ICICI Prudential Life Insurance has developed an innovative retirement solution by combining the Immediate and Deferred annuity options of Guaranteed Pension Plan. This solution can offer customers guaranteed regular income which addresses the challenge of rising cost of living. ‘Guaranteed Pension Plan’ is an annuity product which offers the Immediate and Deferred Annuity options.
In Immediate Annuity customers start receiving guaranteed regular income immediately on purchase.
Customers have the option to defer the start of the income for a period of 10 years; longer the deferment, higher is the income. In both options the interest rate at which the regular income will be paid is locked in at the time of purchase. Mr. B. Srinivas, Head of Products, ICICI Prudential Life Insurance Company Limited said, “The Guaranteed Pension Plan offers customers a guaranteed life-long regular income. The Guaranteed Pension Plan has been voted as the ‘Product of the Year 2021’, which in a way highlights the popularity of the product.”
