ICICI Prudential Immediate Annuity Plan 

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.

ICICI Prudential Immediate Annuity - Key Features 

• 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.

ICICI Prudential Immediate Annuity - Benefits

• 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.
• 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. 

ICICI Prudential Immediate Annuity - Product Specification:

Details about Premium

Premium in Rupees for an annuity of Rs.12, 000 p.a.

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

• 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.