ICICI's insurance arm, ICICI Prudential Life, has introduced a post-retirement pension scheme, Life Stage Assure Pension (LSAP), in a bid to provide post-retirement security to customers, through their small savings. The new policy carries partial withdrawal facility after five years, ensured addition of about 200 per cent premium after one year, and a number of other attractive features.

The firm provides a top-up facility to customers to increase investment through surplus money. Commenting on the new pension plan, ICICI Prudential Executive Vice- President, Anup Rau, said that the scheme will prove to be a boon for aged people who spend their retired life with very meager financial independence. The firm has come up with two portfolio strategies - namely, lifecycle-based and fixed. Under the lifecycle-based portfolio, ICICI would automatically redistribute investments between equity and debt based on age.

ICICI Prudential has fixed the entry age for the scheme at 18 years, extended up to maximum 70. The prospective beneficiaries are subjected to a minimum premium of Rs.
15,000 per year. Tarun Chugh, Chief of Alternate Distribution and group, ICICI Prudential, said: "We will be launching a new policy every 45 days this year. Going at this pace, we may launch about nine new products this fiscal."