Customized and innovative financial solution to suit the needs of the NRI
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:
- 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
- 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
- These repatriated funds can then be used by the NRI to fund his/her children’s higher education, marriage or other such significant milestones
- The NRI purchasing ‘ICICI Pru Immediate Annuity’ could earn a higher rate of interest vis-à-vis his current country of residence.
- 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
- 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, Mr. 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.”
About ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc. It was one of the first players to commence operations when the insurance industry was opened to the private sector in 2000. For Q3 2011, the company garnered Rs 11,324 crores of total premiums and has underwritten over 12 million policies since inception. The company has a network of around 1,500 offices and over 1,60,000 advisors, as on December 31, 2010. For the past decade, ICICI Prudential Life Insurance has maintained its dominant position (on new business retail weighted basis) amongst private life insurers in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life.
To know more about the company, please visit www.iciciprulife.com
Except for the historical information contained herein, statements in this release which contain words or phrases such as “will”, “would”, “aim”, “will likely result”, “believe”, ”expect”, “will continue”, “anticipate”, ‘”estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”, “objectives”, “goals”, “project”, “should”, “will pursue”, and similar expressions or variations of such expressions may constitute “forward looking statements”. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to ICICI Prudential’s ability to successfully implement its strategy in the field of insurance, our growth and expansion, technological changes, investment income, cash flow projections, our exposure to market risks as well as the other risks detailed in the reports filed by ICICI Bank (joint promoters of ICICI-Prudential Life Insurance Company Limited) with the Securities and Exchange Commission of the United States. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.