The ICICI Prudential Life Insurance in a statement said that the savings scheme offers customers safety of the capital invested, complimentary health check-ups and make partial withdrawals.
New Delhi: Here comes a big update for bank customers. The ICICI Prudential Life Insurance has launched ICICI Pru Gold Pension Savings scheme which will enable customers to make systematic contributions and later will help in the desired retirement corpus to lead financially independent life.
The ICICI Prudential Life Insurance in a statement said that the savings scheme offers customers safety of the capital invested, complimentary health check-ups and make partial withdrawals.
Investors Can Withdraw 25% Of Contributions
As part of the plan, the investors can withdraw up to 25% of the contributions made after a period of three years enabling them to meet liquidity needs. Apart from this, the annual bonus, as and when declared, has the potential to further bolster the corpus and consequently the annuity.
It should be noted that the ICICI Pru Gold Pension Savings scheme empowers customers, upon maturity to withdraw up to 60% of the accumulated savings and receive guaranteed regular life-long pension from the balance amount, enabling financial freedom during the golden years.
What Amit Palta Said on New Scheme
Talking about the new scheme, Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, told FE that the retirement planning has assumed great importance with the rapidly changing family structures in the country.
He added that the ICICI Pru Gold Pension Savings, a tax efficient product, has been designed to enable customers to make regular contributions to build the required retirement fund to be financially independent.
“We are cognizant of retirement planning being a long-term process and that customers’ financial circumstances can change. The partial withdrawal feature of up to 25% empowers customers to meet liquidity requirements without disrupting the retirement savings plan. This is India’s first retirement planning product which offers both partial withdrawals and safety of capital invested. To ensure customers achieve their retirement planning goal, the complimentary health check-up feature which we believe will benefit customers in their planning process,” he added.
What This Scheme Offers:
The new scheme ICICI Pru Gold Pension Savings offers a component of guaranteed benefit and annual bonus if declared, which has the potential to augment the maturity amount. Apart from this, the customers can make a tax-free withdrawal of up to 60% of the accumulated savings on maturity and convert the balance into an annuity to receive guaranteed life-long income to be financially independent.