• Market linked retirement savings plan with the option of up to 100% equity exposure
• Tax-free withdrawal of up to 60% of the accumulated corpus
• Flexibility to make partial withdrawals to meet liquidity requirements
• Waiver of premium add-on benefit ensures the retirement planning journey is on track
• Two new funds offered – Pension India Growth and Pension Balanced Funds
September 3, 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.”
About ICICI Prudential Life Insurance Company (www.iciciprulife.com)
ICICI Prudential Life is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. The Company began operations in fiscal 2001 and has consistently been amongst the top private sector life insurance companies in India on a Retail Weighted Received Premium (RWRP) basis.
The Company offers an array of products in the Protection and Savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long-term financial goals. The digital platform of the Company provides a paperless buying experience to customers, empowers them to conduct an assortment of self-service transactions, provides a convenient route to make digital payments and facilitates a hassle-free claims settlement process.
The Company has introduced ICICI Pru Stack, a first-of-its kind suite of platform capabilities that combines digital tools and analytics. This innovative suite aims to enhance the understanding of customers’ requirements and enable distributors to offer suitable insurance products, deliver seamless experiences, and provide exceptional pre-and post-sale services. By deploying this comprehensive solution, the Company aspires to transform into the most customer-friendly and partnerable life insurance provider in the country.
As on July 31, 2024, the Company had an AUM of ` 3.14 lakh crore and a Total In-force sum assured of ` 35.12 lakh crore as on June 30, 2024. ICICI Prudential Life is listed on both the National Stock Exchange (NSE) Limited and the BSE Limited.
