ICICI Prudential Life launches new product
ICICI Prudential Life Insurance Company Ltd (ICICI Prudential Life) has announced the launch of ICICI Pru Shubh Retirement.
This unit linked pension product is designed to protect the customer’s capital while capturing potential superior returns offered by equity as an asset class with the funds being invested in a combination of debt and equity This pension product can be purchased by customers in the age bracket ranging from 35 to 70 years. The maximum maturity age for this product is 80 years and the customers can choose a premium paying term of 5 or 10 years. “A significant majority of the working population of the country does not enjoy any state or employer sponsored post retirement benefit scheme. Therefore, retirement planning assumes greater importance to maintain financial independence as well as the current standard of living due to a growing trend of nuclear families, increased life expectancy and the ever rising cost of living,” said Mr Puneet Nanda, executive director, ICICI Prudential Life Insurance. [NT]