New Delhi, July 9 -- A much hyped pension product that ICICI Prudential Life Insurance Co. Ltd launched last year has unravelled with customers surrendering most of the policies even as the company's advisers ended up making handsome gains on commissions and rewards.

ICICI Prudential launched a product called 'ICICI Pru Guaranteed Pension Plan (GPP) Flexi with Benefit Enhancer' in January 2024, offering customers the option to surrender the policy any time and claim a 100% refund on the premiums paid until then. The insurer claimed it was the "industry's first annuity product offering 0% surrender charges and 100% refund of premiums".

The company is now looking to claw back the commissions and rewards it gave to advisers-intermediaries ...