ICICI Prudential Immediate Annuity Plan is a traditional pension plan where annuity starts immediately. It can be availed by individuals and groups (for superannuation) thereby making it a universal plan.
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Multiple Annuity Options
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
It is an immediate annuity plan with single premium option where the annuity starts immediately after premium payment from the next chosen date.
There are 5 annuity options of:
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
As there is no life coverage and no medical underwriting is provided by the plan, no medical test is required.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Annuity payouts will be paid as per the frequency chosen immediately after the premium paid.
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.
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.
Pension is paid immediately as there is no policy tenure, there is no maturity benefit.
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 |
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 |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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
The annuity amount can be increased anytime by paying additional premium and purchasing additional annuity.
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
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