Bangalore, November 25, 2024: ICICI Prudential Life Insurance has launched the ‘Increasing Income’ feature, an industry first, for its regular pay annuity product, ICICI Pru Guaranteed Pension Plan Flexi.
This feature offers customers a five percent increase in the annuity pay-out annually, which can aid retired individuals to cope with inflation.
ICICI Pru Guaranteed Pension Plan Flexi with the ‘Increasing Income’ feature can enable customers to maintain their standard of living as inflation reduces their purchasing power over time.
Mr. Amit Palta, Chief Product and Distribution Officer, ICICI Prudential Life Insurance, said, “Annuity products are designed to provide a guaranteed permanent income to retired individuals. We recognise that inflation impacts the standard of living of individuals, especially retirees who don’t get the benefit of a periodic hike in salary. To address this challenge, we have introduced the ‘Increasing Income’ feature. This is the first-of-its-kind feature in the industry being offered in our regular premium payment annuity product – ICICI Pru Guaranteed Pension Plan Flexi.
The introduction of the ‘Increasing Income’ feature exemplifies our approach in delivering enhanced experience to customers by equipping them with the essential resources to navigate their financial journey with confidence.”
Mr. Palta, further added, “we designed ICICI Pru Guaranteed Pension Plan Flexi to enable a broader segment of the country’s population to plan for retirement in advance giving them the flexibility to make wallet-friendly contributions over the long-term to build their desired retirement corpus.
As India continues its transition to becoming a developed economy, the interest rates are expected to fall. We believe, the current high-interest rate regime provides an excellent opportunity for customers to purchase an annuity product and lock-in the rate of interest and receive permanent guaranteed income for life.”
Mr. Palta, concluded, “we are committed to innovating across products and processes to deliver the right product to the right customer at the right price and through the right channel and enhance customer experience. Also, technology solutions implemented have enabled us to become the most customer and distributor friendly life insurance Company.
The ICICI Prudential Life Insurance brand is known for delivering on its promises made to customer and their families, this is reflected in our industry leading claim settlement ratio of 99.3% in H1-FY2025. Notably the average claim settlement turnaround time was just 1.2 days for non-investigated claims.”