ICICI Life Insurance Limited has launched ICICI Life Guaranteed Indexed Pension, a retirement income product combining lifelong guaranteed income with the potential for market-linked growth, as the insurer expands its portfolio of long-term financial planning solutions.
The product allows customers to select a guaranteed annuity component ranging from 60% to 100%, with the remaining portion linked to the NIFTY 50 Total Return Index. The structure offers income stability while providing an opportunity to benefit from market performance and address the impact of inflation on retirement finances.
Vikas Gupta, chief product officer at ICICI Life Insurance, said increasing life expectancy, rising living expenses and changing financial priorities have strengthened the need for retirement products that balance guaranteed income with growth potential. He said the plan gives customers flexibility to determine their preferred level of guaranteed income while participating in market-linked growth.
The product offers single-life and joint-life options, along with a return of purchase price. Upon the death of the annuitant or the last surviving annuitant, the nominee will receive a death benefit equivalent to the total premiums paid.
An ‘Annuity Advance’ facility allows customers to receive up to 99% of the next five years’ guaranteed annuity in advance as a lump sum. Payouts are available monthly, quarterly, half-yearly or annually.
The plan also includes health management and wellness services, supporting the company’s broader strategy to strengthen retirement offerings under its ‘HarKalAasaan’ brand promise.