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| ICICI Pru Comes Up With New Annuity Product For Retirement Saving | | | ICICI Prudential Life Insurance has launched a new insurance product aimed at retirement saving. Named ICICI Pru Guaranteed Pension Plan Flexi, it is a regular premium payment annuity product, which, the insurer claims, allows the buyer to systematically save and build retirement savings over the long term.
It is available in seven variants, including options of Life Annuity with Accelerated Health Boosters and Life Annuity with Booster Payouts. The first option provides buyers with additional payout on being diagnosed with difficulties that hinder daily living, and can be used towards meeting expenses for medical care.
The Booster Payout option provides individuals with five lump sum payments in addition to their annuity. This promises to help customers plan and achieve their post-retirement goals, such as travelling, starting a hobby, or gifting with the help of payouts. This company claims that the product has been specifically designed for buyers who are seeking annuity products that offer guaranteed life-long income along with additional liquidity to meet their healthcare and lifestyle needs in their retirement years.
It will allow customers to make regular contributions towards building a savings pool and receive a life-long guaranteed income to lead a financially independent retired life, the company said.
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