ICICI Prudential Life Insurance launched the ICICI Pru Guaranteed Pension Plan Flexi with Benefit Enhancer, the industry’s first annuity plan. This plan provides consumers with a 100% return of premiums at any point after the purchase date, ensuring a lifetime income.
Customers can select Joint Life with Waiver of Premium, which waives future premiums in the case of the customer’s death. The product benefits are paid to the second annuitant or joint holder, who may be the spouse, parents, or children.
The strategy is consistent with the IRDAI’s proposed standards for providing consumers with fair surrender value and includes a borrowing option to assist handle unforeseen financial needs.
