New Delhi: India's largest private lender, ICICI Bank has introduced a new insurance policy via its Prudential branch, with the name ICICI Pru Shubh Retirement. As the name goes, the policy is meant for those looking at a steady income during the retirement years, this plan is supposed to be providing the dual comfort of capital gurantee, and flexibility, thus giving the customers an ease of planning for their investments.
This unit-linked pension product was designed to protect the customer's capital while attracting 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 of 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.
The biggest advantage with this policy will be the selection of various levels of risk in investment, namely aggressive, moderate, and conservative. These levels define the hunger taking capacity of each investor, in terms of exposure to equity based funds. The Pru Shubh policy will yield the benefits via equity participation, protects savings from market downturns through Assured Benefit, offering 3 investment options during the accumulation period and ensures assured income for whole of life and provides option to receive 1/3rd of the accumulated value on retirement as a tax-free lump sum amount. In other words, it helps build up during one's work life and then, recieve the benefits during the retirement period.