ICICI Prudential Life Insurance today said that it would target the Non-Resident Indian (NRI) segment by offering annuity solution--ICICI Pru Immediate Annuity--which addresses the needs of NRIs by ensuring a regular flow of income to ageing parent(s) in India, a press release issued here stated.
The benefits of the product are guaranteed lifetime income for the parent(s) and return of the original investment to the NRI wherein 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, the release said.
The NRI purchasing 'ICICI Pru Immediate Annuity' could also earn a higher rate of interest vis-à-vis his current country of residence and it also provides an easy, hassle-free one-time transaction for the NRI with no burden of periodically transferring funds.
According to the release, the ICICI Pru Immediate Annuity carries the benefit of prompt issuance without any requirement of medical tests besides simplicity of the process for enabling regular monetary support to the dependents.
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.
ICICI Prudential Life Insurance's Executive Vice-President, Tarun Chugh, said, "we have observed that one of the most important needs of NRIs 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."
"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," he added.