ICICI Prudential Life Insurance has launched a groundbreaking retirement product, ‘ICICI Pru Signature Pension,’ designed to align with India’s economic growth while providing robust retirement savings options. This market-linked pension plan allows investors to leverage up to 100% equity exposure, maximizing their potential returns in a growing economy.
The plan stands out with its flexibility, offering tax-free withdrawals of up to 60% of the accumulated fund value. Customers can also make partial withdrawals to address unexpected financial needs. Additionally, the waiver of premium add-on benefit ensures that the retirement plan remains uninterrupted in cases of critical illness or permanent disability.ICICI Pru Signature Pension introduces two new investment options: the ICICI Pru Pension India Growth Fund and the ICICI Pru Pension Balanced Fund. These funds provide diversified investment choices, including unlimited free switches between equity, debt, and balanced funds, enhancing the potential for optimized returns.
Mr. Amit Palta, Chief Distribution Officer at ICICI Prudential Life Insurance, emphasized the product’s flexibility, noting that customers can either advance or postpone their income start date according to their retirement plans. This feature supports early retirement or delayed income based on individual preferences.The product also boasts a high claim settlement ratio of 99.17% for individual death claims in FY2024, with an average settlement turnaround time of just 1.27 days for non-investigated claims, reflecting ICICI Prudential’s commitment to customer satisfaction.