|
An annuity is a series or stream of payments. In the context of retirement planning, an annuity is a contract between you and the insurance company under which the insurance company promises pays you money for a stipulated period-often for life. You, the person receiving the payments, is the "annuitant".
Types of annuity options offered by ICICI Prudential:
Life Annuity: In this plan, you receive annuities for as long as you live. Payments are no longer made after your demise.
Life Annuity with Return of Purchase Price: You receive annuities for as long as you live and your nominee receives the purchase price of the policy after demise. The purchase price refers to the value of your investment corpus at the end of the accumulation phase (with which the annuity was purchased).
Life Annuity Guaranteed for 5, 10 and 15 Years and Life Thereafter: You receive annuities for a minimum term i.e. 5, 10 or 15 years. Annuities continue for life thereafter. If death occurs before the end of the pre-decided term, the company pays the annuity till the end of that term to the nominee.
Joint Life, Last Survivor Annuity without Return of Purchase Price: Both your spouse and you will receive annuities for life.
Joint Life, Last Survivor Annuity with Return of Purchase Price: Both your spouse and you will receive annuities for life. After this, the purchase price is returned to your nominee.
| 
