Jammu Tawi: ICICI Prudential Life Insurance has launched ‘ICICI Pru Signature Pension', a market linked pension product enabling customers to build a cost and tax efficient retirement fund. Retirement planning is a crucial activity and a must for all customers to be financially independent. This unique product helps customers to effectively plan for both the accumulation and income generation phases of retirement planning.
Announcing the launch Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance said, “We are happy to offer ICICI Pru Signature Pension, a market linked product which provides customers the opportunity to participate in the India growth story to build their retirement corpus.
This product allows customers to have a 100% exposure to equity besides offering unlimited free switches between equity, debt and balanced funds to maximise returns. With this product we are also offering two new funds – ICICI Pru Pension India Growth Fund and ICICI Pru Pension Balanced Fund.
ICICI Pru Signature Pension has a feature which allows customers to ‘advance' or ‘postpone' the income start date. Advancing the income start date can allow individuals to achieve their goal of early retirement. Whereas customers who wish to start receiving income on retiring can choose to postpone the income start date.He added, “Choosing the waiver of premium add-on benefit can ensure the retirement plan doesn't get disturbed due to a critical illness or permanent disability due to an accident. Also, the partial withdrawal feature can help customers overcome liquidity requirements without disturbing the savings plan. Customers can also use the top-up feature to make additional investments to boost their retirement savings.”
He concluded, “Our claim settlement ratio of 99.17% in FY2024 for individual death claims, with an average settlement turnaround time of just 1.27 days (non-investigated death claims) is one of the best in the industry.”
