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 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.
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
|
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 |
Riders – No riders are available in this policy
Annuity Options-
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. 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.
4. 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
5. 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.
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 – There are no surrender benefits under this term plan.
You want a loan against your policy – Loan facility is not available under this policy.