ICICI Prudential Life Insurance proposes to target the non-resident Indian (NRI) segment by offering an annuity product. ‘ICICI Pru Immediate Annuity' is structured in a unique manner that addresses the needs of the NRI by ensuring a regular flow of income to the ageing parent(s) in India, according to Mr Tarun Chugh, Executive Vice-President, ICICI Prudential.
The annuity product offers guaranteed income for life of the parent and return of the original investment to the NRI. The original investment that has been used to purchase the annuity for the parents will be repatriated to the NRI in the event of the parent passing away.
These repatriated funds can then be used to fund children's higher education, marriage or other such significant milestones. The NRI could earn a higher rate of interest vis-a-vis his current country of residence.