Planning for retirement is becoming increasingly important as people live longer and face rising living expenses. Addressing these concerns, ICICI Life Insurance Limited has launched ICICI Life Guaranteed Indexed Pension, a retirement income product combining lifelong guaranteed income with the potential for market-linked growth.
The product allows customers to choose a guaranteed annuity component ranging from 60% to 100%, with the remaining portion linked to the NIFTY 50 Total Return Index. This provides an opportunity to benefit from market performance while maintaining a predictable income stream to support financial needs during retirement.
Vikas Gupta, chief product officer at ICICI Life Insurance, said increasing life expectancy, rising expenses and changing financial priorities have made flexible retirement solutions essential. He said the product enables customers to select a level of guaranteed income they are comfortable with while retaining the opportunity to benefit from market-linked growth.
The plan offers single-life and joint-life options, along with a return of purchase price. Upon the death of the annuitant or the last surviving annuitant, the nominee receives a death benefit equivalent to the total premiums paid.
An ‘Annuity Advance’ facility allows customers to receive up to 99% of the next five years’ guaranteed annuity in advance as a lump sum. Payouts can be scheduled monthly, quarterly, half-yearly or annually.
The product also provides health management and wellness services, supporting customers as they prepare for and navigate retirement, in line with the company’s ‘HarKalAasaan’ brand promise.