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ICICI Prudential Life Insurance Introduces 'Increasing Income' Feature with 5% Annual Annuity Product.

Banking & Finance | Dated: 30 Nov 2024

ICICI Prudential Life Insurance has launched the industry's first 'Increasing Income' feature in its regular pay annuity product, ICICI Pru Guaranteed Pension Plan Flexi. This feature offers a 5% annual increase in the annuity pay-out, helping retirees manage inflation and maintain their standard of living.

🎯 Key Highlights:

  • - The Increasing Income feature allows policyholders to receive a guaranteed income stream that rises every year, ensuring that retirees' purchasing power is preserved over time.
  • - As inflation diminishes the value of fixed incomes, this feature enables retirees to sustain their standard of living despite rising costs.

💡 Other Important Facts:

  • (i) The ICICI Pru Guaranteed Pension Plan Flexi with this new feature provides retirees with both financial security and flexibility. The plan lets customers make affordable long-term contributions and build a sufficient retirement corpus while ensuring a consistent income that grows each year.
  • (ii) With India progressing toward a developed economy and expected interest rate reductions, ICICI Prudential Life sees the current high-interest rate environment as an ideal opportunity for customers to lock in annuity rates and secure a permanent, guaranteed income for life.

📚 Test Your Knowledge:

What is the annual increment rate offered in ICICI Prudential Life Insurance's 'Increasing Income' annuity product?

Correct Answer: 5%

🚀 Quick Recap: