New Family Secure Option for ICICI Pru Signature Pension

ICICI Prudential Life Insurance announced the launch of a Family Secure Option for its market‑linked pension product, ICICI Pru Signature Pension. The feature permits the primary policyholder to nominate an eligible family member – spouse, child, parent or sibling – as a Secondary Life Assured on a joint‑life basis at the time of purchase.

When the primary life assured passes away, the plan pays 105 % of all premiums paid to the secondary assured. If the death occurs during the premium‑payment term, any remaining premiums are waived, allowing the pension fund to continue without requiring the secondary assured to make further payments. Upon the subsequent death of the secondary assured, the benefit payable is the higher of the accumulated fund value or 105 % of the premiums paid.

At maturity, policyholders may withdraw up to 60 % of the accumulated corpus as a lump‑sum, with the balance available for purchase of an annuity to provide post‑retirement income.

Operational Highlights

  • Q1‑FY2027: the insurer settled ₹1,306 crore in death claims and disbursed ₹3,360 crore as maturity and survival benefits.
  • FY2026: total death‑claim settlements amounted to ₹5,149 crore, while maturity and survival payouts reached ₹15,363 crore.
  • As of 30 June 2026, the company reported Assets Under Management of ₹3.34 lakh crore and an in‑force sum assured of ₹48.06 lakh crore.

Strategic Context

Chief Product Officer Mr. Vikas Gupta emphasized that the option addresses the need for joint retirement planning, enabling families to secure financial continuity in unforeseen events. The launch aligns with the insurer’s broader vision of “Insurance for All by 2047.”

The Board of Directors has also approved a proposal to rename the entity to “ICICI Life Insurance Limited,” pending requisite regulatory approvals. The company, operational since FY2001, continues to rank among India’s top life insurers by sum‑assured market share and new‑business premium share, offering a digital, paper‑less platform for policy purchase, self‑service transactions, and claim settlement.

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