ICICI Prudential Life launches annuity card
Kolkata, Apr 7: ICICI Prudential Life Insurance has joined hands with ICICI Bank to launch India's first annuity card today.
The annuity card will give pensioners the freedom to directly use their pensions for round-the-clock cash withdrawal from VISA ATMs in the country and abroad.
Cash free transactions could also be conducted through the card making it the most contemporary and convenient option to the decades old system of receiving pension in the form of cheques.
"Delay in receiving cheques, bank holidays, change of address and security issues of handling cash will be dealt with by the card," ICICI Prudential Life Insurance executive director N S Kannan told reporters.
"With ICICI Bank's huge ATM network and merchant establishment base, the pensioners will continue to enjoy the freedom of convenient cash access in their retired life," Kannan said.
ICICI Prudential enjoys 30 per cent market share in the superannuation segment among private insurers, he said.
ICICI Bank's general manager B Madhivanan said travel card is the most used prepaid card.
"The annuity card will start contributing towards the revenue once people start doing merchandise operations through the card," he said.ICICI Prudential has tied up with organisations like Indian Hotels, Oracle, Tata Chemicals and Exxon Mobile among others for issuing annuity cards.