MUMBAI , Sept. 1, 2026 /PRNewswire/ — Retirement planning is an important part of preparing for long-term financial freedom. While building an adequate retirement corpus can help individuals meet their financial needs after their working years, retirement planning is not limited to an individual. For many, it is about ensuring that the future of spouse or loved one also remains financially secure if life takes an unexpected turn.
Recognising this need, ICICI Prudential Life Insurance has enhanced their market-linked pension plan, ICICI Pru Signature Pension with the Family Secure Option. The option enables customers to include an eligible loved one in their retirement planning journey on a joint-life basis. The option is designed to support continuity of the retirement plan for a loved one even in an unforeseen event.
Mr. Vikas Gupta, Chief Product Officer, ICICI Prudential Life Insurance , said, “Retirement planning is a long-term financial goal. Customers today need solutions that help them work towards their own retirement while also considering the future of a loved one. The Family Secure Option in ICICI Pru Signature Pension has been designed with this need in mind, enabling customers to jointly plan for the retirement with their spouse, child or parent.”
“Our endeavour is to offer customers relevant choices that reflect their evolving financial priorities across different stages of life. By supporting long-term financial preparedness for individuals and families, we aim to contribute to the larger vision of ‘Insurance for All by 2047’.”
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How does the Family Secure Option work?
Under the Family Secure Option, the policyholder can choose to add a family member as the Secondary Life Assured on a joint-life basis. The Secondary Life Assured can be the spouse, child, parent or sibling of the Primary Life Assured. The option needs to be selected at the time of purchasing the policy.
When the policyholder passes away, 105% of premiums paid will be payable to the Secondary Life Assured. Further, if the policyholder passes away during the Premium Payment Term, future premiums, if payable, are waived and the policy continues. This helps the retirement plan stay on course without requiring the surviving Secondary Life Assured to take on the responsibility of paying future premiums.
On the subsequent passing of the second life assured, the higher of the Fund Value or 105% of the premiums paid will be payable.
Building savings while planning for continuity
ICICI Pru Signature Pension is designed to help customers build a corpus during their working years for their post-retirement financial requirements. As a market-linked pension product, it provides an opportunity for the retirement corpus to grow over the long term, depending on market performance and policy terms.
The Family Secure Option adds another layer of continuity to this journey. The retirement corpus continues to build even if the policy holder passes away during premium payment term, as the future premium are waived off. Thus, the responsibility of paying premiums does not fall on the surviving Secondary Life Assured.
At maturity, up to 60% of the accumulated retirement corpus can be taken as lumpsum to address immediate lump sum needs while the remaining amount can be used to purchase an annuity policy to support future income needs during retirement. This complements the accumulation journey by helping customers transition from building a retirement corpus to using it towards their post-retirement financial requirements.
The Company’s servicing track record is reflected in the benefits delivered to policyholders. During Q1-FY2027, ICICI Prudential Life Insurance settled ₹1,306 crore of death claims and paid ₹3,360 crore as maturity and survival benefits. In FY2026, the Company settled ₹5,149 crore of death claims and paid ₹15,363 crore as maturity and survival benefits, reflecting its focus on fulfilling financial commitments to policyholders and their families. With 25 years of operations, ICICI Prudential Life Insurance continues to develop solutions around customers’ evolving financial priorities.
The Board of Directors recently approved a proposal to rename the Company as ‘ICICI Life Insurance Limited’, subject to relevant approvals. The Company commenced its operations in FY2001 and has consistently been amongst the top life insurance companies in India on sum assured market share and new business premium market share basis.
The Company offers an array of products in the Protection and Savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long-term financial goals. The digital platform of the Company provides a paperless buying experience to customers, empowers them to conduct an assortment of self-service transactions, provides a convenient route to make digital payments and facilitates a hassle-free claims settlement process.
The Company operates on the core philosophy of customer-centricity and has developed and implemented various initiatives to provide cost-effective products, superior quality services, consistent fund performance and a hassle-free claim settlement experience to our customers.
At June 30, 2026, the Company had an AUM of Rs. 3.34 lakh crore and a total in-force sum assured of Rs. 48.06 lakh crore. It is also the first insurance Company in India to be listed on both the National Stock Exchange (NSE) Limited and Bombay Stock Exchange (BSE) Limited.
Except for the historical information contained herein, statements in this release which contain words or phrases such as ‘will’, ‘expected to,’ etc., 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, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology, our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. This release does not constitute an offer of securities.
Source: PR Newswire
