Immediate Annuities shall be offered to both individual and group customers, this will include:
Individuals who need income for life and want to purchase annuities from their savings or their NPS corpus
Individuals who want to purchase annuities under deferred pension plans offered by ICICI Prudential Life Insurance Company Limited.
Group Members who want to purchase annuities from their superannuation fund managed by ICICI Prudential Life Insurance Company Limited or otherwise.
The minimum age at entry for the annuitants is as follows:
Nominee of a deferred pension plan
|Group Superannuation||20 Years last birthday in case of single life annuity
30 Years last birthday in case of joint life annuity
|0 Years last birthday|
|Individual Standalone||30 Years last birthday; 55 Years last birthday if the policy is purchased as QROPS through transfer of UK tax relieved assets||0 Years last birthday|
Following Critical illnesses are covered under the plan:
Cancer of Specified Severity
Coronary Artery Bypass Graft Surgery (CABGS)
Major Organ Transplant (as Recipient)
Permanent Paralysis of limbs
For definition of illnesses covered and terms & conditions, please refer sales brochure.
#Tax benefits are subject to conditions of section 80CCC,10(10A) and other provisions of the Income Tax Act, 1961. Indirect taxes and cesses will be charged extra, as per applicable rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
*Annuity rates mentioned above are exclusive of Goods and Services Tax (GST). For Joint life, age of spouse has been considered as equal to proposer.