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Today Date : Friday, April 19, 2024

ICICI Prudential launches a tax efficient pension product

ICICI Prudential launches a tax efficient pension product

ICICI Prudential Life Insurance has launched ICICI Pru Gold Pension Savings, a tax-efficient pension product that allows customers to make systematic contributions to build a retirement corpus for financially independent retirement lives. This is India's first product offering capital invested safety, complimentary health check-ups, and partial withdrawals.

Customers can withdraw up to 25% of their contributions after three years, meeting liquidity needs without disrupting the retirement savings plan. The annual bonus can further bolster the corpus and annuity. Upon maturity, customers can withdraw up to 60% of their accumulated savings and receive a guaranteed regular life-long pension from the balance amount, enabling financial freedom during the golden years.

The product also includes a component of guaranteed benefit and an annual bonus if declared, which can augment the maturity amount. Customers can make a tax-free withdrawal of up to 60% of their accumulated savings on maturity and convert the balance into an annuity to receive guaranteed life-long income. This product aligns with ICICI Prudential Life Insurance's strategy of offering innovative life insurance solutions that cater to the evolving financial landscape and individual needs.