ICICI Prudential Life Insurance has launched a retirement plan that offers guaranteed life-long income to lead a financially independent retired life.
A non-linked non-participating individual annuity product, it provides customers with the flexibility to choose between immediate and deferred annuity.
The immediate annuity option enables customers to start receiving regular income immediately by paying a one-time premium. On the other hand, the deferred annuity option gives customers the flexibility to start receiving the income at any point later, for instance closer to their retirement.
Customers have the option to defer the start of income for a period of 10 years. Longer the deferment, higher will be the income.
To address the challenge of rising inflation, customers also have the option to top-up their contribution and thereby increase the income they receive.
"With a higher life expectancy, absence of any social security, rising inflation and healthcare costs, it is imperative for customers to plan for a secure retired life," said Amit Palta, Chief Distribution Officer at ICICI Prudential Life Insurance.
The product also allows return of the premium amount on diagnosis of specific critical illnesses and permanent disability. This is to ensure that a policyholder can use the funds to access medical care to treat the illness.
( With inputs from ANI )
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