ICICI Prudential Immediate Annuity Plan
Retirement is a phase of life most of us look forward to, after putting in years of work. While we all wish for our retirement to be calm and peaceful, finances become critical during this phase, for not everyone has a steady source of income post retirement. ICICI Pru Immediate Annuity is a specialised product which helps one to plan their retirement, ensuring that funds do not become a problem during this key stage of life.
ICICI Pru Immediate Annuity Plan is traditional pension plan where annuity starts immediately. It can be availed by individuals and groups thereby making it a universal plan.
ICICI Pru Immediate Annuity Plan is a single premium immediate annuity plan, where the policyholder would pay the lump sum premium and can avail immediate pension. He has a choice of 5 different pension options from which he can choose and the pension amount would vary accordingly. The minimum pension that anyone can receive is Rs 12,000 per annum.
ICICI Pru Immediate Annuity plan provides you with guaranteed income for your entire life. This plan also gives you a wide range of annuity options that can provide a secure future for you, your spouse and even to your grandchildren.
Key Features of ICICI Pru Immediate Annuity Plan
- It is a single premium payment plan with immediate pensions available in yearly, half-yearly, quarterly or monthly. Hence there is no vesting date since annuity is payable immediately
- 5 different pension options available for self and spouse
- No medical tests required as there is no medical underwriting and no life coverage provided
- It is an immediate annuity plan with single premium option where the annuity starts immediately after premium payment from the next chosen date.
Benefits you get from ICICI Pru Immediate Annuity Plan
- Death Benefit – if the annuitant chooses Return of Purchase price, then the remaining fund would be paid to the beneficiary and nothing otherwise.
- Maturity Benefit – There are no maturity benefits under this plan as there is no policy tenure. Pension is payable immediately.
- Income Tax Benefit – Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
- Annuity payouts will be paid as per frequency chose immediately after the premium paid
- Pension is paid immediately as there is no policy tenure and there is no maturity benefit.
Additional Features and Benefits of ICICI Pru Immediate Annuity Plan
There are 5 Annuity Options –
- Life Annuity – Pension is payable till the death of the policyholder and nothing further is payable
- Life Annuity with Return of Purchase Price – Pension is payable till the death of the policyholder. After the death of the policyholder, the remaining fund is paid to the beneficiary.
- Joint Life, Last Survivor without Return of Purchase Price – Pension is payable till the death of the policyholder and after that till the death of spouse or the last survivor. Nothing further is payable to anyone.
- Joint Life, Last Survivor with Return of Purchase Price – Pension is payable till the death of the policyholder and after that till the death of spouse or the last survivor. After the death of the last of the 2 survivors, the remaining fund is paid to the beneficiary
- Life Annuity Guaranteed for 5/10/15 years and thereafter – Guaranteed pension is paid till 5/10/15 years as chosen by the annuitant and then till he survives.