ICICI Prudential Pension Plans

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank Ltd. and Prudential Private Limited Company.Prudential Private Limited Company is a leading international financial service group having its headquarters in the United Kingdom. ICICI Prudential Life is one of the first private sector life insurance companies who after receiving approval from the Insurance Regulatory Development Authority of India (IRDAI) have begun its operation in December 2000.

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Amongst the entire private life insurers in the country, ICICI has enjoyed a dominant position for more than twenty years by offering world-class products and quality consistent services.The range of products offered by ICICI Prudential Life Insurance Company include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

What are ICICI Prudential Pension Plans?

Pension Plans or annuity plans are plans which are designed to take care of the income flow for the individual after retirement. Post retirement when the income of the individual dries up, the lifestyle expenses continue and there must be a provision to meet such expenses. Retirement plans help in providing a regular cash flow to individuals so that they can enjoy their retirement peacefully.

Pension Plans have some unique features which are listed below:

  • There is a concept of vesting which is the date at which the plan terminates or matures

  • Pension plans can be taken as Immediate Annuity Plans or Deferred Annuity Plans. Under Immediate Annuity Plans, a lump sum is paid by the policyholder and the annuity payments start immediately from the next period chosen. Under deferred annuity, premiums are first paid by the policyholder which accumulate into a corpus and thereafter annuity payments start from the vesting date

  • There is no life cover. Annuity payments stop when the annuitant (or his spouse in case of joint life annuity) dies. However, under deferred annuity, death benefit is applicable if the annuitant dies in the deferment period

  • On vesting, either the entire corpus can be used to avail annuity or 1/3rd of it can be withdrawn in cash and the rest 2/3rd can be used to avail annuity. The withdrawn part is called commuted pension. .

Why ICICI Prudential Pension Plans

Being dependent on others, especially financially is a curse. It is always better to provide for one’s finances even when there is no income. Retirement is a period where the expenses remain the same or maybe increase but income either decreases or diminishes completely. Having an insurance plan is prudent in such a scenario as the plan will provide an individual with the necessary finance required in the old age. Pension plans offered by life insurance companies provide a regular stream of income and come in many variants. They can be taken to cover the life of the policyholder’s spouse as well under the joint annuity plans. So, buying a pension plan is a prudent step towards an individual’s retirement planning

ICICI Pru Immediate Annuity Planas the name suggest, it is an immediate annuity plan with the following features:

 

  • Under the plan, the annuity payments will start immediately from the next chosen frequency (monthly, quarterly, half-yearly or annually) after the payment of the single premium

  • The plan can be bought by groups to fund their superannuation needs and individuals for their retirement needs

  • The plan provides 5 annuity payout options to choose from which are:

      • Life Annuity

      • Life Annuity with Return of Premium

      • Life Annuity guaranteed for 5/10 or 15 years and thereafter payable for life

      • Joint Life Last Survivor

      • Joint Life Last Survivor with Return of Purchase Price

  • The policyholder can increase the annuity amount any time he or she wants by paying additional premium to purchase an additional annuity

  • The company provides a premium discount based on the annuity amount and the mode of annuity payout chosen.

  • Income tax benefit on the premium paid as per Section 80CCC and on the commuted part as per Section 10(10A) of the Income Tax Act. 

 

Eligibility Details

  Minimum Maximum
Entry Age 45 years 100 years
Purchase Price Rs.1 lakh No limit
Amount of Annual Payout Rs.100 No limit
Annuity payout Frequency Monthly, quarterly, half-yearly or yearly

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Sample Purchase Price Rates

The following table shows the applicable Purchase Price payable under two different options if the policyholder wishes to avail an annuity payout of Rs.12, 000 every year.

Age Life annuity with Return of Premium Life annuity without Return of Premium
45 years 175,706 154,215
55 years 175,788 144,669
65 years 177,634 122,365

ICICI Prudential Pension Plans FAQS

  • Q. Why should I buy ICICI Prudential’s pension plans?

    Ans: Given the high cost of living, retirement planning becomes an inevitable part of the financial life. ICICI Prudential’s pension plans offer you financial security so that when your income stops after retirement, you can still live without compromising on your lifestyle.
  • Q. What is the accumulation phase of ICICI Prudential’s pension plans?

    Ans: It is the time during which you regularly pay premium to ICICI Prudential to get income post retirement in the form of pension.
  • Q. How do I compute my retirement corpus for ICICI Prudential?

    Ans: Use our retirement calculator to compute the retirement corpus. You need to put in the following details in the calculator to get the ideal corpus.
    • Monthly expenses
    • Inflation rate
    • Retirement age
    • Number of years you expect to live post retirement
  • Q. What is the vesting age of ICICI Prudential’s pension plans?

    Ans: The age at which you decide to start receiving your pension is known as vesting age.
  • Q. What are the tax benefits of ICICI Prudential’s pension plans?

    Ans: As per prevailing tax laws, ICICI Prudential offers tax benefits up to a maximum of Rs 10,000 on taxable income under Section 80CCC and Section 10(10A) of the Income Tax Act, 1961. Up to 1/3rd of the maturity amount is tax-free, while the remaining amount is paid out as an annuity and is taxable.
  • Q. How is ICICI Prudential’s pension plan different from term plan?

  • Q. What is an annuity?

    Ans: An annuity is the regular income, pension or allowance that ICICI Prudential pays after the retirement.
  • Q. What if I fail to pay premium of ICICI Prudential pension plan on time?

    Ans: Usually you get a grace period of up to 30 days to pay your premiums once it is overdue. However, if you still don’t pay premium after the grace period, your policy will lapse and you can’t claim any benefits from your policy.
  • Q. What are the different options to pay premium of my ICICI Prudential pension plan?

    Ans: There are various options available to pay your premium. You can pay premium monthly, quarterly, half yearly or yearly. You can also pay premiums in one lump sum. However, most of the people opt for monthly premium mode as it is relatively small and easy to monitor.
  • Q. Why should I buy ICICI Prudential’s pension plan when I already have a provident fund (PF) account?

    Ans: Yes you should buy ICICI Prudential’s pension plan even though you have a provident fund account (PF). The ever growing inflation will make your PF amount insufficient in the future. It will not be enough for your future expenses. This becomes more important because as you grow old, you become more susceptible to different health problems and it increases your medical bills also. A lone provident fund will not support your lifestyle needs.
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ICICI Prudential Pension Plans Reviews & Ratings

4.2 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Harminder
West_tripura, October 10, 2016
ICICI Policy
My icici prudential life insurance pension plan is awesome which has some extra benefits of the policy. Services are on time and very quick facilitated by the staff of the company. Less paperwork and every update is mailed to me regularly.
Uttam
Hathgaon, August 24, 2016
Retirement policy
I have secure my secure my retirement time by purchasing the pension plan from icici prudential life insurance. The insurance is good and large amount is given in the end of the insurance policy. Updates are mailed to me regularly about the insurance plan.
Pintu
Bikaner, July 20, 2016
Coverage Is High
I have icici life insurance pension plan which has low premium and returns are maximum. Service is the best and on time. Updates and renewals are done on online service. The future of mine and my family is secure with this great policy.
Karma
Badayun, July 11, 2016
Pension Plan
Pension plan is very durable according to me and it helps a lot in future time. Premium of the policy is very low but the returns are heavy. Accidental death benefits, health care, and many reimbursable funds. Policy coverage is good and claims are easy to sanctioned due to fast service.
Harindra
Ajmer, June 29, 2016
Good
The pension plan I have purchase is good. Policy come in very low investment and premium is also low. Policy coverage is high and claims are good. The service is fast and claiming become easy due to this. The online portal service is nice it reduces paperwork and hassle free documentations.
Lovish
Bengaluru, April 15, 2016
Best
My pension policy plan is with icici prudential life insurance. The policy has good coverage that is 91% with low premium. Claims are also high and the returns is Rs.44 K per month after policy end. Service is fantastic and the executives do best work. Good investment for future and taxes are also reduced.
Ishant
Pilani, April 15, 2016
Average Policy
I invest my money for my future security with icici prudential life insurance. I have pension policy plan. Policy coverage is 94% and claims are around 41 K. Service is good and executives behave well. Nice policy plan.
Waqar
Jalpaiguri, April 15, 2016
Quality Investment
I buy pension policy for my parents from icici prudential life insurance. My parents are happy with the policy due to low premiums. The returns are high ~Rs.37 K per month for each. The policy coverage is high ~84% and service is rapid and on time. The online facilities are simple and easily accessible.
Vabhav
Dwarka, April 15, 2016
Policy Coverage Is Good
I purchase icici prudential life insurance pension plan. Plan is good with nice services and always on time. Policy coverage is 89% and the claim is of Rs.41 K per month after policy ends. Investment is low and returns are high. The behaviour from executives is nice. Good future investment with tax saving.
Bhupesh
Coonoor, April 15, 2016
Above Average
I purchase pension plan with icici prudential life insurance. I'm relaxed now for my future, the returning amount is 39 K per month after the policy end. The policy coverage is 91% and claims are also high with low premiums. The behaviour of the executives and staff members are really very good. Nice policy, I like it.
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