ICICI Prudential Immediate Annuity Plan

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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:
    1. Life Annuity
    2. Life Annuity with Return of Premium
    3. Life Annuity guaranteed for 5/10 or 15 years and thereafter payable for life
    4. Joint Life Last Survivor
    5. 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:

 

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

  • 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. 

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.

You may also like to read: ICICI Prudential Pension Plans

Frequently Asked Questions

1.      How frequently will I get the pay-out?

According to your own choice and suitability, the insured can choose to receive pay-out yearly, half-yearly, monthly and quarterly.

2.      How much pay-out can I receive?

The insured can receive a minimum pay-out of Rs1,000  per month. There is no upper limit on payout you choose to receive.

3.      At what age can I start this plan?

The minimum age to start this plan is 45 years. But the maximum age should not be more than 100 years. In order to receive the benefits of the plan the spouse should be at least 20 years old.

4.      What happen if I am unable to pay the premiums?

As this is a single premium paying plan, so there is no pint of further payment of premium.

5.      Does the policy offers any surrender benefit?

The plan does not provide any surrender benefit.

6.      Does the policy offers any loan facility?

The plan does not provide any loan facility.      

7.      How many options of annuity are offered by the policy?

There are 5 annuity options available under the plan

1.    Life Annuity- Retirement income is paid till the death of the insured person and further that nothing more is payable.

2.    Life Annuity with Return of Purchase Price- Retirement fund is paid till the death of the insured person. After death of the insured, the remaining fund is paid to the nominee.

3.     Joint Life, Last Survivor without Return of Purchase Price- Annuity is paid till the demise of the life insured and after that till the death of spouse or the last survivor. Nothing further is payable to anyone.

4.     Joint Life, Last Survivor with Return of Purchase Price- Retirement pension can be received by the insured till he/she dies and after that till the demise of the insured or the last survivor. The remaining fund is paid to the nominee after the death of the last 2 survivor.

5.     Life Annuity Guaranteed for 5/10/15 years and thereafter- Guaranteed pension is paid till 5/10/15 years as chosen by the annuitant and then till he survives.

8.      What are the documents that should be kept in hand while filling the application form?

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.

9.      What add-on benefits are offered by the policy?

The additional benefits offered by the policy are-

  • 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.

10.  How many days of free-look period is provided by the policy?

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.