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 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.
Vesting Benefits: At the time of vesting, you can take your pick from any of the following options:
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:
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:
|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|
There are no Riders under this plan.
Choice of 5 Annuity Options:
|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|
There are no Riders under this plan.