ICICI Prudential Life Insurance has registered a robust growth in its retirement business segment which grew 29% from Rs. 2,292 crore in FY2021 to Rs. 2,956 crore in FY2022. The retirement segment has witnessed a healthy growth. The Company launched an innovative annuity product, ICICI Pru Guaranteed Pension Plan, which provides guaranteed regular lifelong pension at a rate of interest that is locked-in at the time of purchase. It has been awarded the “Product of the Year 2021” in the Retirement and Pension category by Product of the Year (India) Private Limited, the world’s largest consumer-voted award for product innovation. With ICICI Pru Guaranteed Increasing Pension retirement solution, customers can receive increasing income that doubles after five years and triples after the 11th year, giving them the opportunity to potentially beat inflation.
Some other key features of the product include return of purchase price on being diagnosed with specified critical illnesses or on permanent disability due to an accident or on demise. Customers can get back their purchase price at age 76 or on turning 80 years depending on the plan option chosen. In FY2022, the Company launched ICICI Pru Guaranteed Pension Plan Flexi – an annuity product which provides flexibility to systematically make regular contributions towards building a retirement kitty.
Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance Company, said, “ICICI Pru Guaranteed Pension Plan, the award-winning annuity product provides the option to choose between ‘Immediate and Deferred’ annuity. Customers on the verge of retirement who want to receive regular income right away can opt for the ‘immediate annuity’ variant, while those still a few years away from retirement can choose the ‘deferred annuity’ variant, which offers the flexibility to obtain income at a later stage.”
