ICICI Prudential Life Insurance has launched ‘ICICI Pru Guaranteed Pension Plan’. It is an innovative retirement plan that offers guaranteed life-long income to lead a financially independent retired life. A non-linked non-participating individual annuity product, it provides customers with the flexibility to choose between Immediate and Deferred Annuity.
The Immediate Annuity option enables customers to start receiving regular income immediately by paying a one-time premium. On the other hand, the Deferred Annuity option gives customers the flexibility to start receiving the income at any point later, for instance closer to their retirement. Customers have the option to defer the start of the income for a period of 10 years. Longer the deferment, higher would be the income. Among other options available to customers, they have the choice to select single or joint life options. In the single life option, regular income is paid to the policyholder for the whole life. In the joint life option, the income continues to be paid to the joint policyholder on demise of the primary policyholder.
