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.

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In-built life cover

Get Guaranteed Lifelong Pension
For You And Your Spouse

Invested amount returned to your nominee

Best Pension Options
  • Invest ₹20k monthly & Get yearly pension of ₹4.2 Lacs for Life

  • Guaranteed Return For Life

  • Multiple Annuity Options

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We are rated~
rating
58.9 Million
Registered Consumer
51
Insurance Partners
26.4 Million
Policies Sold

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.

People Also Read: ICICI Prudential Nifty Midcap 150 Index Fund

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.

  • 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. 

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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

People also read: best retirement plan

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. 

*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

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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