guaranteed pension plan

  1. NRI
  2. Insurance
  3. ICICI Pru Guaranteed Pension Plan

Overview

Financial Independence is a blessing, which we all look for throughout our lives and continuously work hard for it. Today, with rising prices, increasing health care costs and higher life expectancy, one needs a concrete plan in place to enjoy complete financial freedom and live life on our own terms, even after retirement.

ICICI Pru Guaranteed Pension Plan provides you guaranteed flow of fixed income for your lifetime, thus making you financially independent and your post retirement years stress-free. This plan ensures that you retire from work, and not from life.

Features of ICICI Pru Guaranteed Pension Plan

  • Get guaranteed* regular flow of fixed income for entire life with a one-time investment
  • Provides wide range of pension options to choose from, as per one’s financial need
  • Option to receive pension either immediately or later after a period of 1 to 10 years
  • Flexibility to receive pension monthly, quarterly, half-yearly or yearly
  • Option to receive pension for yourself and your family member (spouse/child/parent/sibling)
  • Option to receive early return of purchase price from age 76 or at age 80
  • Flexibility to increase your annuity amount with the Top-up option
  • Option to receive purchase price on diagnosis of critical illness, permanent disability due to accident or death
  • Tax benefits on premium paid u/s 80CCC of Income Tax Act1961

How does the ICICI PRU Guaranteed Pension Plan work?

Abhishek is a 40 year old self-employed businessman. His spouse, 35 years old, who is a house-wife, is dependent financially on him. Since a few years, Abhishek is planning for a worry-free retirement as he is aware of the fact that business has ups and downs over a period of time. So, he is looking for a plan which gives him a fixed income at the end of the year. He plans to start this plan after a fixed period of 10 years so that both he and his wife are financially secure.

ICICI Pru Guaranteed Pension Plan- Deferred Joint Life with Return of Purchase Price annuity option is best solution for his needs.

  • Purchase Price: â‚ą 25,00,000/-
  • Deferment Period: 10 years
  • Pension Amount: â‚ą2,51,543/- per annum

At the age 50, Abhishek starts receiving pension.
On Abhishek’s unfortunate death, his wife will get the same pension amount for her entire life.
The purchase price mention above are exclusive of service tax.

  • *The pension amount chosen at policy inception is guaranteed for life
  • You have an option to choose from 8 Immediate Annuity and 3 Deferred Annuity options. To know more about the options in detail, please refer the product brochure
  • One can receive pension for both oneself and one’s family member under Joint Life options. Wherein, a Joint Life can be either the spouse/child/parent or sibling of the Primary Annuitant.
  • Purchase Price is the premium with which the annuity plan was purchased
  • This option can be chosen anytime while the policy is in-force. In case of deferred annuity option, top-up can be done during the deferment period only
  • To know more about the exclusions and T&Cs of Critical Illness and Permanent Disability, please refer the product brochure
  • Tax benefits are subject to conditions of section 80CCC, 115BAC and other provisions of the Income Tax Act, 1961. Indirect taxes and cesses will be charged extra, as per applicable rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.

The plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance. INDUSIND Bank Limited (CA Registration No:CA0001) is the Corporate Agent of ICICI Prudential Life Insurance Company Limited and does not underwrite the risk or act as an insurer. INDUSIND Bank Limited, 2401, Gen. Thimmayya Rd., (Cantonment), Pune – 411001. Participation by the Bank’s clients in the insurance products is purely on voluntary basis. Call us on: 1860 267 7777.

© ICICI Prudential Life Insurance Co. Ltd. All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Regn. No. 105. CIN: L66010MH2000PLC127837.

Reg. Off.: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600. Customer helpline number - 1860 266 7766. Timings – 10:00 A.M. to 7:00 P.M., Monday to Saturday (except national holidays). Member of the Life Insurance Council. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license. ICICI Pru Guaranteed Pension Plan UIN:105N181V02. ADVT. No.: W/II/3723/2021-22.

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