ICICI Prudential Life Insurance launches new annuity plan: ICICI Pru Guaranteed Pension Plan Flexi

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ICICI Prudential Life Insurance has launched ICICI Pru Guaranteed Pension Plan Flexi, a regular premium payment annuity product, which enables customers to systematically save and build retirement savings over the long-term. This product has been specifically designed to address the need of customers to make regular contributions towards building a savings pool and receive a life-long guaranteed income to lead a financially independent retired life.

To cater to the varied needs of customers, ICICI Pru Guaranteed Pension Plan Flexi is available in seven variants, the unique ones being Life Annuity with Accelerated Health Boosters and Life Annuity with Booster Payouts. These unique variants have been designed for customers seeking annuity products that offer guaranteed life-long income along with additional liquidity to meet their healthcare and lifestyle needs.

With the Accelerated Health Booster option, the customer gets additional payout on being diagnosed with difficulties in performing activities of daily living. This additional cash flow is useful as it can enable customers to meet expenses towards medical care.

The Booster Payout option provides individuals with five lump sum payments in addition to their annuity. This can help customers to plan and achieve their post-retirement goals, such as travelling, starting a hobby, or gifting a grandchild using these periodic payouts.

The ICICI Pru Guaranteed Pension Plan Flexi Joint Life Annuity option comes with the Waiver of Premium benefit which is useful in case of the demise of the first holder during the premium paying term. In such a scenario, all future premiums are waived off while ensuring the second or joint holder receives a life-long guaranteed regular income upon conclusion of the deferment period. Upon the demise of the joint holder, the total premiums invested are paid out to the nominee(s), which can act as a legacy planning tool.

The product also allows for the Return of Premium and the option to surrender the policy upon diagnosis of specific critical illnesses or permanent disabilities. This ensures that customers can use the funds for medical treatment.