The essence of financial independence is to live on your own terms. Achieving financial independence during your earning years is easy due to your regular flow of income. With the right pension plan, you can maintain your financial independence even during retirement.

ICICI Pru Guaranteed Pension Plan is one such plan that provides a guaranteed* regular income for life. This helps you live your post-retirement life the way you want.

Below are some benefits of the plan:

Guaranteed* regular income

You retire from work, not life. You may have post-retirement dreams such as traveling, starting your own venture, and more. ICICI Pru Guaranteed Pension Plan provides you with a regular income during your retirement. This can help you fulfil your post-retirement dreams and stay financially independent for life.

* T&C apply

Flexibility in receiving income

ICICI Pru Guaranteed Pension Plan provides you the flexibility to receive the income either monthly, quarterly, half-yearly or annually as per your requirement. You can also choose when you want to start receiving the income, irrespective of your actual retirement date. You will continue to receive this income for life.

You can choose whether you want to start receiving the income from the plan immediately (immediate annuity) or at a later date (deferred annuity). With the deferred annuity option, you can choose to defer your income by 1 to 10 years. You can lock in the current interest rates for the annuity to be received after the deferment period is over.

Choose from multiple annuity options

ICICI Pru Guaranteed Pension Plan provides as many as 11 annuity options to choose from. This provides you the flexibility to customise the plan as per your needs. Below are the annuity options you can choose from:

Options under Immediate Annuity include:

1. Single Life without Return of Purchase Price: This option pays you annuity for life.

2. Joint Life without Return of Purchase Price: This option pays annuity to you and your spouse for life.

3. Single Life with Return of Purchase Price: This option pays you annuity for life. In case of an unfortunate event, your loved ones will receive the amount you paid at the time of purchase of the policy.

4. Joint Life with Return of Purchase Price: This option pays annuity to you and your spouse for life. . In the absence of you and your spouse, your loved ones will receive the amount you paid at the time of purchase of the policy.

5. Single Life with Return of Purchase Price at age 80: This option pays you annuity for life. At the age of 80, you will receive the amount you paid at the time of purchase of the policy. In case of an unfortunate event before you turn 80, the amount you paid at the time of purchase of the policy will be paid to your loved ones.

6. Single Life with 50% Return of Purchase Price at age 80: This option pays you annuity for life. At the age of 80, you receive 50% of the amount you paid at the time of purchase of the policy. In case of an unfortunate event, your loved ones will receive the remaining 50% of the amount. In case of an unfortunate event before the age of 80, the entire amount of the purchase price will be paid to your loved ones.

7. Single Life with Return of Purchase Price from the age of 76: This option pays you annuity for life. In addition, you will receive 5% of the amount you paid at the time of the purchase of the policy, every year from the age of 76 to 95 years. You can choose to receive this amount monthly, quarterly, half-yearly or annually at the time of the purchase of the policy. In case of an unfortunate event, the remaining amount will be paid to your loved ones.

8. Single Life with Return of Purchase Price on Critical illness` or Permanent Disability` due to accident or Death: This option pays you annuity for life. The amount you paid to purchase the policy will be paid to your loved ones in case of an unfortunate event. However, at the first occurrence of any of the 7 specified critical illnesses or a permanent disability before the age of 80, you will receive the amount you had paid at the time of the purchase of the policy and the annuity will stop.

Options under Deferred Annuity include:

1. Deferred Single Life with Return of Purchase Price: This option pays you annuity for life after the end of the deferment period (as chosen at the time of the purchase of the policy). On the death of the annuitant, Death benefit shall be payable to the nominee

2. Deferred Joint Life with return of Purchase Price: This option pays annuity to you and your spouse for life after the end of the deferment period (as chosen at the time of the purchase of the policy). On the death of the last survivor, Death benefit shall be payable to the nominee

3. Deferred Single Life with return of Purchase Price on Critical illness or Permanent Disability due to accident or Death: This option pays you annuity for life after the end of the deferment period (as chosen at the time of the purchase of the policy). The amount you paid to purchase the policy will be paid to your loved ones in case of an unfortunate event. However, at the first occurrence of any of the 7 specified critical illnesses or a permanent disability before the age of 80, you will receive the amount you had paid at the time of the purchase of the policy and the annuity will stop depending on the pre and post deferment

Top Up^ Option

You may want to do more during your retirement than what you had planned at the time of purchasing the pension plan. For example, you may want to travel to a greater number of places than you had planned at the time of purchasing the policy, or you may wish to start your own venture. ICICI Pru Guranteed Pension Plan provides you the option to increase your annuity income at any time by paying an additional premium.

Tax^^ Benefits

Under The Income tax act of 1961, you can get deduction of up to ₹ 1.5 lakh annually of amount you pay as premium towards the plan from your taxable income.

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^^ Tax benefits are subject to conditions under Section 80C, 80D, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Good and Service tax and Cesses, if any will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for more details.

` This is applicable only with Return Of Purchase Price (ROP) on Critical Illness (CI)/Permanent Disability (PD) or death option. Please refer the product brochure for more details.

^ It will be calculated using the then prevailing annuity rates and the age of the annuitant at the time of payment of additional premium. In case of deferred annuity option, the prevailing annuity rates would be derived so as to match the timing of the top-up annuity with base annuity.

* Annuity will be payable in arrears. The frequency of annuity payments can be monthly, half-yearly, quarterly or annually as chosen by the annuitant at the time of purchasing the annuity. The annuity amount chosen at policy inception is guaranteed for life.

ICICI Pru Guaranteed Pension Plan UIN 105N181V02

W/II/4955/2021-22

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