ICICI Prudential launches Annuity Card for pensioners

Bangalore, Apr 10: ICICI Prudential Life Insurance, the leading private sector life insurance company, today launched Annuity Card, a first of its kind in Asia, for the benefit of pensioners.

Speaking after formally launching the Card, company Executive Director N S Kannan said the innovative product would enable pensioners to directly withdraw their pension amount from any VISA ATM in the country and 2,121 ICICI Bank ATMs across the country or make purchases at more than two lakh merchant establishments. The Card, the result of a joint initiative between ICICI Prudential and ICICI Bank, would also be valid internationally.

He said the Card would be available at no cost to all individuals, retail or group customers. As against the age-old, cumbersome procedure of receiving pension through cheques which required the pensioner to go to the bank, ICICI Prudential would send the retirement files and the money to ICICI Bank, which the latter would upload to the customer's annuity account and within 24 hours the pensioner would be able to withdraw his money.

Mr Kannan said it enabled the customer to get periodical statement of his pension account. The bank also would inform the pensioner about periodical remmitance of his pension fund through SMS alert on every upload.

Outlining the growing life insurance market in the country with over 8.80 crore population over 60 years of age, he said that with growing awareness and increasing number of insurance products, more and more people were thinking in terms of saving money for post-retirement expenses. At present, only about 15 lakh people were covered under various post-retirement insurance plans.

ICICI Bank General Manager Madhivanan, who was also present, said the card was the outcome of the banks's relentless effort in providing innovative payment solutions to its customers. Plastic money had established itself as one of the most convenient ways to access and spend money. Taking into consideration the immense potential of pension space, the new product was expected to receive an overwhelming response.

UNI