ICICI Prudential Life Insurance today announced that it will target the Non Resident Indian (NRI) segment by offering Annuity solution. The annuity product – ‘ICICI Pru Immediate Annuity’ is structured in a unique manner which addresses the needs of the NRI’s by ensuring a regular flow of income to the ageing parent(s) in India.
ICICI Pru Immediate Annuity provides the following benefits and features:
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Guaranteed Income for Life of the parent – the parents of the NRI will receive annuities for life at a fixed rate of interest and will not be affected by changes in interest rates or market volatility
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Return of the original investment to the NRI – The original investment that has been used to purchase the annuity for the parents will be repatriated to the NRI in the event of the parent passing away
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These repatriated funds can then be used by the NRI to fund his/her children’s higher education, marriage or other such significant milestones
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The NRI purchasing ‘ICICI Pru Immediate Annuity’ could earn a higher rate of interest vis-à-vis his current country of residence.
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Easy, hassle-free one time transaction for the NRI with no burden of periodically transferring funds. Additionally, the regular income to the parent(s) commences instantly upon purchase
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Prompt issuance without any requirement of medical tests
The process for enabling regular monetary support to dependents through ICICI Pru Immediate Annuity is extremely simple. An NRI is required to open a Non Resident – External (NRE) Savings account and invest the principal in ICICI Pru Immediate Annuity with the beneficiary as the dependent parent(s) in India.
Speaking on this initiative, Tarun Chugh, Executive Vice President, ICICI Prudential Life Insurance said, “We have observed that one of the most important needs of the NRI’s across the globe is that of gifting financial freedom to their ageing parents in India while ensuring preservation of capital. The ICICI Pru Immediate Annuity is tailored to suit exactly these needs. We understand the need of the customer to protect his capital and therefore have structured the product to support this.
He further added, “It fulfills multiple financial goals as it not only allows the NRI customer to potentially earn a higher rate of interest than that of term deposits in his country of residence, but very importantly the funds are repatriated on the expiry of the annuity. We at ICICI Prudential Life are committed to developing an array of need based financial solutions for various customer segments.”
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