Choosing the right annuity plan which gives you a regular income and secures your loved ones too, is perhaps one of the most critical decisions that you will take in your life. With a suitable annuity plan, you can lead a comfortable life in your old age and live your younger years without any stress. There are various types of annuity plans available, hence choosing one can be a bit tricky. However, no matter which plan you pick, make sure you keep the following features in mind:

• Guaranteed¹ income: Annuity plans offer a guaranteed¹ income after you retire. This is a fixed amount that ensures a steady flow of funds as per your initial investments. Hence, you never run out of funds during your retirement years
• Joint lives: Annuity plans offer joint life options where after you, your spouse/child/parent⁵ and sibling can continue to get the annuity and keep getting a regular flow of income
• Death benefit: Apart from a regular income in your retired years, you also need to secure the financial future of your family for a time when you may not be around anymore. Annuity plans provide this added feature, wherein you can get dual benefits through one plan
• Deferment period: The deferment period can be between 1 to 10 years. You can defer your regular income for some time as per your need and lock in the annuity rate as on date for your future lifelong income
• Surrender value: Some plans offer you a surrender benefit, wherein if you surrender your plan before the due date specified in the policy. This is a great feature that can provide additional liquidity in case of an emergency
• Tax² benefits: Annuity plans are eligible for tax² benefits under Sections 123 (Read with Schedule XV) and 124 (Read with Schedule XV). For instance, the National Pension Scheme (NPS) offers tax² benefits under Section 124 (Read with Schedule XV). You can ensure both short-term and long-term savings

ICICI Prudential Life Insurance offers different types of annuity plans for different types of investment profiles.

ICICI Prudential Life Insurance offers various kinds of pension plans that you can use to save for your future. The ICICI Prudential Guaranteed Pension Plan³ is one such pension plan that can suit anyone’s needs and requirements.There is a wide list of options to choose your annuity options⁴, and the lifelong income guarantee¹ ensures that you and your loved ones are safe, secure, and financially stable.