ICICI Swasthya Pension Scheme Under PFRDA Sandbox
Why in the news
ICICI Prudential Pension Funds Management Company rolled out the Swasthya Pension Scheme, testing it within the PFRDA regulatory sandbox.
Key facts
- Launcher: ICICI Prudential Pension Funds Management Company.
- Framework: PFRDA (Pension Fund Regulatory and Development Authority) regulatory sandbox.
- Idea: link long-term retirement saving with health-related money needs.
- Role: supplements health insurance and does not replace it.
| Aim | Detail |
|---|---|
| Retirement corpus | Help subscribers build savings |
| Healthcare flexibility | Money available for medical expenses |
| Rising costs | Address higher healthcare spending in old age |
Regulatory aspect
- A regulatory sandbox lets innovative financial products be tested in a controlled setting.
- The regulator may tie account opening to existing health insurance so the scheme stays supplementary.
Exam angle
- Regulator of pensions: PFRDA.
- Concept: regulatory sandbox.
- Scheme name: Swasthya Pension Scheme by ICICI Prudential Pension Funds.