ICICI Prudential Life Insurance Company Ltd (ICICI Prudential Life) has announced the launch of ICICI Pru Shubh Retirement, a new policy for its clients throughout the country including Sikkim to address the growing need for post retirement income.
Stating this, Puneet Nanda, Executive Director, ICICI Prudential Life Insurance, told a gathering of ICICI clients, officials of the bank and other participants here that the Pension plan provides the comfort of Capital Guarantee and Flexibility to customers to choose their investment strategy.
He said that this unit-linked pension product was designed to protect the customer’s capital while attracting superior returns offered by equity as an asset class with the funds being invested in a combination of debt and equity.
This pension product can be purchased by customers in the age bracket of 35 to 70 years. The maximum maturity age for this product is 80 years and the customers can choose a premium paying term of 5 or 10 years.
According to the ICICI officials, the scheme builds retirement corpus through equity participation, protects savings from market downturns through Assured Benefit, offers three investment options during the accumulation period and ensures assured income for whole of life and provides option to receive 1/3rd of the accumulated value on retirement as a tax-free lump sum amount.
This is the only pension product which offers consumers the flexibility to choose their investment strategy namely, Aggressive, Moderate and Conservative, with varying levels of equity participation based on their risk appetite, they said.
This would enable consumers to build a corpus during their working years and receive assured regular pension post retirement.