### ICICI Prudential Launches ICICI Pru Signature Pension Plan
ICICI Prudential Launches ICICI Pru Signature Pension Plan to Boost Retirement Savings for Customers
*Market-linked retirement savings plan offering 100% equity exposure*
- Up to 60% tax-free withdrawal from the fund
- Partial withdrawal option for unforeseen financial needs
- Premium add-on benefits ensure continuity in retirement planning
- Introduction of two new funds: Pension India Growth and Pension Balanced Fund
ICICI Prudential Life Insurance has launched the 'ICICI Pru Signature Pension' plan, a market-linked pension product designed to help customers build a retirement fund with low costs and tax-saving benefits. Planning for retirement is crucial for maintaining financial independence, and this product aids customers in saving for retirement while generating a steady income.
Speaking about the launch, Mr. Amit Palta, Chief Distribution Officer at ICICI Prudential Life Insurance, said, "We are pleased to introduce our market-linked pension product, ICICI Pru Signature Pension, which will assist customers in building their retirement funds and contribute to India’s growth."
This product offers customers the flexibility to invest 100% in equity, along with unlimited free switches between equity, debt, and balanced funds to maximize returns. The product also introduces two new funds: *ICICI Pru Pension India Growth Fund* and *ICICI Pru Pension Balanced Fund*.
The plan offers two options for customers to determine when they start receiving their income: 'Advance' (pre-retirement) and 'Postpone' (post-retirement). Those opting for the advance option will begin receiving income before retirement, while others can delay it until after retirement.
A key feature of the ICICI Pru Signature Pension plan is that customers can withdraw up to 60% of their accumulated savings tax-free upon policy maturity, with the remaining amount used to purchase an annuity to ensure lifelong income.
Mr. Palta further explained, "The premium add-on benefit waiver option ensures that the retirement plan remains intact even in the event of a serious illness or permanent disability caused by an accident. Additionally, partial fund withdrawals offer liquidity without disrupting the savings plan. Customers can also use the top-up facility to further boost their retirement savings."
He highlighted the company's strong claim settlement performance, noting that for FY 2024, the claim settlement ratio for individual death claims stands at 99.17%, with an average settlement time of 1.27 days for non-investigated claims, one of the best in the industry.
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