Market experts predict a decline in India’s interest rates from around 7% in the coming months, providing customers with an opportunity to lock in their annuity investments at the current rate. Pension or annuity products offered by life insurance companies provide guaranteed, regular lifelong income.
These products are locked-in at purchase, making them ideal for retirees who prefer steady income without interest rate fluctuations. As interest rates are expected to fall, customers can lock in their investment at the current interest rate.
The ICICI Pru Guaranteed Pension Plan Flexi stands out among annuity products as it helps customers build a retirement fund by making systematic investments. This ensures a sure and stable income after retirement, which is particularly beneficial in a market like India where interest rates are predicted to decline. Additionally, a variant of this plan offers a unique feature which provides a 100% refund of all premiums paid, making it the life insurance industry’s first such product.
