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. 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 ApplyWhat 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:
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 Plan – as the name suggest, it is an immediate annuity plan with the following features:
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 |