Are you ready for your second innings ?
With ICICI Pru Immediate Annuity, you won't have to worry. This plan provides you with guaranteed income for your entire life. That's not all, the plan also gives you a wide range of annuity options that can provide a secure future for you, your spouse and even to your grandchildren.
Benefits Of ICICI Pru Immediate Annuity
Wide Variety Of Payout Options
Life Annuity with return of balance
purchase price
You get payout for life and after you, the Balance Purchase Price will be returned to your nominee.
Balance Purchase price will be equal to Purchase Price (premium paid by you in the beginning excluding taxes) less sum total of the annuities already paid.
Life Annuity guaranteed for 5, 10, 15
years and thereafter for life
You get payout for a guaranteed period of 5, 10 or 15 years as chosen by you, and life thereafter.
In case of your demise during the guaranteed period, the annuity for the remaining guaranteed period will be paid to your nominee.
Life Annuity with annual increase of 5%
You get annuity for life with an increase at a simple rate of 5% for each complete policy year throughout your entire life.
Life Annuity with return of purchase
prices (choice of return of
50% or 75% Purchase Price)
You get annuity for life and after you, as per your choice, 50% or 75% of the purchase price will be returned to your nominee.
Purchase price is the premium paid by you in the beginning excluding taxes.
Joint Life Last Survivor without Return
of Purchase Price
Pays you annuity for life and on death the annuity continues for the life of your spouse.
Joint life last survivor with return of
purchase price
Pays you annuity for life and on death the annuity continues for the life of your spouse.
On the demise of the last survivor the purchase price is returned to your nominee.
Purchase price is the premium paid by you in the beginning excluding taxes.
Life Annuity with return of purchase price
Pays you annuity for life. On your demise, the purchase price is paid back to your nominee.
Purchase price is the premium paid by you in the beginning excluding taxes.
Life Annuity with return of Purchase Price on
Critical illness (CI) or Permanent Disability
due to accident (PD) or Death
You get annuity for life till first occurrence of any of the 7 specified critical illnesses, before the age of 80 years, or death.
The Purchase Price is returned to me/nominee, in case of first occurrence of any of the 7 specified CI or PD before the age of 80 years, or death.
Joint Life, Last Survivor with Return of
Purchase Price in parts
Pays you an annuity for life and thereafter to your spouse for his/her life.
On the earlier of either your or your spouse's demise, 50% of the purchase price is returned to the survivor (you /spouse). After the death of the last survivor, balance 50% of the Purchase Price is returned to the nominee.
NPS – Family Income
Available only for National Pension Scheme (NPS) Subscribers. Pays you an Annuity benefit in accordance with the regulations prescribed by Pension Fund Regulatory and Development Authority (PFRDA).
Life Annuity
With this option, you get regular payout for your entire life.
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Things you need to know
What other benefits come with this plan?
Who all can buy this plan?
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.
What is the maximum and minimum Annuity per annum?
What are the boundary conditions?
The minimum age at entry for the annuitants is as follows:
Annuity |
Annuitant |
Nominee of a deferred pension plan |
|---|---|---|
| Group Superannuation | 30 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; 20 years last birthday for nominee of National Pension Scheme(NPS); 55 Years last birthday if the policy is purchased as QROPS through transfer of UK tax relieved assets |
0 Years last birthday |
What all Critical illnesses are covered under the plan?
Following Critical illnesses are covered under the plan:
Cancer of Specified Severity
Heart Attack
Coronary Artery Bypass Graft Surgery (CABGS)
Kidney Failure
Stroke
Major Organ Transplant (as Recipient)
Permanent Paralysis of limbs
For definition of illnesses covered and terms & conditions, please refer sales brochure.
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Disclaimers
#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.
ICICI Pru Immediate Annuity Form No. I06/I07. UIN 105N009V11. W/II/0970/2017-18.