ICICI Pension launches NPS Swasthya Equity Plus under pension regulator sandbox

ICICI Pension Fund Introduces Innovative Medical Expense Scheme

In a groundbreaking move, ICICI Pension Fund Management Company has launched ICICI PF NPS Swasthya Equity Plus, a pioneering pilot project under the regulatory sandbox of the Pension Fund Regulatory and Development Authority (PFRDA) on February 20.

Retirement Planning in the Face of Increasing Healthcare Costs

According to Sumit Mohindra, Chief Executive Officer at ICICI Prudential Pension Fund Management, "With increasing longevity and rising healthcare costs, retirement planning needs to account for medical contingencies. This scheme is a step in that direction."

Main Features of ICICI PF NPS Swasthya Equity Plus

• Partnership with Apollo Hospitals for streamlined medical expense management
• Up to 25% withdrawal of own contributions for medical expenses via Apollo 24/7 platform
• 100% withdrawal of corpus in case of emergency exceeding 70% of total corpus accumulated
• No limit on partial withdrawals, with a first withdrawal allowed after Rs 50,000 accumulation

Additional Benefits and Asset Allocation

• Discounts up to 20% on services availed at Apollo Hospitals or via Apollo 24/7 platform
• Equity-heavy scheme with 70-100% allocation to asset, 30% to debt, and 10% to other money market instruments

This innovative scheme aims to provide subscribers with a comprehensive and affordable solution for medical expenses during retirement, making it an attractive option for those planning for their golden years.

• Pilot project under PFRDA's regulatory sandbox
• Partnership with Apollo Hospitals for medical expense management
• Equity-heavy scheme with flexible asset allocation
• Discounts on medical services at Apollo Hospitals