The Hindu : Business : ICICI Prudential launches new pension plan

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Thursday, Jul 02, 2009
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ICICI Prudential launches new pension plan

Special Correspondent

HYDERABAD: ICICI Prudential Life has announced its new LifeStage Assure Pension (LSAP), a post-retirement pension plan, enabling consumers to save systematically and ensure financially secured retirement life.

The new plan has several features, including guaranteed additions of up to 200 per cent of first year premium, liquidity in the form of partial withdrawal after five years and death benefit of sum assured plus fund value. It envisages regular income (pension) post-retirement and consumers can increase investments by investing surplus money over and above the premium as top-ups.

Announcing the launch here on Wednesday, ICICI Prudential Executive Vice-President Anup Rau said the plan offered choice of two portfolio strategies — lifecycle-based and fixed and for those opting for lifecycle-based portfolio, investments would be redistributed automatically between equity and debt based on age. The plan was designed keeping in view the difficulties faced by retired people who barely manage to maintain their earlier lifestyles and run completely out of money, thereby losing financial independence. Consumers could commence their investments in LSAP with a minimum premium of Rs. 15,000 a year and enjoy policy term from 15 years to 62 years with minimum entry age pegged at 18 years and maximum 70.

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