loan facility to help customers manage unexpected financial obligations and maintain their retirement planning goals.
