ICICI Prudential Life Insurance has recently introduced a new pension product called ICICI Pru Gold Pension Savings. With the aim of helping individuals build a substantial retirement corpus, this tax efficient product allows customers to make systematic contributions.
It is the first product in India to offer guaranteed capital safety, complimentary health check-ups, and the ability to make partial withdrawals, according to the press release.
One of the features of ICICI Pru Gold Pension Savings is the option for customers to withdraw up to 25% of their contributions after a three-year period. This gives individuals the freedom to meet any liquidity needs that may arise. Additionally, the product offers annual bonuses, which can further bolster the retirement corpus and subsequent annuity.
As per press release, customers who choose ICICI Pru Gold Pension Savings will enjoy guaranteed benefits and the potential to receive annual bonuses. This ensures that the maturity amount is augmented, providing individuals with a stronger financial foundation for their retirement years.
On maturity, individuals can make a tax-free withdrawal of up to 60% of their accumulated savings. The remaining amount can then be converted into an annuity, providing individuals with a guaranteed source of lifelong income to achieve financial independence.
