ICICI Life Launches Guaranteed Indexed Pension Plan With Market-Linked Retirement Income

Mumbai, Oct 26, KNT: ICICI Life Insurance Limited has launched the ICICI Life Guaranteed Indexed Pension, a retirement income product combining lifelong guaranteed annuity payments with a variable income component linked to the NIFTY 50 Total Return Index.

The product allows customers to allocate 60% to 100% of their purchase amount to the guaranteed annuity component, with the remaining portion linked to the index. The structure is designed to provide income stability while offering the potential for income growth linked to market performance.

Vikas Gupta, Chief Product Officer at ICICI Life Insurance, said longer life expectancy, rising living costs and changing financial priorities had increased the need for retirement solutions that combine predictable income with the potential to address inflation.

The product offers single-life and joint-life options, along with a return-of-purchase-price feature. According to the company, upon the death of the annuitant or the last surviving annuitant, the nominee will receive a death benefit equivalent to the total premiums paid, subject to the product’s terms and conditions.

It also includes an ‘Annuity Advance’ facility, allowing customers to receive up to 99% of the next five years of guaranteed annuity payments in advance as a lump sum, providing liquidity for immediate financial needs.

Customers can opt for monthly, quarterly, half-yearly or annual annuity payouts. The product also includes health management and wellness services to support customers during retirement.

The company said the plan is intended to give customers greater flexibility in balancing guaranteed retirement income with potential market-linked returns. [KNT]

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