ICICI Life Insurance launches pension plan with guaranteed, market-linked income
The product, ICICI Life Guaranteed Indexed Pension, allows customers to choose a guaranteed annuity component ranging from 60 to 100 per cent, with the remaining portion linked to the index, the company said in a release.
The product offers single-life and joint-life options with return of purchase price.
In the event of the death of the annuitant or the last surviving annuitant, the death benefit, equivalent to the total premiums paid, will be returned to the nominee, it said.
It also features an ‘Annuity Advance’ facility, allowing customers to receive up to 99 per cent of the next five years’ guaranteed annuity payments in advance as a lump sum to meet immediate liquidity requirements.
Customers can opt for monthly, quarterly, half-yearly or annual payouts. The product also provides access to health management and wellness services.
Vikas Gupta, Chief Product Officer of ICICI Life Insurance, said the product offered flexibility to balance guaranteed retirement income with the potential benefits of market performance, helping customers plan for longer retirement periods amid rising living costs.
