ICICI Prudential Immediate Annuity Plan
Immediate Annuity Plan from ICICI Prudential is a single premium immediate annuity plan, where the policyholder would pay the lump sum premium and can avail of 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.
Key Features
Pay just once and get guaranteed lifelong pension when you want, immediately or after 1-10 years
5 different pension options available for self and spouse
No medical tests required as there is no medical underwriting and no life coverage provided
Benefits
If the annuitant chooses Return of Purchase price, then the remaining fund would be paid to the beneficiary and nothing otherwise.
There are no maturity benefits under this plan as there is no policy tenure. Pension is payable immediately.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.
No riders are available in this policy
- 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.
How it works
- A way to convert savings into a source of immediate income
- Guaranteed payouts you can rely on for life
- A way to support your savings for retirement
| Policy Snapshot | |
|
Income starts:
Immediately
|
Min. Annuity:
₹12,000 p.a. or ₹1000 p.m.
|
|
Payment Frequency:
Just Once
|
Plan Options:
8
|
|
ROP on CI/PD₸:
Yes
|
Joint Life:
Immediate family member
|
|
Top-Ups allowed:
Yes
|
Online Benefit:
Yes
|
|
Loan Facility:
No
|
NPS Benefit:
Yes
|
DEFERRED ANNUITY (LATER)
Consider Deferred Income Annuities if you’re looking for:
- Guaranteed income for life, starting in a few years
- Higher-income later because you’re able to put aside your savings now
-
A way to supplement your lifetime earnings down the road
| Policy Snapshot | |
|
Income starts:
After 1-10 years
|
Min. Annuity:
₹12,000 p.a. or ₹1000 p.m.
|
|
Payment Frequency:
Just Once
|
Plan Options:
3
|
|
ROP on CI/PD₸:
Yes
|
Joint Life:
Immediate family member
|
|
Top-Ups allowed:
Yes2
|
Online Benefit:
Yes
|
|
Loan Facility:
Yes
|
NPS Benefit:
Yes
|
NPS PENSION
Consider NPS Pension if you’re looking for:
- Securing lifelong income for you & your family through the National Pension Scheme accumulated corpus
- Guaranteed payouts you can rely on for life
- A way to support your savings for retirement
| Policy Snapshot | |
|
Income starts:
Immediately
|
Min. Annuity:
₹12,000 p.a. or ₹1000 p.m.
|
|
Payment Frequency:
Just Once
|
Plan Options:
10
|
|
ROP on CI/PD₸:
Yes
|
Joint Life:
Immediate family member
|
|
Top-Ups allowed:
Yes
|
Online Benefit:
Yes
|
|
Loan Facility:
No
|
NPS Benefit:
Yes
|
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
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | NA | NA |
| Policy Term (in years) | NA | NA |
| Premium Payment Term (in years) | Single | |
| Entry Age of Policyholder | 45 | 80 |
| Entry Age of Spouse | 20 | NA |
| Annuity Payment (in Rs.) | 12,000 | No Limit |
| Payment modes | Single | |
| Annuity payment options | Yearly, Half-yearly, Quarterly and Monthly | |
FAQs
What happens if You stop paying the premium ?Payment is done in a single premium, so no question of further premium payment.
What happens if you want to surrender the policy ?There are no surrender benefits under this term plan
What happens if you want a loan against your policy ?Loan facility is not available under this policy.
