ICICI Pru Signature Pension

What is ICICI Pru Signature Pension?

ICICI Pru Signature Pension is a unit-linked pension plan designed to help you secure your retirement. It offers flexibility to invest in various funds, including equity, debt, and balanced funds, tailored to your risk appetite. With features like low charges, loyalty rewards, and tax benefits, it helps you maximize your returns. You can also opt for systematic withdrawals to receive regular income during retirement. To ensure your family's financial security, the plan provides life cover. By investing in this plan, you can take control of your retirement planning and enjoy a comfortable and financially secure future.

Features of ICICI Pru Signature Pension

Below are the features of ICICI Pru Signature Pension:

• Life Cover: Ensures financial security for your family.

• Low Charges: Maximum investment with minimal deductions.

• Loyalty Rewards: Earn additional benefits over time.

• Whole Life Cover: Protection until age 99.

• Flexibility: Choose from various portfolio strategies and funds.

• Unlimited Free Switches: Switch between funds without cost.

• Systematic Withdrawals: Receive regular income from your investments.

• Tax Benefits: Enjoy tax benefits on premiums and maturity amounts.

Eligibility Criteria of ICICI Pru Signature Pension

• Premium Payment Option: Limited Pay / Single Pay; Maximum Premium Payment Term allowed will be Minimum of 15 years or Policy Term minus 5 years

• Premium Payment Frequency: Annual, half-yearly, monthly, single-pay

Benefits of ICICI Pru Signature Pension 

Below are the benefits of the ICICI Pru Signature Pension: 

1. Financial Protection for Your Loved Ones:

   • Life Cover: Enjoy life cover throughout the policy term, ensuring your family's financial security even in your absence.

2. Maximizing Your Investments:

   • Low Charges: Your entire premium is invested in the funds with no deductions.

   • Loyalty Rewards: Earn Wealth Boosters2 at regular intervals simply by staying invested.

3. Lifetime Financial Security:

   • Whole Life Cover: Secure your financial future until age 99 with the Whole Life option.

4. Tailored to Your Investment Needs:

   • Abundant Flexibility: Choose from 4 portfolio strategies and a wide range of funds across equity, balanced, and debt to align with your risk appetite and investment goals.

   • Unlimited Free Switches: Enjoy the freedom to switch between funds as many times as you want without any charges for Fixed Portfolio Strategy.

5. A Steady Income Stream:

   • Systematic Withdrawals: Opt for a Systematic Withdrawal Plan to receive regular income from your fund value.

6. Significant Tax Benefits:

   • Tax-Free Maturity: Receive a tax-free maturity amount under Section 10(10D) of the Income Tax Act.

   • Tax Rebate: Claim a tax rebate on the premium paid under Section 80C of the Income Tax Act.

Additional Details of ICICI Pru Signature Pension

1. Freelook Period

   Enjoy the flexibility of a free look period to review your policy:

   • 15 days: If purchased through in-person solicitation.

   • 30 days: If bought electronically, via voice mode (e.g., telephone), or other indirect methods like SMS, postal mail, or magazine inserts.
     If unsatisfied, return the policy document within the applicable timeframe with reasons for cancellation. You will receive a refund of:

   • Non-allocated premium + charges from unit cancellation + fund value at cancellation date, minus proportionate risk premium, stamp duty, and medical exam expenses (if any).
     Upon cancellation, the policy terminates, and all rights under it are extinguished.

2. Tax Benefits

   Tax benefits are applicable as per prevailing Income Tax laws. Note that Goods and Services Tax (GST) and related cesses will be charged extra by redeeming units. Tax laws are subject to periodic updates.

3. Premium Adjustments

   The option to increase or decrease premiums is not permitted.

4. Grace Period

   • 15 days: For monthly premium payments.

   • 30 days: For all other payment modes.
     The policy remains active during the grace period.

5. Policy Discontinuance
   The date of policy discontinuance is when the company is informed of surrender/discontinuance or upon grace period expiry, whichever comes first. The policy remains in effect until the end date.

Exclusions Under ICICI Pru Signature Pension

If the Life Assured, regardless of mental state, dies by suicide within 12 months from the policy's commencement or revival date, the Claimant will receive only the Fund Value, including any Top-up Fund Value, as it stands on the date the death is reported. Any charges deducted after the date of death, except Fund Management Charges and guarantee charges (if applicable), will be refunded and added back to the Fund Value as of the death's reporting date.

Additionally, if suicide occurs within 12 months of an increase in the Sum Assured, the increased amount will not be included in the death benefit calculation.