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ICICI Pru Forever Life

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This plan has been withdrawn by the insurance company and is no longer available for sale.

ICICI Pru Forever Life Plan

ICICI Pru Forever Life is a regular premium pension plan that provides a secured life cover during the Accumulation phase and offers five ways to get your pension, after retirement

Forever Life Pension Plan works in 2 stages:

  1. The first stage is the Accumulation Phase wherein you pay premiums into the policy to make savings for your retirement
  2. The second stage is the Annuity or Pension phase when you start getting pension from the accumulated amount. This will depend on the annuity option selected by you

 

 Key Features of ICICI Pru Forever Life Plan

  • Regular income after you retire
  • 5 Flexible options to receive your Retirement Benefits
  • Choice of a date when you want to start receiving pension
  • Life cover during the Accumulation Phase
  • Add-on Riders
  • Tax Benefits

COMPARE THIS PLAN WITH OTHER PENSION PLANS

 

Benefits you get from ICICI Pru Forever Life Plan

Death Benefit – In the unfortunate event of your death, your nominee / beneficiary will be paid the Sum Assured with guaranteed additions and vested bonus (if any)

Income Tax Benefit – Premiums paid under Forever Life Pension Policy will be eligible for Tax Benefit under Section 80CCC. Premium paid for Critical Illness Rider is eligible for Tax Benefit u/s 80D.

 

Eligibility conditions in ICICI Pru Forever Life Plan

 

Minimum

Maximum

Sum Assured (in Rs.)

50,000

NA

Policy Term (in years)

5

30

Entry Age of Policyholder (in years)

20

60

Age at Vesting* (in years)

50

70

Annuity payment options

Yearly, Half-yearly, Quarterly & Monthly

 *Vesting Age – is the age at which you start receiving your pension

 

 

Sample illustration of Investment Returns in ICICI Pru Forever Life Plan

The below is a sample projection of returns:   

Premium = Rs.10,121 per year

Age at the time of taking the policy = 30 years

Policy Term = 20 years

Premium Paying Term = 20 years

ICICI Pru Forever Life Pension Plan

 

Additional Features and Benefits of ICICI Pru Forever Life Plan 

Riders – There are 2 Add-on Riders in this pension plan

1. Critical Illness Rider – If you are diagnosed with any major illness, then an additional amount equal to the Sum Assured is paid

2. Accident and Disability Rider – In case of an accidental death, the nominee gets twice the Sum Assured. In case of disability due to an accident, 10% of Sum Assured is paid every year for 10 years

Annuity Options - Five different ways to receive your Pension

1.     Life Annuity - Pension is payable till the death of the policyholder and nothing further is payable

2.     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

3.     Life Annuity Guaranteed for 5 / 10 / 15 years and till you live - Guaranteed annuity or pension is paid till the chosen term of 5, 10 or 15 years. After this, the annuity continues for as long as you live

4.     Joint Life, Last Survivor with Return of Purchase Price - Pension is paid till you die and after that it is paid to your spouse. After the death of the last survivor, the purchase price is returned to the beneficiary

5.     Joint Life, Last Survivor without Return of Purchase Price - Pension is payable till you die and after that your spouse starts receiving the pension. Nothing further is payable to anyone

 

What happens if? 

You stop paying the premium – Payment is done in a single premium, so no question of further premium payment

You want to surrender the policy – Guaranteed surrender value and paid-up value after you pay premiums for 3 years

You want a loan against your policy – Loan facility is not available under this policy



 

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