ICICI Prudential Life Insurance has launched ICICI Pru Guaranteed Pension Plan Flexi, an everyday premium cost annuity product, which permits clients to systematically save and construct retirement financial savings over the long-term. This product has been particularly designed to assist one make common contributions in the direction of constructing a financial savings pool and obtain a life-long assured revenue to guide a financially impartial retired life.
To cater to the various wants of shoppers, ICICI Pru Guaranteed Pension Plan Flexi is out there in seven variants, the distinctive ones being Life Annuity with Accelerated Health Boosters and Life Annuity with Booster Payouts.
These distinctive variants have been designed for purchasers in search of annuity merchandise that provide assured life-long revenue together with extra liquidity to fulfill their healthcare and way of life wants.
With the Accelerated Health Booster possibility, the client will get extra payout on being identified with difficulties in performing actions of each day residing. This extra money stream is helpful as it may allow clients to fulfill bills in the direction of medical care.
The Booster Payout possibility gives people with 5 lump sum funds along with their annuity.
The ICICI Pru Guaranteed Pension Plan Flexi Joint Life Annuity possibility comes with the Waiver of Premium profit which is helpful in case of the demise of the primary holder in the course of the premium paying time period. In such a situation, all future premiums are waived off whereas guaranteeing the second or joint holder receives a life-long assured common revenue upon conclusion of the deferment interval. Upon the demise of the joint holder, the overall premiums invested are paid out to the nominee(s), which might act as a legacy planning instrument.
The product additionally permits for the Return of Premium and the choice to give up the coverage upon analysis of particular important diseases or everlasting disabilities. This ensures that clients can use the funds for medical therapy.
Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, stated, “The pandemic has disrupted livelihoods leading individuals to lay greater emphasis on safeguarding savings and income, especially on retirement. Typically, annuity products can be purchased by making a lump sum premium payment. Therefore, ICICI Pru Guaranteed Pension Plan Flexi has been specifically designed to provide flexibility to customers to make wallet-friendly regular contributions over the long-term to build the desired retirement savings pool.
ICICI Pru Guaranteed Pension Plan Flexi, a multi-purpose and innovative annuity product, provides additional liquidity by making payouts which enable customers to achieve financial goals or meet expenses towards medical treatment, as the case may be. As a rule of thumb, individuals require between 70%-90% of their pre-retirement income to lead a comfortable retired life. With rising prices, increasing healthcare costs and higher life expectancy, it is imperative that individuals have an annuity plan in their financial portfolio.”
Source: www.financialexpress.com”