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ICICI Prudential Immediate Annuity Plan
ICICI Prudential Immediate Annuity Plan is a discontinued pension plan where you get a stream of income immediately after retirement. This annuity plan is no longer available for purchase. It was designed to provide financial security and peace of mind to you and your family during your golden years.
Get Guaranteed Lifelong Pension
For You And Your Spouse
Invested amount returned to your nominee
Pension Options
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Invest ₹20k monthly & Get yearly pension of ₹4.2 Lacs for Life
Guaranteed Return For Life
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Multiple Annuity Options
- 4.8++ Rated
- 10.5 Crore Registered Consumer
- 51 Partners Insurance Partners
- 5.3 Crore Policies Sold
We are rated++
10.5 Crore
Registered Consumer
51
Insurance Partners
5.3 Crore
Policies Sold
Get Guaranteed Lifelong Pension^^
For You And Your Spouse
For You And Your Spouse
Invested amount returned to your nominee
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ICICI Prudential Pension Plans
- ICICI Prudential Immediate Annuity Plan
ICICI Prudential Immediate Annuity - Key Features
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It is an immediate annuity plan with single premium option where the annuity starts immediately after premium payment from the next chosen date.
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There are 5 annuity options of:
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Life Annuity
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Life Annuity with Return of Premium
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Life Annuity guaranteed for 5/10 or 15 years and thereafter payable for life
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Joint Life Last Survivor
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Joint Life Last Survivor with Return of Purchase Price
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As there is no life coverage and no medical underwriting is provided by the plan, no medical test is required.
ICICI Prudential Immediate Annuity - Benefits
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Annuity payouts will be paid as per the frequency chosen immediately after the premium paid.
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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.
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In ICICI Prudential policy, the remaining fund will be paid to the beneficiary of the policy in case the annuitant chooses return of purchase price.
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Pension is paid immediately as there is no policy tenure, there is no maturity benefit.
ICICI Prudential Immediate Annuity - Product Specification:
| Minimum | Maximum | |
| Entry Age (Last Birthday) | 45 years | 100 years |
| Purchase Price | 100,000 | No limit |
| Annuity Payout | 100 | No limit |
| Annuity payout Frequency | Monthly, quarterly, half-yearly, yearly | |
Details about Premium
Premium in Rupees for an annuity of Rs. 12,000 p.a.
| 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 Immediate Annuity - Policy Details
Grace Period: Grace period is not applicable.
Policy Termination or Surrender Benefit: The policy cannot be surrendered anytime.
Free Look Period: If the life insured is not pleased with the coverage, term and conditions of the policy then within 15 days of the policy issued he/she can cancel the policy. The policy can only be cancelled, provided there has been no claim.
Inclusions
Loan is not available under the plan
Additional Features or Riders
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The annuity amount can be increased anytime by paying additional premium and purchasing additional annuity.
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There is a discount in premium depending on the amount of annuity payout and mode.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Documents Required
Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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