Two retirement products from ICICI Prudential

MUMBAI, AUG. 20. ICICI Prudential Life Insurance Company unveiled two retirement products as part of its plans to offer complete retirement solution package to the customers.

``ICICI Pru Forever Life is a flexible deferred pension plan with health riders while ICICI Pru Reassure is a single premium product with annual survival benefits", Ms. Shikha Sharma, managing director of ICICI Prudential Life Insurance Company, told newspersons here.The company has received Insurance Regulatory Development Authority approval for ICICI Pru Forever Life. The second product has been filed for approval with the IRDA, she said.

Ms. Sharma said the first plan was targeted to help the young and middle aged earning consumer to start retirement planning early while the second plan was for those on the verge of retirement or after retirement.

ICICI Pru Reassure offers safety and survival benefits in the range of 8.55 per cent to 9.20 per cent post-one year lock-in period, she said adding, under the current interest rate scenario the company could support the same. The company primarily invests in government securities and AAA and AA rated papers, she said.

The other product comes with four annuity options and also offers health cover till the age of 65 post-retirement.ICICI Prudential Life, which commenced operations in December last, has targeted one lakh policies for its schemes in the current fiscal, Ms. Sharma said.

- PTI

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Section  : Business
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