In an effort to target the growing number of retirees, ICICI Prudential Life Insurance or ICICI Prudential, has joined hands with ICICI Bank to launch India’s first annuity card on Tuesday.
The card is expected to ease the process of annuity payouts for pensioners by allowing them to use their pension for cash withdrawals from ATMs. The card is available at no cost to all individuals who buy an annuity from ICICI Prudential.
Ms Shikha Sharma, managing director and chief executive officer, ICICI Prudential, said, "The number of retirees was 8.8 crores last year and is 9.9 crores in 2006. These numbers will grow every following year. It is with the aim to offer pensioners a hassle-free route to access their money, that we have launched the annuity card." Instead of waiting for the pension money to be deposited in the bank through cheques, the card is expected to smoothen the process by electronically crediting the card with the defined pension amount as per the specification of the pensioner.
ICICI Bank hopes that the card will give it an edge in the prepaid solutions space and help in the expansion of its card-base.
Ms Chanda Kochhar, executive director, ICICI Bank, said, "Today, plastic money has established itself as one of the most convenient ways to access and spend money, and we are delighted to offer ICICI Pru’s ever-expanding base of pensioners the same benefits and freedom. Given the immense potential of the pensions space, this is a product that is sure to grow in numbers, acceptance and usage."
The card is expected to ease the process of annuity payouts for pensioners by allowing them to use their pension for cash withdrawals from ATMs. The card is available at no cost to all individuals who buy an annuity from ICICI Prudential.
Ms Shikha Sharma, managing director and chief executive officer, ICICI Prudential, said, "The number of retirees was 8.8 crores last year and is 9.9 crores in 2006. These numbers will grow every following year. It is with the aim to offer pensioners a hassle-free route to access their money, that we have launched the annuity card." Instead of waiting for the pension money to be deposited in the bank through cheques, the card is expected to smoothen the process by electronically crediting the card with the defined pension amount as per the specification of the pensioner.
ICICI Bank hopes that the card will give it an edge in the prepaid solutions space and help in the expansion of its card-base.
Ms Chanda Kochhar, executive director, ICICI Bank, said, "Today, plastic money has established itself as one of the most convenient ways to access and spend money, and we are delighted to offer ICICI Pru’s ever-expanding base of pensioners the same benefits and freedom. Given the immense potential of the pensions space, this is a product that is sure to grow in numbers, acceptance and usage."