ICICI Life Insurance Limited has launched ICICI Life Guaranteed Indexed Pension, a retirement income product aimed at addressing the financial challenges associated with increasing life expectancy, rising living expenses and the need for long-term income security.
The product combines lifelong guaranteed income with the potential for market-linked growth through the NIFTY 50 Total Return Index. Customers can choose a guaranteed annuity component ranging from 60% to 100%, with the remaining portion linked to the index, offering an opportunity to benefit from market performance while maintaining income stability during retirement.
Vikas Gupta, chief product officer at ICICI Life Insurance, said changing financial priorities and longer retirement periods have increased the importance of solutions that balance guaranteed income with growth potential. He said the product enables customers to select a level of guaranteed income suited to their needs while participating in market-linked growth.
The plan provides single-life and joint-life options, alongside a return of purchase price. Upon the death of the annuitant or the last surviving annuitant, the nominee receives a death benefit equivalent to the total premiums paid.
An ‘Annuity Advance’ facility allows customers to receive up to 99% of the next five years’ guaranteed annuity in advance as a lump sum, providing liquidity for immediate financial requirements. Payouts are available monthly, quarterly, half-yearly or annually.
The product also includes health management and wellness services, strengthening the insurer’s retirement portfolio under its ‘HarKalAasaan’ brand promise.
