ICICI Pru Guaranteed Pension Plan

The ICICI Pru Guaranteed Pension Plan helps secure your retirement with guaranteed income stream and flexible investment options as per your needs. This plan is designed to give you financial peace of mind by ensuring a steady flow of income during your retirement years, which allows you to enjoy your future with confidence.

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is ICICI Pru Guaranteed Pension Plan?

ICICI Pru Guaranteed Pension Plan offered by the ICICI Prudential Life Insurance is a non-participating, non-linked single premium annuity plan that provides you guaranteed income for your entire life after retirement. This annuity plan assures a regular flow of income throughout life and provides financial freedom to decide when you want to retire. This plan offers both deferred and immediate annuity options, which are as follows:

  • Immediate Annuity: You make an upfront lump sum investment and start getting regular income payments almost immediately, providing quick financial returns.

  • Deferred Annuity: You invest your money now, and the payouts begin at a future date, allowing your funds to grow before you start receiving regular income.

Key Features of ICICI Pru Guaranteed Pension Plan:

The following are the key features offered by ICICI Pru Guaranteed Pension Plan.

  • Guaranteed Lifelong Annuity: You can receive a guaranteed regular income for entire life as annuity by paying once.

  • Flexibility: The plan offers the flexibility to receive the annuity on monthly, quarterly, half-yearly or yearly basis.

  • Extensive Range of Annuity Options: You can choose from 11 different annuity options as per their financial requirement and suitability.

  • Return of Purchase Price: This investment plan offers the benefit of return of purchase price in case of death, critical illnesses or permanent disability due to accident.

  • Top-up Option: The plan offers the option to increase the annuity and benefits by choosing the top-up option and paying high purchase price.

  • Choose your Retirement Date: You can choose to receive the annuity immediately after paying the lump-sum premium or defer for 1-10 years.

  • Option: You can choose the single life or joint life option as per your requirement and suitability.

  • Early Return of Purchase Price Options:  The plan offers the option to receive the purchase price back from the age of 76 or at the age of 80 years.

  • High Purchase Price Benefit: Provides additional annuity based on the annuity option and purchase price slab.

ICICI Guaranteed Pension Plan at a Glance

The following table mentions the minimum age of entry for the annuitants:

Annuity Options Entry Age
Single Life with Return of Purchase Price at Age 80 30 – 65 years
Single Life with Return of Purchase Price from Age 76 30 – 70 years
Single Life with 50% Return of Purchase Price at Age 80 30 – 70 years
Single Life with Return of Purchase Price on Critical Illness, Permanent Disability, or Death 30 – 70 years
Deferred Single Life with Return of Purchase Price on Critical Illness, Permanent Disability, or Death 30 – 70 years
All Other Deferred Annuity Options 30 – 85 years
All Other Options 30 – 100 years

Annuity Options Available Under the ICICI Pru Guaranteed Pension Plan

Option Description
Single Life without Return of Purchase Price - Annuity for life.
- Policy terminates upon the annuitant's death; no further benefits.
Joint Life without Return of Purchase Price - Annuity for life as long as either annuitant is alive.
- Policy terminates upon the death of both annuitants; no further benefits.
Single Life with Return of Purchase Price - Annuity for life.
- Upon the annuitant's death, the purchase price is paid to the nominee; policy terminates.
Joint Life with Return of Purchase Price - Annuity for life as long as either annuitant is alive.
- Upon the death of both annuitants, the purchase price is paid to the nominee; policy terminates.
Single Life with Return of Purchase Price at Age 80 - Annuity for life.
- Purchase price paid to the annuitant at age 80 or to the nominee upon death, whichever is earlier.
- Annuity continues unchanged after return of purchase price.
Single Life with 50% Return of Purchase Price at Age 80 - Annuity for life.
- 50% of purchase price paid to the annuitant at age 80; remaining 50% to the nominee upon death.
- Policy terminates after final payment.
- Annuity continues unchanged after partial return of purchase price.
Single Life with Return of Purchase Price from Age 76 - Annuity for life.
- 5% of purchase price paid annually from age 76 to 95.
- Balance purchase price paid to the nominee upon death; policy terminates.
- Annuity continues unchanged during and after return of purchase price.
Single Life with Return of Purchase Price on CI/PD/Death - Annuity for life until age 80, critical illness (CI), permanent disability (PD), or death.
- Purchase price paid upon CI, PD, or death, whichever is earlier; policy terminates.
Deferred Single Life with Return of Purchase Price - Annuity for life after deferment period.
- Death benefit paid to the nominee during or post deferment based on higher of purchase price + accrued guaranteed additions or 105% of purchase price.
Deferred Joint Life with Return of Purchase Price - Annuity for life after deferment period as long as either annuitant is alive.
- Death benefit paid to the nominee during or post deferment based on higher of purchase price + accrued guaranteed additions or 105% of purchase price.
Deferred Single Life with Return of Purchase Price on CI/PD/Death - Annuity for life after deferment period.
- Lump sum benefit paid upon CI, PD, or death; policy terminates.

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Invest ₹10K/Month YOU GET ₹1.5 LAKHS* MONTHLY PENSION View Plans
Invest ₹7K/Month YOU GET ₹1 LAKHS* MONTHLY PENSION View Plans
Invest ₹5K/Month YOU GET ₹75 THOUSAND* MONTHLY PENSION View Plans
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Benefits of ICICI Pru Guaranteed Pension Plan

Let us take a look at the some benefits of this investment option.

  • Higher Purchase Price Benefit- The policyholder can enjoy higher income by increasing the purchase price of the annuity.

  • Online Booster- for the policies purchased online, the annuity will increase by 1%

  • Loyalty Booster- the existing customers of ICICI Prudential purchasing the ICICI Pru Guaranteed Pension plan can avail the loyalty booster of 1%.

  • NPS Benefit- for the policies bought using the proceeds out of NPS, the annuity will increase by 1%.

  • Option to top-up the annuity amount- the annuitant can increase the annuity amount by opting the top-up option.

  • Loan- the facility of loan can be availed only under the deferred annuity and only during the deferment period. The loan amount up to 80% of the surrender value can be availed.

Policy Details of ICICI Guaranteed Pension Plan

  • Free-Look Period: You can review your policy and decide whether to keep it in a free look period within 15 days of receiving the policy document or 30 days if it was purchased online or through a distance-selling method.

  • Nomination: The process of naming a beneficiary for this policy is regulated by Section 39 of the Insurance Laws (Amendments) Act, 1938, ensuring that your designated nominee receives the policy benefits.

  • Surrender Benefit: Specific annuity options, such as Single Life with Return of Purchase Price or Joint Life with Return of Purchase Price, offer a surrender benefit, but no changes can be made to the policy after the free-look period ends.

  • NPS and QROPS: For policies linked to the National Pension System (NPS), death benefits are managed according to the rules of the Pension Fund Regulatory and Development Authority (PFRDA), while policies under the QROPS scheme cannot be surrendered.

  • Medical Examination: Policies obtained through the Point of Sale (POS) channel do not require a medical examination, making the process easier for the buyer.

  • Annuitant and Policyholder: If the policyholder and annuitant are different at the start of the policy, ownership will transfer to the annuitant, or their guardian, upon the policyholder’s death or when the annuitant turns 18.

Working of ICICI Pru Guaranteed Pension Plan

  • Step 1- Premium Payment: Pay premiums as a single lump sum or periodically based on your chosen option.

  • Step 2- Accumulation Phase: Your premiums grow with guaranteed returns over the policy term.

  • Step 3- Pension Payout: At maturity, the accumulated amount is converted into a regular pension based on your selected annuity option.

Critical Illness Covered Under ICICI Guaranteed Pension Plan

These are the critical illnesses covered under the plan:

  • Severe cancer diagnosis.

  • First major heart attack.

  • Open chest Coronary Artery Bypass Graft (CABG) surgery.

  • Chronic kidney failure, needing regular dialysis.

  • Stroke causing lasting symptoms.

  • Transplant of a major organ or bone marrow.

  • Long-term paralysis of limbs.

  • Long-term disability from an accident like unable to walk, bend, lift, write, and climb, organ failure, Transient Ischemic Attacks (TIA), or blindness. 

FAQs

  • What is the ICICI Pru Guaranteed Pension Plan?

    ICICI Pru Guaranteed Pension Plan is a retirement plan that offers guaranteed regular income for life, ensuring financial stability during your retirement years.
  • How does the ICICI Pru Guaranteed Pension Plan work?

    You pay a lump sum premium, and upon retirement, the plan provides a guaranteed pension for life immediately, or you can also defer your pension payouts.
  • What are the payout options available under this plan?

    You can choose from various payout options like immediate annuity, deferred annuity, and joint-life annuity, depending on your financial needs.
  • Can I surrender the ICICI Pru Guaranteed Pension Plan?

    Yes, you can surrender your ICICI Guaranteed pension plan, but surrendering the plan may lead to charges and a reduction in benefits, so it is advisable to consider this carefully.
  • Which is better ICICI Guaranteed Pension Plan or Nps scheme?

    • ICICI Guaranteed Pension Plan: Best for those seeking a guaranteed, stable pension with no market risks.

    • NPS Scheme: Ideal for those comfortable with market risks and looking for potentially higher returns with more investment flexibility.

  • Is NPS Calculator helpful to estimate my pension in ICICI Guaranteed Pension Plan

    No, the NPS Calculator is specific to the NPS scheme and will not accurately estimate pensions for the ICICI Guaranteed Pension Plan, which offers fixed returns.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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ICICI Pru Guaranteed Pension Plan Reviews & Ratings

4.2 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Harminder
West_tripura, October 10, 2016
ICICI Policy
My icici prudential life insurance pension plan is awesome which has some extra benefits of the policy. Services are on time and very quick facilitated by the staff of the company. Less paperwork and every update is mailed to me regularly.
Uttam
Hathgaon, August 24, 2016
Retirement policy
I have secure my secure my retirement time by purchasing the pension plan from icici prudential life insurance. The insurance is good and large amount is given in the end of the insurance policy. Updates are mailed to me regularly about the insurance plan.
Pintu
Bikaner, July 20, 2016
Coverage Is High
I have icici life insurance pension plan which has low premium and returns are maximum. Service is the best and on time. Updates and renewals are done on online service. The future of mine and my family is secure with this great policy.
Karma
Badayun, July 11, 2016
Pension Plan
Pension plan is very durable according to me and it helps a lot in future time. Premium of the policy is very low but the returns are heavy. Accidental death benefits, health care, and many reimbursable funds. Policy coverage is good and claims are easy to sanctioned due to fast service.
Harindra
Ajmer, June 29, 2016
Good
The pension plan I have purchase is good. Policy come in very low investment and premium is also low. Policy coverage is high and claims are good. The service is fast and claiming become easy due to this. The online portal service is nice it reduces paperwork and hassle free documentations.
Lovish
Bengaluru, April 15, 2016
Best
My pension policy plan is with icici prudential life insurance. The policy has good coverage that is 91% with low premium. Claims are also high and the returns is Rs.44 K per month after policy end. Service is fantastic and the executives do best work. Good investment for future and taxes are also reduced.
Ishant
Pilani, April 15, 2016
Average Policy
I invest my money for my future security with icici prudential life insurance. I have pension policy plan. Policy coverage is 94% and claims are around 41 K. Service is good and executives behave well. Nice policy plan.
Waqar
Jalpaiguri, April 15, 2016
Quality Investment
I buy pension policy for my parents from icici prudential life insurance. My parents are happy with the policy due to low premiums. The returns are high ~Rs.37 K per month for each. The policy coverage is high ~84% and service is rapid and on time. The online facilities are simple and easily accessible.
Vabhav
Dwarka, April 15, 2016
Policy Coverage Is Good
I purchase icici prudential life insurance pension plan. Plan is good with nice services and always on time. Policy coverage is 89% and the claim is of Rs.41 K per month after policy ends. Investment is low and returns are high. The behaviour from executives is nice. Good future investment with tax saving.
Bhupesh
Coonoor, April 15, 2016
Above Average
I purchase pension plan with icici prudential life insurance. I'm relaxed now for my future, the returning amount is 39 K per month after the policy end. The policy coverage is 91% and claims are also high with low premiums. The behaviour of the executives and staff members are really very good. Nice policy, I like it.
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