ICICI Prudential Life launches LifeStage Assure Pension

LifeStage Assure Pension is a unique market linked pension plan that assures guaranteed additions of up to 200% of their first year premium, giving investors an unmatched start towards accumulating for their retirement kitty. It provides consumers a simple yet effective platform to save systematically towards a financially secured retired life.

With average life expectancy advancing into the late 70s and significant number of people expected to live into their 90s, there is a great need to save for life post retirement. Research has shown that a very few Indians are saving or have saved enough money to live through their retirement even though everyone knows that it is imperative to secure one's old age needs to lead a comfortable retirement life. Saving towards building a retirement kitty also becomes critical for individuals as more than 96% of India's workforce has no formal mandated retirement provisions.

Speaking at the launch of LifeStage Assure Pension Plan, Mr. Anup Rau, Senior Vice President & Head - Sales, ICICI Prudential Life Insurance said,

"Research has shown that both life expectancy as well as cost of living are increasing. This simply means that we are living longer and after our retirement everything around us will be more costly than what it is today. In order to have a financially secure retired life, it is essential that we start saving from today. With a product like LifeStage Assure Pension we are providing a simple yet effective gateway for consumers to invest towards building their retirement kitty."

He further added, "Unique features such as guaranteed additions* help consumers to start investing immediately and not postpone their retirement planning decisions to a later date when the markets are on an upswing."

For the first time a pension plan is offering:
1. Guaranteed Additions of up to 200% of first year premium
2. Bonus (additional) units from 6th policy year onward
3. Investors can enjoy liquidity in the form of partial withdrawals
4. Death Benefit of Sum Assured PLUS Fund Value

Consumers can commence their investment in LifeStage Assure Pension with a minimum premium and enjoy a policy term from 15 years to 62 years. The minimum entry age starts at 18 years and the maximum entry age is 70 years.

Key features of LifeStage Assure Pension, include:
• Regular income (pension) post retirement
• Redistribute investments automatically between equity and debt; based on age by opting for Lifecycle Based Portfolio Strategy
• Increase investments as per convenience by investing surplus money over and above premiums as top ups
• Avail tax benefits on premiums paid and benefits received as per prevailing tax laws