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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
  1. Paying annuities under, superannuation funds which is not managed by ICICI Prudential. Also under other groups, if the premium for annuity purchase is more than Rs. 2 crores in a financial year.
  2. Paying annuities under superannuation funds managed by ICICI Prudential.
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.

 

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