The product can be purchased online.
ICICI Prudential Life Insurance Company has launched its unit linked plan called ICICI Pru Easy Retirement. This plan enables customers to build their retirement corpus in a cost effective and convenient manner. Higher the contribution and longer the contribution tenure, lower is the cost of building this corpus. Through a press release, it said that the plan safeguards the customers’ capital against market downturns through the capital guarantee feature, while providing customers the flexibility to choose their equity exposure according to their risk appetite.
The product rewards customers for continuing over the long term through pension boosters which add 5% of the fund value every five years after the tenth policy year onwards thereby enhancing the corpus built which provides regular income for life. Another avenue for customers to reduce outflow towards premiums is to continue paying throughout the term of the policy. This effectively ensures that there is minimal impact on the existing standard of living. However, customers have the flexibility to choose the premium paying term to build a corpus to ensure regular income to maintain their lifestyle post retirement. Importantly, a switch facility is available to customers to modify the asset allocation for maximizing returns.
Puneet Nanda, Executive Director, said “ICICI Pru Easy Retirement is compliant with the new regulations prescribed by IRDA, which make life insurance products a compelling proposition for customers. Our core philosophy has always been to offer products which enable customers to meet their long term financial goals. Importantly, this product allows customers to build their retirement corpus in a cost effective and convenient manner. A retirement plan is a long-term plan and needs a disciplined savings approach which is rewarded by the power of compounding. ICICI Pru Easy Retirement is a plan designed to inculcate a long term savings habit thereby enabling customers to build a corpus that will provide for regular income post retirement.”