Annuity Servicing FAQs

On maturity of your pension policy, your maturity amount will be used to give you pension income. 6 months prior to your pension policy maturity date, we send you details of the pension option available on your policy, the indicative value of the pension income you will receive and a list of documents that you need to submit.

To start pension on your policy, you need to send us a few documents and your request form indicating your preference on the following 2 points:

  • Maturity amount that you want to get pension income from. You can use the entire amount to get pension or withdraw up to 33.33% as a lump sum and use the balance to get pension.
  • Pension option from which you would like to receive pension income. There are many options from which you can choose, such a lifelong income for you, and then for your spouse etc. Click here to know about all the pension options.

Along with the form, you will also need to send a few documents. Please note that pension income on your policy, will start after policy maturity and only after we receive all your documents and your preferred pension options.

You have the following pension options available in your policy.

Option No. Option Name What this means
1. Life Annuity You will get a guaranteed pension for life.
2. Life Annuity with return of purchase price You will get a guaranteed pension for life. After you pass away, your nominee - your spouse for example - will receive a lump sum equal to your Maturity Value (purchase price).
3. Life Annuity Guaranteed with Return of 50% or 75% Purchase Price You will get a guaranteed pension for life. After you pass away, your nominee will receive a lump sum equal to 50% or 75% of your Maturity Value (purchase price).
4. Life Annuity with Return of Balance Purchase Price You will get a guaranteed pension for life. After you pass away, your nominee - will receive the balance Maturity Value (purchase price) if any, after deduction of the total income paid to you.
For example- Policyholder A buys this plan with a purchase price of Rs.1, 00,000. The total income that he received in his life time is Rs. 80,000, then the balance of Rs. 20,000 will be paid to the nominee. If the total income he received was more than Rs. 1,00,000, then no amount will be paid to the nominee.
5. Life Annuity Guaranteed for 5 or 10 or 15 years and for life thereafter, without return of Purchase Price The pension amount is guaranteed to you/your nominee for a period of 5 or 10 or 15 years. Beyond this period, you will receive the pension amount for as long as you live.
For example, policyholder A chooses the 15 year option. He receives the pension for 10 years before passing away. His nominee will receive the pension for the balance 5 years. If the policyholder lives beyond the specified 15 years he will continue to receive pension till the end of his life.
6. Life Annuity with Return of Purchase Price on Critical illness (CI) or Permanent Disability (PD) due to accident, or death You will get a guaranteed pension for life. After you pass away, your nominee - will receive a lump sum equal to your Maturity Value (purchase price).
The Purchase Price may also be paid to you or your nominee in the following two scenarios:
f you are diagnosed with any of the 7 critical illnesses covered in this plan. This is paid only on the first occurrence of the specified critical illness. For details on the illnesses covered refer www.iciciprulife.com/Ia.
If you have a Permanent Disability due to an accident, before the age of 80.
7. Life Annuity with Annual Increase of 5% You will get a guaranteed pension for life. Your pension amount will increase by 5% every year. For example, in Year 1 your yearly pension income is Rs.12,000/- then in Year 2 it will increase by 5% and will be Rs.12,600/- and Year 3 it will again increase by 5% and will be Rs.13,200/-. Your income will continue to increase every year in this manner.
8. Joint life Last Survivor without Return of Purchase Price Survivor without Return of Purchase Price You will get a guaranteed pension for life. After you pass away your spouse will receive this pension for his/ her entire life.
9. Joint life Last Survivor with Return of Purchase Price You will get a guaranteed pension for life. After you pass away your spouse will receive this pension for as long as he/she lives. After the death of your spouse, a lump sum equal to your Maturity Value (Purchase Price) will be paid to your nominee.
10. Joint Life Last Survivor with Return of Purchase Price in parts You will get a guaranteed pension for life for long as you live. After you pass away your spouse will receive this pension for his/her entire life. In addition, a lump sum amount equal to 50% of your purchase price will also be paid to your spouse. After the death of your spouse, a lump sum amount equal to 50% of your purchase price will be paid to your nominee.
In case your spouse passes away before you, a lump sum amount equal to 50% of your purchase price will be paid to you and the remaining 50% to your nominee after you pass away.

You will receive pension on your policy, only after policy maturity.

You can send us your request to start pension with the following documents:

  1. Duly filled request form for Pension(Annuity) payout with your preferred pension option and bank account details. Click here to download the form.
  2. Cancelled Cheque of your Bank account in which you wish to receive your pension income.
  3. Signed copy of Identity Proof such as Passport, Driving License, PAN card etc.
  4. Signed copy of your PAN Card.
  5. Signed copy of Address Proof, if you have changed your registered address.
  6. Signed copy of Age Proof of spouse such as Passport, Driving license etc., if you choose joint life pension option.
  7. Pension payouts on your policy will begin only after we receive all the required documents.

You can submit the documents to us through any of these options :

  • Email us: Email the scanned copy of the form and documents to lifeline@iciciprulife.com from your registered email id. Do mention your policy number in the subject line.
  • Our Branch: Submit the form and documents at any of our branches. To locate the nearest branch, click here.
  • Courier: Post or courier the form and documents to:

    Pension department, ICICI Prudential Life Insurance Co. Ltd.,
    Unit No. 1A & 2A, Raheja Tipco Plaza, Rani Sati Marg, Malad (East), Mumbai- 400 097.

Once we receive your request, we will process it within 8 working days and send you a confirmation.

Many of our unit linked pension policies have a feature, called Annuity postponement, that allow you to postpone your policy start date. By postponing the pension start date of your unit linked pension policy, your fund grow over time and you end up with a larger pension amount. You need to reset your pension start date before maturity of your policy.

You can reset your pension(annuity) start date through any of these options:

  1. Once you login, click on the 'Transactions' tab.
  2. Under the 'Transactions' tab, select 'Annuity Postponement.'
  3. On 'Annuity Postponement' page, select your preferred pension start date from the drop down.
  • Call us: You can call us on 1860 266 7766 from Monday to Saturday, 10AM to 7PM and we will take your request on call after verifying your policy details. NRI customers can call us on +912261930777.
  • Email us: Fill up your preferred pension start date in Section A of this form and send a signed scanned copy of the form to lifeline@iciciprulife.com from your registered email id. Do mention your policy number in the subject line.
  • Our Branches: Fill up your preferred pension date in Section A of this form, sign the form and submit the form at any of our branches. To locate the nearest branch, click here.
  • Courier: Fill up your preferred pension start date in Section A of this form, sign the form and courier it to:

    Pension department, ICICI Prudential Life Insurance Co. Ltd.,
    Unit No. 1A & 2A, Raheja Tipco Plaza, Rani Sati Marg,
    Malad (East), Mumbai- 400 097.

Once we receive your request, we will process it within 8 working days and send you a confirmation

Existence verification check is applicable for customers who are receiving pension income from any of their pension policies with us. Once you start receiving pension income, every year/ or every three years we do a verification check of your policy. This is known as the Existence verification check. We will send you a detailed communication on the process, closer to the time when you are required to complete it. This process is important to ensure that there is no interruption in the pension income that you receive.

To complete the Existence verification check of your policy, please submit the following documents:

  1. Signed copy of your Life Verification Certificate with your details and signed by any of the verifiers, i.e. Post Master, Bank employee, ICICI Pru employee mentioned in the certificate. Click here to download the format
  2. Signed copy of Photo Identity Proof such as your Pan Card, Passport, Driving License etc. This document also needs to be signed by one of the verifiers mentioned in the certificate. 

You can submit the documents through any of these options:

  • Email us: Email a scanned copy of the form and documents to lifeline@iciciprulife.comfrom your registered email id. Do mention your policy number in the subject line.
  • Our Branch: Submit the documents at any of our branches. To locate the nearest branch, click here.
  • Courier: Courier the form/ documents to:

    Pension department, ICICI Prudential Life Insurance Co. Ltd.,
    Unit No. 1A & 2A, Raheja Tipco Plaza, Rani Sati Marg, Malad (East), Mumbai- 400 097.

Comp/doc/Nov/2017/0506

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