ICICI Prudential launches new annuity plan with booster payout benefit

ICICI Prudential Life Insurance has launched ICICI Pru Guaranteed Pension Plan Flexi, a regular premium payment annuity product, which enables customers to systematically save and build retirement savings over the long-term. 

According to a communication from the organisation, the product has been specifically designed to address the need of customers to make regular contributions towards building a savings pool and receive a life-long guaranteed income to lead a financially independent retired life.

To cater to the varied needs of customers, ICICI Pru Guaranteed Pension Plan Flexi is available in seven variants, the unique ones being Life Annuity with Accelerated Health Boosters and Life Annuity with Booster Payouts. 

The Booster Payout option provides individuals with five lump sum payments in addition to their annuity. This can help customers to plan and achieve their post-retirement goals, such as travelling, starting a hobby, or gifting a grandchild using these periodic payouts.