ICICI Prudential Launches 100% Refund Pension Plan
By Rediff Money Desk, MUMBAI Jan 18, 2024 19:19
ICICI Prudential Life Insurance introduces a new pension plan offering a 100% refund of premium paid at any time. The plan also provides loan against policy and guaranteed life-long income.
Mumbai, Jan 18 (PTI) ICICI Prudential Life Insurance on Thursday launched a new pension plan offering 100 per cent return at any stage of the policy, making it the industry's first annuity plan that offers to return full refund of premium paid at any time starting from the date of purchase.
The product is the first one after the regulator Irdai issued draft guidelines last November mandating insurers to return a higher amount on surrender of a policy mid-term.
In a statement, the company said this is the industry's first annuity product to give back 100 per cent of the premium paid at any time in alignment with the proposed regulations on offering policyholders fair and appropriate surrender value. The new product also offers loan against the policy to meet liquidity needs of the insured.
Customers can choose from an array of annuity options such as single-life option, in which the income is paid for as long as they live, or a joint-life option, where after one passes away, the income is paid to the spouse, child, parent or sibling, known as the secondary annuitant, the company said.
The new plan also offers guaranteed life-long income ensuring financial independence in the golden years. Particularly, the waiver of premium benefit ensures continuity of income for the spouse in case of the unfortunate demise of the policyholder.
The product is the first one after the regulator Irdai issued draft guidelines last November mandating insurers to return a higher amount on surrender of a policy mid-term.
In a statement, the company said this is the industry's first annuity product to give back 100 per cent of the premium paid at any time in alignment with the proposed regulations on offering policyholders fair and appropriate surrender value. The new product also offers loan against the policy to meet liquidity needs of the insured.
Customers can choose from an array of annuity options such as single-life option, in which the income is paid for as long as they live, or a joint-life option, where after one passes away, the income is paid to the spouse, child, parent or sibling, known as the secondary annuitant, the company said.
The new plan also offers guaranteed life-long income ensuring financial independence in the golden years. Particularly, the waiver of premium benefit ensures continuity of income for the spouse in case of the unfortunate demise of the policyholder.
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