ICICI Prudential Life Insurance announced the launch of a unit linked pension product ICICI Pru Shubh Retirement. This plan is launched to address the growing need of post retirement income. This unit-linked pension product is designed to protect the customer’s capital while capturing potential superior returns offered by equity as an asset class with the funds being invested in a combination of debt and equity.
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). It has maintained its focus on offering a wide range of flexible products that meet the needs of the Indian customer at every step in life.
This pension product can be purchased by customers in the age bracket ranging from 35 to 70 years. The maximum maturity age for this product is 80 years and the customers can choose a premium paying term of five or ten years.
According to Mr. Puneet Nanda, Executive Director, ICICI Prudential, retirement planning assumes greater importance to maintain financial independence as well as the current standard of living due to a growing trend of nuclear families, increased life expectancy and the ever rising cost of living and this product will enable the customers to build up their capital during their working life and post retirement will give assured regular return in form of pension.