Leading life insurer ICICI Prudential Life Insurance just lately launched retirement resolution having the scope of accelerating the common revenue possibility. According to a press release shared by the insurer on Tuesday, May 25, ICICI Prudential’s new retirement resolution includes the mixture of two variants of its ‘Guaranteed Pension Plan’. It is a personalized retirement resolution with rising revenue, so as to meet the rising prices of residing, mentioned the insurer. (Also Read: Exide Life Launches ‘Guaranteed Wealth Plus’ Insurance Plan: Check All Features )
According to ICICI Prudential Life Insurance, the brand new retirement resolution offers clients with rising common revenue which doubles after a interval of 5 years and triples after the 11th 12 months. This is more likely to protect the policyholders towards the rising prices of residing.
The annuity merchandise provided by insurance coverage firms allow policyholders to plan for his or her retirement. They can be found in two variants, specifically, quick and deferred annuity.
The quick annuity possibility permits policyholders to start out receiving common revenue instantly by paying a one-time premium. Whereas, the deferred annuity possibility offers the flexibleness to start out receiving revenue sooner or later, nearer to the time of retirement.
Policyholders have the choice to defer the beginning of the revenue for a most interval of 10 years. The longer the deferment, the upper could be the revenue.
On Tuesday, May 25, shares of ICICI Prudential Life Insurance settled 4.02 per cent decrease at Rs 531.05 apiece on the BSE.