Bengaluru, August 29th, 2024: ICICI Prudential Life Insurance launched ‘ICICI Pru Signature Pension’, a market linked pension product enabling customers to build a cost and tax efficient retirement plan. Retirement planning is a crucial activity and a must for all customers to be financially independent. This unique product helps customers to effectively plan for both the accumulation and income generation phases of retirement planning.
Announcing the launch Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance said, “We are delighted to offer ICICI Pru Signature Pension, a market linked product which enables customers to participate in the India growth story to build their retirement corpus.
This product allows customers to have a 100% exposure to equity besides offering unlimited free switches between equity, debt and balanced funds to maximise their returns. With this product we are also offering two new funds – ICICI Pru Pension India Growth Fund and ICICI Pru Pension Balanced Fund.
Notably, the feature of ‘advancing’ or ‘postponing’ the income start date can enable the Financial Independence Retire Early (FIRE) generation to achieve their early retirement goals. Whereas customers who wish to start receiving income on retiring can choose to postpone the income start date.
Importantly, the product allows customers to make a tax-free withdrawal of up to 60% of the accumulated savings at the end of the policy tenure with the balance required to be deployed to purchase an annuity to receive guaranteed lifelong income.”
He added, “Opting for the waiver of premium add-on benefit will insulate the retirement plan from being disrupted due to a critical illness or permanent disability due to accident. The partial withdrawal feature can aid in overcoming liquidity requirements without disturbing the savings plan. Also, the top-up feature allows customers to make additional investments to boost their retirement savings.”
He said, “Our objective has been to be a one-stop shop when it comes to Retirement Planning – this could be through the industry-first annuity offering which allows 100% moneyback or in the form of a market-linked pension plan like ICICI Pru Signature Pension”
He concluded, “We are committed to delivering on the promise we make to our customers. This is reflected in our industry-leading claim settlement ratio of 99.17% in FY2024 (individual death claims) with an average claim settlement turnaround time of just 1.27 days for non-investigated retail death claims.”