ICICI Prudential Life Insurance has recently introduced a new pension product called ICICI Pru Gold Pension Savings. With the aim of helping individuals build a substantial retirement corpus, this tax efficient product allows customers to make systematic contributions.
It is the first product in India to offer guaranteed capital safety, complimentary health check-ups, and the ability to make partial withdrawals, according to the press release.
Financial security and liquidity
One of the features of ICICI Pru Gold Pension Savings is the option for customers to withdraw up to 25% of their contributions after a three-year period. This gives individuals the freedom to meet any liquidity needs that may arise. Additionally, the product offers annual bonuses, which can further bolster the retirement corpus and subsequent annuity.
Guaranteed benefits and maturity amount
As per press release, customers who choose ICICI Pru Gold Pension Savings will enjoy guaranteed benefits and the potential to receive annual bonuses. This ensures that the maturity amount is augmented, providing individuals with a stronger financial foundation for their retirement years.
Tax-free withdrawal and annuity option
On maturity, individuals can make a tax-free withdrawal of up to 60% of their accumulated savings. The remaining amount can then be converted into an annuity, providing individuals with a guaranteed source of lifelong income to achieve financial independence.
Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “ICICI Pru Gold Pension Savings, a tax efficient product has been designed to enable customers to make regular contributions to build the required retirement fund to be financially independent. This product is a testament to our commitment to empower customers to achieve their retirement aspirations.”
Product features for customers
ICICI Pru Gold Pension Savings offers a range of attractive features for customers to enjoy. These include a capital guarantee, providing peace of mind that premiums paid are safeguarded against any market volatility. Additionally, customers can benefit from bonuses declared by the company, which will help grow their retirement corpus.
Furthermore, the policy includes complimentary health check-ups for individuals over the age of 50, as well as the option to take out a policy loan of up to 80% of the surrender value.
Tax benefits and flexibility
Customers can take advantage of tax benefits on both premiums paid and benefits received, in accordance with the prevailing tax laws. The product also offers flexibility in terms of premium payments, allowing individuals to choose whether to pay in a lump sum or over a period of time that suits their convenience.
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Published: 08 Feb 2024, 12:17 PM IST
