On Friday, ICICI Prudential Life Insurance announced that it has launched an innovative retirement plan, offering guaranteed life-long income. The plan is a non-linked non-participating individual annuity product, which provides its customers with an option to choose between immediate and deferred annuity.
The product offers an immediate annuity option that enables its customers to start receiving regular income immediately by paying a one-time premium while the deferred annuity option gives the customers, flexibility to start receiving income much later i.e. around the retirement period. In addition, the customers will have an option to defer the amount for a period of 10 years with a higher income.
Commenting on the launch, Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, stated that the company is delighted to introduce a guaranteed life-long income solution for its customers that can provide certainty in today’s unpredictable times.
At 3.30 pm on Friday, the stock of ICICI Prudential Life Insurance was trading at Rs 482.35 per share, up by 0.11 per cent or Rs 0.55 per share, against a 0.15 per cent gain in the benchmark index. The 52-week high is recorded at Rs 533.75 while its 52-week low is Rs 221.95 on BSE.
— to www.dsij.in