ICICI Life Insurance Limited has launched ICICI Life Guaranteed Indexed Pension, a retirement income product designed to help customers secure a regular income for life while offering the potential to benefit from stock market performance.
The product allows customers to choose a guaranteed annuity component ranging from 60% to 100%, with the remaining portion linked to the NIFTY 50 Total Return Index. This combination aims to provide financial stability while offering the potential for retirement income growth to help address rising living costs.
Vikas Gupta, chief product officer at ICICI Life Insurance, said increasing life expectancy, rising expenses and changing financial priorities have made it important for individuals to plan for longer retirement periods. He said the product offers flexibility to choose a comfortable level of guaranteed income alongside the opportunity to benefit from market performance.
Customers can select single-life or joint-life options, with 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.
The plan also includes an ‘Annuity Advance’ facility, allowing customers to receive up to 99% of the next five years’ guaranteed annuity in advance as a lump sum to meet immediate financial needs.
Annuity payouts can be scheduled monthly, quarterly, half-yearly or annually. The product additionally offers health management and wellness services to support customers throughout retirement, reinforcing the company’s ‘HarKalAasaan’ brand promise.
