ICICI Prudential announces 29 percent Growth in Retirement Business

ICICI Prudential Life Insurance has announced that its retirement business segment grew 29% from Rs. 2,292 crore in FY2021 to Rs. 2,956 crore in FY2022.

The retirement segment has witnessed a healthy growth as persistent low interest rates on fixed income instruments, rising inflation, volatile market returns and the overall economic fallout due to COVID-19 have got consumers thinking about how to make their money last in their retirement. Individuals are therefore looking for regular income post retirement and annuity products are one of the best tools available for them to secure their golden years.

To address the customers’, need for financial security on retirement, the Company launched, an innovative annuity product, ICICI Pru Guaranteed  Pension Plan, which provides guaranteed regular lifelong 
pension at a rate of interest that is locked-in at the time of purchase. 

Any volatility in interest rates of other fixed income instruments does not affect the pension amount. By selecting the Joint Life option, customers can ensure their spouse receives the same guaranteed regular income after they are no more, and be financially independent.

ICICI Pru Guaranteed Pension Plan has been well received by customers. It has been awarded the “Product of the Year 2021” in the Retirement and Pension category by Product of the Year (India) Private Limited, the world’s largest consumer-voted award for product innovation saidMr. AmitPalta, Chief Distribution Officer, ICICI Prudential Life Insurance Company,