ICICI Prudential Life has introduced the ICICI Pru Guaranteed Pension Plan Flexi with Benefit Enhancer, the first annuity plan in the industry with zero surrender charges. This plan offers a 100% refund of premiums at any time from the purchase date, providing customers with guaranteed income for life.
Customers can choose the Joint Life with Waiver of Premium, which waives off future premiums in the event of the customer’s death.
The product benefits of guaranteed regular life-long income are paid out to the second annuitant or joint holder, who can be the spouse, parents, or children. The plan aligns with IRDAI’s proposed regulations for providing customers with appropriate and fair surrender value, aiming to increase demand for life insurance products. Additionally, the product provides a loan facility to help customers manage unexpected financial obligations.
