Annuity Servicing FAQs

On maturity of your pension policy, your maturity amount will be used to give you pension income. Six months before 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 a pension or withdraw up to 33.33% as a lump sum and use the balance to get a pension
  • Pension option from which you would like to receive pension income. There are many options from which you can choose, such as 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. Single Life without Return of Purchase Price You will get a guaranteed** income for life.
2. Joint Life without Return of Purchase Price You will get a guaranteed** income for life. After you, your family member will receive this income for life.
3. Single Life with Return of Purchase Price You will get a guaranteed** income for life. After you pass away the purchase price will be returned to your nominee.
4. Joint Life with Return of Purchase Price You will get a guaranteed** income for life. After you pass away your family member will receive this income for life. After your family member passes away the purchase price will be returned to your nominee.
5. Single Life with Return of Purchase Price at the age of 80 You will get a guaranteed** income for life. The purchase price will be returned to you when you complete 80 years of age and guaranteed** income will continue for life. In case of death before the age of 80, the purchase price will be given to your nominee.
6. Single Life with 50% Return of Purchase Price at the age of 80 You will get a guaranteed** income for life. 50% of your purchase price will be returned to you when you complete 80 years and the balance 50% to your nominee after your death. The guaranteed** income will continue for life. In case of death before the age of 80, the entire purchase price will be given to your nominee.
7. Single Life with Return of Purchase Price from the age of 76 You will get a guaranteed** income for life. In addition to the annuity, from age 76 years you will start receiving your purchase price in 20 yearly instalments. In case of death during this payout stage, the balance amount will be paid to your nominee as a lump sum. In case of death prior to the age of 76, the entire purchase price will be given to your nominee.
8. Single Life with Return of Purchase Price on Critical Illness (CI) or Permanent Disability due to an accident (PD) or Death You will get a guaranteed** income for life. After you pass away the purchase price will be returned to your nominee. However, before attaining the age of 80 years if you are diagnosed with any of the 7 critical illnesses covered by the plan or have a permanent disability due to an accident, the purchase price will be paid to you.
9. Deferred Single Life with Return of Purchase Price You will get a guaranteed** income for life. After you pass away, a lump sum benefit will be paid to your nominee. The amount paid will be higher of:
a. Purchase Price + Accrued guaranteed** Additions - Total annuity paid out till date of intimation of death
b. Purchase Price
10. Deferred Joint Life with Return of Purchase Price You will get a guaranteed** income for life. After you pass away, your family member will receive this income for life. After your family member passes away, a lump sum benefit will be paid to your nominee. The amount paid will be higher of:
a. Purchase Price + Accrued guaranteed** Additions – Total annuity paid out till date of intimation of death
b. Purchase Price
11. Deferred Single Life with Return of Purchase Price on Critical Illness (CI) or Permanent Disability due to an accident (PD) or Death You will get a guaranteed** income for life. A lump sum amount will be payable to you in case you are diagnosed with any of the 7 critical illness covered by the plan or have Permanent Disability due to an accident, before the age of 80. The amount paid will be higher of:
a. Purchase Price + Accrued guaranteed** Additions - Total annuity paid out till date of intimation of death
b. Purchase Price
After you pass away, this benefit will be paid to your nominee.

** T&C Apply

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

You can send us your request to start a 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. A signed copy of your PAN card or Form 60
  4. A signed copy of the address proof
  5. Recent photograph
  6. A signed copy of age proof of the secondary annuitant, if you choose the joint life pension option
  7. A signed copy of the secondary annuitant PAN card or Form 60, if you choose the joint life pension option
  8. Recent photograph of the secondary annuitant, if you choose the joint life pension option

List of acceptable Officially Valid Documents (OVDs) for Identity, Address and Age proof:

  1. Passport (Valid)
  2. Proof of possession of Aadhaar (First 8 digits of the Aadhaar should be in the masked form)
  3. Driving License (Valid)
  4. Voter ID card issued by the Election Commission of India
  5. Job card issued by the NREGA duly signed by an officer of the State Government
  6. Letter issued by the National Population Register containing details of name, address or any other document as notified by the Central Government in consultation with the Regulator

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

  • You can "Click here" to Write to us.
  • 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

  • Website: Login to our website with your user ID and password > Go to Transaction menu option > Go to Annuity Registration

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 allows you to postpone your policy start date. By postponing the pension start date of your unit linked pension policy, your fund growss over time and you end up with a larger pension amount. You need to reset your pension start date before the 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 the 'Annuity Postponement' page, select your preferred pension start date from the drop-down
  • Call us: You can call us on 1860 266 7766 (Help us to serve you better by calling us from your registered mobile number) from Monday to Saturday, between 10:00 am to 7:00 pm and we will take your request on-call after verifying your policy details. NRI customers can call us on
    +91 80693 85555
  • You can "Click here" to Write to us.
  • 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

An 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, we do a verification check every year*. This is known as the Existence Verification check. This check can be done online with a few clicks of a button, as well as through any of our offline mediums mentioned. 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.

*Every year- If you have opted for the pension option without return of purchase price.

Once in three years- If you have opted for pension option with return of purchase price option.

Online:

  1. Login to https://customer.iciciprulife.com/ and click on Transactions> Existence Verification
  2. OR

  3. To submit without logging in, click here > select individual annuity or group annuity > enter your details.

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

  • A signed copy of your Life Verification Certificate with your details, signed by any of the verifiers, i.e., postmaster, bank employee, ICICI Prudential Life employee mentioned in the certificate. Click here to download the format

You can submit the documents through any of these options:

  • You can "Click here" to Write to us.
  • 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/2020/311/4714

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