Announcement
ICICI Prudential Life Insurance announced on 1 September 2026 the introduction of a Family Secure Option for its market‑linked ICICI Pru Signature Pension plan. The feature is designed to allow policyholders to add an eligible family member as a Secondary Life Assured on a joint‑life basis, thereby extending pension benefits beyond the primary individual.
How the Family Secure Option Works
The option must be selected at the time of purchase. The Secondary Life Assured can be the spouse, child, parent or sibling of the Primary Life Assured. If the Primary Life Assured dies, the Secondary Life Assured receives 105 % of the total premiums paid. Should the death occur during the Premium Payment Term, all future premiums are waived and the policy continues without requiring the Secondary Life Assured to make further payments. Upon the subsequent death of the Secondary Life Assured, the higher of the fund value or 105 % of premiums paid is payable to the beneficiaries.
Benefits at Maturity
At policy maturity, the accumulated retirement corpus can be accessed in two parts: up to 60 % may be taken as a lump‑sum payment, while the remaining balance can be used to purchase an annuity, providing a steady income stream during retirement.
Company Performance Highlights
The press release also highlighted ICICI Prudential’s claim‑settlement capacity. In Q1‑FY2027 the insurer settled ₹1,306 crore in death claims and paid ₹3,360 crore as maturity and survival benefits. For the full FY2026, the company settled ₹5,149 crore in death claims and paid ₹15,363 crore in maturity and survival benefits.
Corporate Background
ICICI Prudential Life Insurance, with 25 years of operations, ranks among the top life insurers in India on both sum‑assured market share and new‑business premium market share. The Board has approved a proposal to rename the company ‘ICICI Life Insurance Limited’, subject to regulatory approvals. As of 30 June 2026, the insurer reported Assets Under Management of Rs 3.34 lakh crore and a total in‑force sum assured of Rs 48.06 lakh crore. It is the first Indian insurance company listed on both the NSE and BSE.
Executive Comment
Mr. Vikas Gupta, Chief Product Officer, stated that the Family Secure Option addresses the growing need for joint retirement planning, enabling customers to protect the financial future of spouses, children, parents or siblings while pursuing long‑term financial goals. He linked the launch to the company’s broader vision of ‘Insurance for All by 2047’.
Disclaimer
The release contains forward‑looking statements that involve risks and uncertainties, including changes in demand for insurance, regulatory developments, merger and acquisition outcomes, and other factors that could cause actual results to differ materially from those expressed.