ICICI Prudential Group Immediate Annuity Insurance Plan and Policy
ICICI Prudential Group Immediate Annuity Insurance Plan and Policy - You will never be at complete ease in life without a concrete plan for the future. When it comes to your retirement, a plan which ensures the same comfortable lifestyle that you enjoy now is vital. In today’s age and time, when life expectancy is higher than ever and medical care costs are sky-high, a plan like ICICI Pru Immediate Annuity can be a great saviour. This ICICI Prudential Retirement Plans not only helps you plan for retirement, but also continues to pay you an income throughout your retired life. What's more, you will be spoilt for choice thanks to the many options that the plan offer.
Eligibility - ICICI Prudential Group Immediate Annuity Insurance Plan and Policy
| Minimum / Maximum age at entry | 45 / 100 years |
| Minimum age at entry (spouse) | 20 years |
| Minimum annuity payable | Rs.100 p.a |
Key Features - ICICI Prudential Group Immediate Annuity Insurance Plan and Policy
| Plan type | Non – participating, Non-linked Life Insurance Plan |
| Plan Basis | Individual |
| Free look period | 15 days for manually purchased policy. 30 days if sourced through distance marketing. |
| Modes of Annuity Payment | Yearly / Half yearly / Monthly / Quarterly |
| Minimum annuity payable | Rs.100 p.a |
| Maximum annuity payable | No maximum limit |
| Payout options | Life Annuity and Life Annuity with Return of Purchase Price |
Various Annuity - ICICI Prudential Group Immediate Annuity Insurance Plan and Policy
Immediate Annuities is available for both individuals and group customers. The different options include:
| Individual Standalone Immediate Annuity | If an individual wishes to purchase an annuity otherwise, this can be used. |
| Individual Tied Immediate Annuity | This can be used to pay the annuities under the individual deferred pension plans which are offered by ICICI Prudential. |
| Individual Standalone Immediate Annuity | If an individual wishes to purchase an annuity otherwise, this can be used. |
| Superannuation Tied Immediate Annuity |
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| Superannuation Standalone Immediate Annuity | This will be used to pay annuities under, superannuation funds which are not managed by ICICI Prudential. Also under other groups, if the premium for annuity purchase is less than Rs. 2 crores in a financial year. |
The five annuity options:
ICICI Prudential Life Insurance offers five Immediate Annuity options that are tailor made to meet the different needs of customers and also to ensure that they receive the best returns for their investment when it matters most; the golden years:
- Life Annuity
- Life Annuity with Return of Premium
- Joint Life Last Survivor
- Joint Life Last Survivor with Return of Purchase Price
- Annuity guaranteed for 5, 10, 15 years and payable for life thereafter
How the ICICI Pru Immediate Annuity Plan Works: - ICICI Prudential Group Immediate Annuity Insurance Plan and Policy
With the retirement savings that you receive upon retirement, you can buy these annuity products with the lump-sum payment. You can choose the frequency and this would start paying you regular income in the form of an annuity for life. The frequency can be monthly, quarterly, half-yearly or annually. The annuity amount that you choose at the inception of the policy inception is guaranteed for life, and in some cases for a period thereafter.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017.
| ICICI Prudential Saving Plans |
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| ICICI Prudential Cash Advantage |
| ICICI Prudential Saving Suraksha |
| ICICI Prudential Assured |
| ICICI Prudential Future Perfect |
| ICICI Prudential Retirement Plans |
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| ICICI Prudential Easy Retirement |
| ICICI Prudential Immediate Annuity Retirement |
| ICICI Prudential Group Insurance Plans |
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| ICICI Prudential Rural Insurance Plans |
| ICICI Prudential SarvJana Suraksha Rural |
| ICICI Prudential Anmol Bachat Rural |