Who all can buy this plan?

ICICI Pru Saral Pension is offered to individual customers. This includes: Individuals who need pension for life and want to purchase annuities from their NPS corpus Individuals who want to make a provision for lifelong pension by purchasing Immediate Pension plan from ICICI Prudential Life Insurance Company

What are the plan options available under Saral Pension Plan

The Saral Pension Plan offers two pension options based on your needs: Life pension with a return of 100% of purchase price (ROP)-Under this option, annuitant receives pension payments for life and after the death of primary annuitant, 100% of the purchase price is given to the nominee. Post this, the policy is terminated. Joint life last survivor pension with return of 100% of the purchase price (ROP) on death of the last survivor Under this option, the primary annuitant receives pension payments for life. On the death of the primary annuitant, the pension payments are given to the secondary annuitant till death. After the demise of both annuitants, 100% of the purchase price is given to the nominee. Post this, the policy is terminated.

What is the minimum and maximum pension per annum ?

The minimum pension per annum is ₹12,000, but there are no maximum limits on this.

What other benefits come with this plan

Benefits available with ICICI Pru Saral Pension include: Online Booster: Pension will increase by 1% for policies purchased online Loyalty Booster: Pension will increase by 1% for policies purchased by an existing ICICI Prudential Customer NPS Benefit: Pension will increase by 1% for policies purchased using proceeds out of NPS Customers can opt for only one of these benefits. The chosen benefit will be over and above the Higher Purchase Price Benefit.

Is there a provision for top-up ?

No, there is no provision for a top up in ICICI Pru Saral Pension.

Is Cancellation in the Free Look period allowed ?

Yes. The policyholder has the option to review the policy after receipt of the policy document. If the policyholder is not satisfied with the terms and conditions of this policy, the policy document needs to be returned to the Company within 30 days, with reasons for cancellation.

Are there tax benefits under the Saral Pension Plan ?

The Saral Pension Plan offers tax5 benefits under Section 80C of the Income Tax Act, 1961. The premium paid towards the plan can be claimed as a tax deduction5 of up to ₹ 1.5 lakh per annum. In addition to this, the claim received by the nominee of the plan is entirely exempt from tax under Section 10(10D)5.

Are the returns taxable under the Saral Pension Plan ?

Yes, the pension income is taxed as per the income tax5 slab you fall into for the concerned financial year.

When does the income start in the Saral Pension Plan ?

The income can start as early as the following month from the date of purchase.

How long do you get the pension under the Saral Pension Plan ?

Under the plan, you can receive regular pension for as long as you live.

Why should you invest in the Saral Pension Plan ?

The Saral Pension Plan is an excellent low-risk way to plan for your retirement. It can secure you financially and your loved ones after you. Moreover, it offers tax5 savings and a loan facility for increased financial well-being.

Buy ICICI Pru Saral Pension Plan Online

Q: What is the Saral Pension Plan ?

The Saral Pension Plan is an immediate individual pension plan introduced by the IRDAI. The plan offers pension payout option starting immediately with one time investment. It is offered by different insurance companies with their prefix. However, the basic plan is the same.

Q: Can a loan be availed against the policy ?

Yes, loans can be availed against the policy at any time after six months from the date of commencement of the policy. Maximum amount of loan that can be granted under the policy shall be such that the effective annual interest amount payable on loan does not exceed 50% of the annual pension amount payable under the policy. Under joint life option, the loan can be availed by the primary annuitant and on death of the primary annuitant, it can be availed by the secondary annuitant.

#RetireBefikar with Saral Pension

Guaranteed^~ Pension for Life

Buy Online and get 1% extra^* Pension

Pension for you & your spouse¹

Pension⁸ starts next month onwards

Returns of invested amount

Flexibility to withdraw money

^~Conditions apply

Pay ₹25 Lakh once

Get ₹1.72⁺ Lakh yearly pension for life + ₹ 25 Lakh returned to the nominee

Online Pension Calculator

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You can lead a comfortable and stress-free life, as this plan assures a Guaranteed^~ pension for as long as you live.

PLANNING AHEAD

Why Invest in a Pension Plan?

When it comes to planning for your retirement, a pension plan is a dependable investment...Read More

ICICI PRUDENTIAL PROMISE

Why ICICI Pru Life

7.72 Cr^%

Crore Lives covered as on 31^st March 2023

204.5%^a

Solvency Ratio

Relationship Manager

Dedicated relationship manager provided to you for end-to-end assistance

30 days return policy

If not satisfied, return (free look) the policy and get your money back

What is ICICI Pru Saral Pension Plan?

ICICI Pru Saral Pension is a simple and standard single-premium immediate annuity (Pension) plan, easy for customers to understand and purchase. There are two different lifelong annuity (pension) options you can choose from. The option you select will decide the kind of regular pension you will receive under the ICICI Pru Saral Pension.

2 different pension plan options

Life Annuity with Return of 100% of Purchase Price
Joint Life Last Survivor Annuity with Return of 100% of Purchase Price

ALL ABOUT THE PLAN

How The Plan Works

Meet Mr. Sharma

He is a 59-year-old tech professional nearing retirement

In the second innings of his life,

He wants to ensure an inflation-proof guaranteed^~ steady pension which he can eventually use to fulfill his dream of a world tour.

ICICI Pru Saral Pension Plan - Life Annuity with Return of 100% of Purchase Price

Age 59

He decides to make a one-time investment of ₹25 lakh

Age 60

Mr. Sharma plans a world tour

Age 87

Unfortunate demise of Mr.Sharma

Pension of ₹1.72 lakh starts

His son (nominee) Suraj receives 100% of the initial invested amount i.e. ₹25 lakh, thus creating a legacy for the one who matters the most.

Key Features

Why Financial Experts Want This For You?

Guaranteed^~ Lifelong Pension

Pay once and get lifelong guaranteed^~ pension starting from as early as next month. You can either choose how much pension you want to receive every month or how much you want to pay (purchase price)

Cover Your Spouse

Lifelong pension for yourself and your spouse with Return of 100% of the amount invested (purchase price) to your nominee. Pension will continue as long as either of the pensioneers are alive.

Return of Purchase Price

100% of purchase price will be paid out to your nominee in case of death so that your legacy continues. This feature is part of both the plan options

Medical Emergency Liquidity

Get 95% of the amount you have invested back, in case you get diagnosed with any of the specified critical illnesses. To know more about these illnesses

Click here.

Flexible Payout Options

Choose how you want to receive your pension as per your needs

Loan⁴ Against Policy

In case of financial or medical emergencies you can avail a loan ⁴ against your policy; you can do this any time after six months from the commencement of the policy

Tax^# Benefits

Enjoy tax^# benefits on premiums paid u/s 80CCC of the Income Tax Act, 1961

Made for you

Recommended For

Nearing retirement

People who are nearing retirement can invest in a pension plan to ensure a steady source of pension for the second innings of their lives

₹ 25 Lakh Once

₹ 1.72 Lakh⁺ annually as Pension + ₹ 25 Lakh returned to the nominee

Online benefits

Why should you buy online?

Everything Upfront

Transparency of information

Get 1% extra^* Pension

Video Call Service

Real-time assistance from the comfort of your home

Dedicated relationship manager provided to you

ICICI PRUDENTIAL LIFE PROMISE

Planned investments need not be complicated.

Frequently asked questions about Pension Plan

What is the Saral Pension Plan ?

Saral Pension plan is a single premium immediate annuity plan introduced by the IRDAI. The plan offers annuity (pension) payout options starting immediately with one time investment. It is offered by different insurance companies with their prefix. However, the basic plan is the same.

What all Critical Illnesses are covered in this plan ?

A total of 20 Critical illnesses are covered under the plan. You can surrender the policy and get 95% of your purchase price on diagnosis of any of these critical illnesses. For definition of illnesses covered and terms & conditions, please refer to the product brochure.

^~Your pension is informed to you when you buy the plan and is assured or guaranteed and unchanged for life.

^*You can get an additional pension of 1% on the purchase price when you buy online. NPS Benefit, Loyalty Booster and Online Booster cannot be taken together.

¹Joint Life will be the spouse of the primary annuitant

²The policy can be surrendered any time after six months from the date of commencement, if the annuitant/ primary annuitant/secondary annuitant or the spouse or any of the children of the annuitant is diagnosed as suffering from any of the specified critical illnesses. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale

³2 immediate pension options available, namely
(a) Life Pension with Return of 100% of Purchase Price (ROP),
(b) Joint life Last Survivor Pension with Return of 100% of Purchase Price (ROP) on death of the last survivor

⁴Loan can be availed any time after six months from the date of commencement of the policy. Maximum amount of loan that can be granted under the policy shall be such that the effective annual interest amount payable on loan does not exceed 50% of the annual pension amount payable under the policy. For further details, please refer to the policy document.

⁶The given pension amount has been calculated where the Primary Annuitant is a 60-year-old male, and the Secondary Annuitant is a 55-year-old female. The Purchase Price is 30 Lakhs(without GST), and the option chosen is Joint Life Last Survivor with ROP and assuming a life expectancy of 100 years for both primary and secondary annuitant. The amount is a summation of the total pension payable plus the purchase price received by the nominee on death of the annuitants

⁷For more information on higher purchase price benefit, please refer to the product brochure

⁸Flexibility to receive annuity monthly, quarterly, half-yearly or yearly

⁺The given pension amount has been calculated for a male of age 55 and Purchase Price: 25 Lakhs(without GST), choosing the Life Pension with ROP option and assuming a life expectancy of 85 years. The amount is a summation of the total pension payable plus the purchase price received by the nominee on death of the annuitant

^#Tax benefits are subject to conditions under Section 80C, 80CCC, 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services 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.

^%7.72 crore lives covered across our individual and group customers as per ICICI Prudential Life Council Report.

^{^}This pension amount has been calculated for Primary Annuitant who is 60-year-old male and the Secondary Annuitant who is a 55-year-old female. The Purchase Price is 11 Lakhs(without GST), and the option chosen is Joint Life Last Survivor with ROP.

⁺⁺The given pension amount has been calculated where the Primary Annuitant is a 60-year-old male, and the Secondary Annuitant is a 55-year-old female. The Purchase Price is 25 Lakhs(without GST), and the option chosen is Joint Life Last Survivor with ROP.

^-The given annuity amount has been calculated for a male of age 60 and Purchase Price: 50 Lakhs(without GST), choosing the Life Annuity with ROP option and assuming a life expectancy of 85 years.The amount is a summation of the total annuity payable plus the purchase price received by the nominee on death of the annuitant.

^{^^}The given Pension amount has been calculated for a male of age 60 and Purchase Price: 30 Lakhs (without GST), choosing the Life Annuity with ROP option and assuming a life expectancy of 85 years. The amount is a summation of the total annuity payable plus the purchase price received by the nominee on death of the annuitant.

^&The given annuity amount has been calculated for a male of age 50 and Purchase Price: 10 Lakhs(without GST), choosing the Life Annuity with ROP option and assuming a life expectancy of 85 years.The amount is a summation of the total annuity payable plus the purchase price received by the nominee on death of the annuitant.

^aICICI Prudential Life | Solvency ratio for FY2022: /content/dam/icicipru/about-us/mediacentre/ICICI_Pru_Life_Earnings_Press_Release_FY2022.pdf

ICICI Pru Saral Pension, UIN. 105N184V05 Advt. No.: W/II/0698/2023-24

© ICICI Prudential Life Insurance Co. Ltd. All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Regn. No. 105. CIN: L66010MH2000PLC127837.
Reg. Off.: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600. Customer helpline number - 1860 266 7766. Timings – 10:00 A.M. to 7:00 P.M., Monday to Saturday (except national holidays). Member of the Life Insurance Council. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license.

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ICICI Pru Saral Pension Plan Calculator