ICICI Prudential Life Insurance introduces ICICI Pru Guaranteed Pension Plan Flexi with ‘benefit enhancer’; details here

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ICICI Prudential Life Insurance recently introduced the ICICI Pru Guaranteed Pension Plan Flexi with “benefit enhancer", the industry's inaugural annuity plan offering customers the flexibility to receive a full premium refund at any point from the date of purchase. This product offers a variety of annuity options. Customers can opt for a single life option, ensuring income for their lifetime, or choose a joint life option.

In the latter, after one annuitant passes away, the income is extended to the spouse, child, parent, or sibling, referred to as the secondary annuitant. Significantly, the joint life option includes a waiver of the premium feature. In the event of the customer's untimely demise, all future premiums are waived, ensuring the secondary annuitant continues to receive a lifelong guaranteed regular income.

Retirement planning is an essential objective, and unforeseen financial emergencies can jeopardise this goal. To assist customers in overcoming unexpected financial obligations, the product offers a loan facility. This allows customers to stay invested in the product and work towards achieving their retirement planning objectives.

Notably, this product aligns with the forthcoming regulations, which seek to guarantee that customers are provided with a fair and suitable surrender value, especially when opting for an early exit from the policy. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “We are delighted to introduce ICICI Pru Guaranteed Pension Plan Flexi with Benefit Enhancer, a versatile annuity product designed to address the uncertainties that individuals may face when planning for their retirement. What sets this annuity product apart is the flexibility to get a 100%