ICICI Prudential Life Insurance Company, one of India`s leading private life insurers, launched LifeStage Pension, a unique unit linked retirement plan on Wednesday, Dec. 26.
The key highlight of the new plan is that it has no premium allocation charge for regular premiums, which means 100% of the investors` money is invested in the market. The plan also combines the benefits of automatic asset allocation and quarterly rebalancing along with capital preservation at maturity. This is to ensure investors that their savings towards creating a retirement kitty are managed appropriately, taking into account their risk appetite.
Other unique features of LifeStage Pension include, flexibility of choosing retirement age along with 5 annuity options, tax-free commutation to up to one-third of the accumulated value on retirement date and tax benefits on the premium paid u/s 80 CCC.
Bhargav Dasgupta, Executive Director, ICICI Prudential Life Insurance, said, ``It is critical that individuals have a long-term vision, while they create their retirement kitty. They must ensure that their investments have a proper mix of equity and debt elements based on their risk appetite, which will help create a healthy retirement kitty for them. LifeStage Pension with its unique features of automatic asset allocation, quarterly rebalancing and capital preservation at maturity ensures that investors can save towards their retirement, while taking advantage of India`s successful market scenario.``