Compare ICICI Pension Plans

ICICI-Prudential-Life-Insurance-Company

ICICI Prudential Life Insurance Company

ICICI Prudential Life Insurance Company Ltd. (ICICI Prudential Life) is a joint venture between one of the leading private sector banks of India, the ICICI Bank Ltd., and the Prudential Corporation Holdings Limited. The company became operational in the year 2001, and since then, has been providing smart financial planning & protection solutions, along with hassle-free claim experience to Indian customers. Over the years, it has carved a niche in the industry, and today, it is known for offering cost-effective products that induce people to save and protect themselves against unforeseen contingencies.

ICICI Prudential Life Pension Plans

ICICI Prudential Life Pension Plans are all about building a cushion so that you can easily fund your retirement expenses as well as other unforeseen situations that may come your way. The company offers two products – a unit linked plan and an immediate annuity, both of which cater to the specific needs of those who are on the lookout of a reliable & efficacious financial plan for supporting their retirement days.

Pension Plans enable you to get through retirement in a smooth and hassle-free way. They help you to create a corpus so that the known and the unknown expenses can be taken care of. Depending upon your needs, you can either choose to opt for a Deferred Plan or an Immediate Plan. These plans ensure that you receive a steady flow of income throughout your life, and in some cases, they also grant pay-outs to your spouse, in your absence.

List of Different Pension Plans Offered By ICICI Prudential Life Insurance Company, With Features, Benefits And Eligibility

ICICI Pru Easy Retirement

Features:

  • A Unit-Linked Pension Plan that lets you enjoy the perks of equity linked growth as well as capital protection
  • Create and grow your retirement funds basis your requirements & risk-taking capacity
  • Assured Benefit that safeguards your savings from market instabilities
  • Choose from the following two funds to invest your premiums:
  • Easy Retirement Balanced Fund: The objective of this fund is to provide long term capital appreciation by parking the funds in equity and equity related instruments of large, mid, and small cap companies, along with debt, money market, and cash. This strategy ensures good returns and avoids capital erosion.
  • Easy Retirement Secure Fund: This fund strives to maintain a balance between capital protection and returns by putting the funds in debt, money market, and cash.
  • Make your choice between premium payment terms of five years, ten years, or the entire policy term
  • At retirement, choose the vesting benefit that best suits your retirement needs
  • Be assured that your nominee will receive a guaranteed death benefit of 105% of all premiums paid by you, should you pass away during the term of the policy
  • Facility of receiving a regular income
  • Maximize your retirement savings through Guaranteed Pension Boosters
  • Facility to switch between funds for reaping maximum benefits. The minimum switch amount is Rs. 2000.
  • Avail the facility of Premium Redirection and change your investment pattern as per your requirements
  • Liberty to increase or decrease the premium payment term
  • Top up your policy by putting in additional funds
  • Enjoy Income Tax benefits on premium & proceeds

Benefits:

Vesting Benefits: At the time of vesting, you can take your pick from any of the following options:

  1. Utilize the Accumulated Value to purchase an Annuity to receive a regular flow of income
  2. Make a tax-free withdrawal of a lump sum amount of up to one-third of the accumulated value, with the balance amount being utilized to purchase an annuity, thereby ensuring a steady inflow of income
  3. Postpone the vesting date as per your requirement and start receiving the income on your desired date, provided you have not attained the age of 55 years.
  4. Use the accumulated amount to purchase a single premium deferred pension product

Assured Benefit: On vesting, you are granted with the Assured Benefit, which is equivalent to 101% of the sum of all premiums, including Top ups, or the Fund Value, whichever is higher. This benefit amount can be utilized in any one of the following ways:

  1. Commute up to one-third of the benefit amount available on the termination of the policy, or to the extent allowed under the Income Tax Act, and utilize the balance amount to purchase an immediate annuity plan offered by ICICI Prudential at the then prevailing annuity rate
  2. Purchase a single premium deferred pension product offered by ICICI Prudential
  3. Postpone your vesting date

Top ups: Just received lump sum money? Why not invest it in your policy as Top Up and increase your coverage. You can avail this facility, up to five years prior to your original or postponed vesting date, provided all due premiums have been paid in full. The minimum amount that you can invest as a Top up premium is Rs. 2000.
Pension Boosters: Watch your fund grow with the help of Guaranteed Pension Boosters, which are added as extra units to your fund value on completion of the tenth policy year and on completion of every fifth policy year thereafter, provided all the premiums have been paid in full. The amount of such boosters is equivalent to 5% of the average daily total Fund Value over the preceding 12 months. These are allocated between the Easy Retirement Balanced Fund and the Easy Retirement Secure Fund in the same proportion in which the total units are held in each fund at the time of allocation.
Non-negative claw-back additions: After the first five policy years, in the process to comply with the reduction in yield, the Company may give out specific non-negative claw-back additions, if any, which are added to the unit Fund Value, as applicable, at various durations of time.
Postponement of Vesting Date: Provided you have not reached the age of 55 years, you can avail the facility of postponement of vesting date any number of times, subject to the maximum vesting age of 80 years. The minimum period for which you can postpone vesting is one month. On such postponement, the Assured Benefit, Guaranteed Death Benefit, and the Pension Boosters will continue to be applied.
Increase / Decrease in Premium Payment Term: Provided all due premiums have been paid, you can exercise your option to increase the premium payment term by notifying the Company. Again, provided at least five years’ premiums have been paid, you can also decrease the premium payment term. Such increase or decrease in premium payment term can be carried out in multiples of one year.
Death Benefit: In the unfortunate event of death of the Life Assured, the nominee is granted with the Death Benefit, which is calculated as the higher of the Guaranteed Death Benefit, (equal to the 105% of all premiums paid including Top-ups,) or the Fund Value. This death benefit amount can be utilized in any of the following 3 ways:

  1. Withdrawal of the entire proceeds
  2. Utilize the entire amount for purchasing an immediate annuity plan offered by ICICI Prudential at the then prevailing annuity rate
  3. Withdraw a part of the death benefit amount and invest the remaining amount in an immediate annuity plan offered by ICICI Prudential at the then prevailing annuity rate

Eligibility:

Entry Age (As on last birthday) Minimum: 35 years | Maximum: 70 years
Vesting Age Minimum: 45 years | Maximum: 80 years
Policy Term 10, 15, 20, 25, 30 years
Premium Amount Minimum: Rs. 48,000 | Maximum: Unlimited
Premium Payment Term 5 years, 10 years, or policy term
Premium Payment Modes Yearly, half-yearly, or monthly

Riders:
There are no Riders under this plan.

ICICI Pru Immediate Annuity Special

Features:

  • A Non-Linked Insurance Plan, which lets you create a corpus even for your future generations
  • Facility of receiving a regular income throughout your life, for funding your daily expenses, post retirement.
  • Enable your spouse or children to avail a lump sum amount in your absence
  • Pay just once and receive pay-outs for the rest of your life in the frequency of your choice - monthly, quarterly, half-yearly or annually.
  • Enjoy discount in premium on choosing a higher annuity
  • Purchase an annuity plan over your existing one with different pay-out mode & pay-out option to suit changing needs
  • Facility to increase the annuity amount
  • Choose between any of the four Immediate Annuities:
    1. Individual Tied Immediate Annuity for those who are covered under the individual deferred pension plans offered by ICICI Prudential.
    2. Individual Standalone Immediate Annuity for those who wish to purchase an annuity otherwise.
    3. Superannuation Tied Immediate Annuity, which is used for a) Paying annuities under superannuation funds managed by ICICI Prudential b) Paying annuities under, superannuation funds not managed by ICICI Prudential, and under other groups, if the premium for annuity purchase is more than Rs. 2 crores in a financial year.
    4. Superannuation Standalone Immediate Annuity, which is used to pay annuities under superannuation funds not managed by ICICI Prudential, and under other groups, if the premium for annuity purchase is less than Rs. 2 crores in a financial year.

Benefits:

Choice of 5 Annuity Options:

  1. Life Annuity: This ensures that you receive pay-outs for a lifetime.
  2. Life Annuity with Return of Purchase Price: Under this option, you receive pay-outs for life, but in the event of your death, the purchase price of this plan is returned to your nominee.
  3. Joint Life, Last Survivor without Return of Purchase Price: Under this variant, you receive pay-outs throughout your life, and in your absence, these pay-outs are given to your spouse for life.
  4. Joint Life, Last Survivor with Return of Purchase Price: This option enables you to receive the pay-out amount for life, and in your absence, allows your spouse to receive the same amounts for life. However, in the absence of both you and your spouse, the purchase price of this plan is returned to the nominee chosen by you.
  5. Life Annuity guaranteed for 5/10/15 years and thereafter: In this pay-out option, the regular pay-outs will be provided to you or your spouse for a chosen term, 5, 10, or 15 years, in both, your presence and absence. On survival of this term, the pay-outs will still continue for the rest of your life. However, your spouse is not entitled to receive pay-outs in your absence after the completion of the chosen term.

Eligibility:

Minimum Entry Age For Superannuation Tied (Single Life) : 20 years | For Superannuation Tied (Joint Life) : 40 years | For Individual Tied : 40 years | For Individual Standalone: 45 years
Maximum Entry Age 100 years
Annuity Amount Minimum: Rs.12000 p.a.| Maximum: No Limit

Riders:
There are no Riders under this plan.

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