Deferred Annuity

One-time investment for

Guaranteed Lifelong Income

  • Fixed Interest rate at inception4
offer Get more annuity with the same investment - 1% extra annuity on buying online*
Benefits of ICICI Pru Guaranteed Pension Plan
(Deferred Annuity)
  • 3 different payout options to suit your requirements5
  • Deferment period of upto 10 years as per your needs
  • Fixed Interest rate at inception4
  • Pension continues for your family member3 even in your absence

Why this plan is right for you?

Why this plan is right for you?

Online Pension Calculator
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Retirement challenge
Retirement challenge

Benefits of Guaranteed Pension Plan (Deferred Annuity)

Benefits of Guaranteed Pension Plan
(Deferred Annuity)

Annuity plan for Every Retirement Challenge

Different people have different retirement needs and goals. That’s why we offer annuity products with wide range of annuity options to help you plan for a more secure future for you and your loved ones.

Calculate Pension
  • Choice of deferment period

    Once you have bought the plan, your regular income can start within 1 to 10 years as per your choice.

  • Flexibility in payouts

    You get freedom to choose from a wide range of annuity options to suit your specific needs.

  • Safe investment

    Your annuity is informed to you when you buy the plan and is guaranteed~ for life.

  • Tax benefits #

    You get tax benefits on premium paid u/s 80CCC and commutation u/s 10(10A) of the Income Tax Act, 1961.

Calculate Pension

Why Choose ICICI Prudential Life^^

1,50,000 Cr+
Assets Under Management as on
March 31, 2020
Assets Under Management as on March 31, 2020
1,93,000 Cr+
Benefit paid up till March 31, 2020
1.6 Days
Average claim settlement time

Find the Right Pension Plan for You!

Be it building a retirement corpus or a way of gifting regular pension to your parents, ICICI Pru Guaranteed Pension Plan (Deferred Annuity) gives you the perfect plan to suit all your needs in the future.

Akshay is a 35 year old married NRI working at Singapore. His parents are 58 years old and just 2 years away from their retirement. He is looking for a joint life plan which will provide guaranteed regular income for life for his parents where he wants the payout to continue after a fixed period. He is confident that this will help provide his parents financial security in their golden years. This way, he feels he can gift ICICI Pru Guaranteed Pension Plan-Deferred Annuity plan to his parents on the occasion of their retirement after 2 years. So he makes a one time investment of ₹ 35 lakh(exclusive of GST) and chooses a deferment period of 2 years after which his parents will start getting regular pension of around ₹ 2.38 lakhs p.a. to support their post-retirement expenses.

Age 58 yrs 60 yrs
start getting annuity from
60 yrs start getting annuity from

Amount invested

₹ 35,00,000

Rupee

8

maturity-amount

9

maturity-amount

10

maturity-amount

for life

maturity-amount

for life

deferred-annuity

After 2 years, his parents will get
deferred annuity every year

₹ 2.38 LAKH
Comfortable Retirement

Abhishek is a 40 year old self employed businessman. His spouse, 35 years old, who is a house-wife, is dependent financially on him. Since a few years, Abhishek is planning for worry-free retirement as he is aware of the fact that business has ups and downs over a period of time. So, he is looking for a plan which gives him fixed income at the end of the year. He plans to start this plan after a fixed period of 10 years so that both, himself and his wife, are financially secure. He then chooses ICICI Pru Guaranteed Pension Plan- Deferred Annuity plan for the same and makes a one time payment of ₹ 25 lakh (exclusive of GST) which will give him regular pension of around ₹ 2.54 lakhs p.a. for both himself and his wife when he reaches 50 years of age.

Age 40 yrs 50 yrs
start getting annuity from
50 yrs start getting annuity from

Amount invested

₹ 25,00,000

Rupee

8

maturity-amount

9

maturity-amount

10

maturity-amount

for life

maturity-amount

for life

deferred-annuity

After 10 years, he will get deferred annuity every year

₹ 2.54 LAKH
deferred-annuity

After his death his wife will get deferred annuity every year

₹ 2.54 LAKH
Financial Protection

Rhea is a 48 year old working professional at an IT firm. She has a very hectic schedule due to the immense workload. So, she plans to take retirement at the age of 58 years post which she wants to revitalize by travelling to different parts of the world. She has enough corpus and is looking for a guaranteed pension plan that would provide her a means of saving money for her post-retirement expenses as well as her bucket list. She makes a one time investment ₹ 20 lakh (exclusive of GST) in ICICI Pru Guaranteed Pension Plan-Deferred Annuity. When she turns 58 years(Deferment period:10 years), she will start getting around ₹ 2.15 lakhs p.a., for her post retirement travel goals as well as a pension for life.

Age 48 yrs 58 yrs
start getting annuity from
58 yrs start getting annuity from

Amount invested

₹ 20,00,000

Rupee

8

maturity-amount

9

maturity-amount

10

maturity-amount

for life

maturity-amount

for life

After 10 years,
she will get deferred annuity every year

₹ 2.15 LAKH
Bucket List

Rahul is a 50-year-old married senior executive at an MNC. He is looking for a plan which will provide guaranteed regular income for life where he wants this annuity to continue after 6 years when he retires. He desires enough corpus to provide financial security to him for life as the payout comes as a second income and earn guaranteed additions. Moreover, he wants return of the amount invested in case of permanent disability or of critical illness or of death. So he makes a one time investment of ₹ 25,00,000(exclusive of GST) and chooses a deferment period of 6 years after which he will start getting regular annuity of around ₹ 2.12 lakhs p.a. as his 2nd income for life.

Age 50 yrs 56 yrs
start getting annuity from
56 yrs start getting annuity from

Amount invested

₹ 25,00,000

Rupee

8

maturity-amount

9

maturity-amount

10

maturity-amount

for life

maturity-amount

for life

After 6 years,
he will get deferred annuity every year

₹ 2.12 LAKH
Second Income

Sudhir is a 55 year old happily married man with a son, whose age is 30 years. He has a successful family business which he plans to gift to his son after 10 years. However, he hears that there was an unfortunate incident where his friend’s business suffered a huge loss. This made him wonder about his son’s financial security in the future. Given that he has corpus right now available with him, he is looking for a plan which will give his son guaranteed returns after 10 years to save him from unforeseen circumstances. So, he decides to invest ₹ 25 lakh(exclusive of GST) in ICICI Pru Guaranteed Pension Plan- Deferred Annuity for his son’s safe and bright future which will give him regular annuity payouts of around ₹ 2.57 lakhs p.a. for life along with guaranteed additions.

Age 30 yrs 40 yrs
start getting annuity from
40 yrs start getting annuity from

Amount invested

₹ 25,00,000

Rupee

8

maturity-amount

9

maturity-amount

10

maturity-amount

for life

maturity-amount

for life

After 10 years,
he will get deferred annuity every year

₹ 2.57 LAKH
Future Generation

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Our experts are happy to answer any questions you may have.

Call us at +91-2262955609

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Things you need to Know

Online Booster: 1% higher annuity will be offered for policies purchased online.

Loyalty Booster: 1% higher annuity will be offered for policies purchased by an existing ICICI Prudential Customer.

Customers can opt for only one of either Online Booster or Loyalty Booster

Guaranteed Pension Plan (Deferred Annuity) shall be offered to individuals who need income for life and want to purchase annuities from their savings or under deferred pension plans offered by ICICI Prudential Life Insurance Company Limited.

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

Annuity Options
Minimum Age at Entry
Maximum Age at Entry
Single Life with Return of Purchase Price at Age 80 30 65
Single Life with Return of Purchase Price from the Age of 76
Single Life with 50% Return of Purchase Price at Age 80
Single life with Return of Purchase Price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death
Deferred Single Life with Return of Purchase Price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death
30 70
For all other Deferred Annuity Options 30 85
For all other options 30 100

In case of annuity being purchased from the proceeds arising out of the surrender benefit, maturity benefit or death benefit payable under Pension accumulation plans, minimum age at entry would be 0 years for Immediate Annuity options and 30 years for Deferred annuity options. If the Annuitant is a minor, then the policy shall not automatically vest on the Annuitant attaining the age of majority.

In case of Joint life annuity, age restrictions apply to both lives.

Minimum annuity payouts shall be in accordance with IRDAI (Minimum limits for Annuities and other benefits) Regulations, 2015. The minimum annuity per annum is ₹ 12,000, (₹ 1,000 per month) but there are no maximum limits. Minimum purchase price that will produce the minimum annuity mentioned above will depend on the annuity rates, as applicable. The minimum annuity amount shall not be applicable for top up annuity.

Following Critical illnesses are covered under the plan:

  • Cancer of Specified Severity
  • Heart Attack
  • Coronary Artery Bypass Graft Surgery (CABGS)
  • Kidney Failure
  • Stroke
  • Major Organ Transplant (as Recipient)
  • Permanent Paralysis of limbs

For definition of illnesses covered and terms & conditions, please refer sales brochure.

There is an option to increase the annuity by paying an additional Purchase Price/ Premium. The additional annuity will be calculated using the then prevailing annuity rates and the age of the Annuitant at the time of top-up. This option can be chosen anytime while the policy is in-force. For more details, please refer to the product brochure.

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, with reasons for cancellation of the policy within:

  • 15 days from the date of receipt of the policy document
  • 30 days from the date of receipt of the policy document, in case of electronic policies or policies purchased through, (i) voice mode, which includes telephone-calling (ii) short messaging service (SMS) (iii) electronic mode which includes e-mail, internet and interactive television (DTH) (iv) physical mode which includes direct postal mail and newspaper and magazine inserts and (v) solicitation through any means of communication other than in person.

Guaranteed additions (GA) will be accrued every month till the end of the deferment period.

GA per month = Total annuity payable in a policy year/12

Death Benefit during the deferment period is higher of:

  • Purchase Price + Accrued Guaranteed Additions
  • 105% of Purchase Price

Death Benefit after the deferment period is higher of:

  • Purchase Price + Accrued Guaranteed Additions – Total annuity paid out till date of intimation of death
  • Purchase Price

Why people do buy online?

Why buy online

Buying Assistance

We have set up a dedicated team to provide to you complete assistance for buying online.

Ease Of Buying Online

Buying insurance online is simple and fast and takes just 5 minutes**. Do it at your convenience.

Exclusive Online Discount

Purchase the policy online and enjoy an exclusive 1% discount* on purchase price.

Service Assistance

You can update your policy details via Email, Facebook or Twitter. If you are not satisfied with the plan, you can cancel it within 30 days of receipt of policy documents.

Why buy online

4 Simple Steps to Buy Online

  • Pay Once
    Pay Once

    You can buy the plan with just one lump-sum payment.

    next
  • Pick Annuity
    Pick Annuity Frequency

    You choose the frequency of the annuity payout

    next
  • Select Annuity Option
    Select Annuity Option

    You choose how you want to receive the annuity.

    next
  • Get Lifelong Income
    Get Lifelong Income

    Your annuity starts and continues for your entire life.

 why-buy-online-one
Back Buying for - self Male 31 years

One time investment of

Enter amount here

Annuity frequency

Receive annuity after

I want pension for

Joint life details: asd, 37 years, Father
Edit

I want pension for me with annuity frequency of yearly

EDIT
Back Buying for - self Male 31 years

I will invest (one time investment)

Or enter amount of your choice

Annuity frequency

Receive annuity after

at the age of 45 yrs

I want pension for

Joint life details: Diana, 35 years, Father
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Choose an annuity option, that works best for you
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Deferred Single Life with Return of Purchase Price

I get annuity for my entire life after the Deferment period as chosen at the beginning. In addition, the Death Benefit is payable to my nominee on my death. After payment of the Death Benefit, all rights, benefits and interests under the policy will stand extinguished and the policy shall terminate. Guaranteed additions (GA) will be accrued every month till the end of the deferment period.

Annuity Payout

60,495yearly

I get annuity for my entire life after the Deferment period as chosen at the beginning. In addition, the Death Benefit is payable to my nominee on my death. After payment of the Death Benefit, all rights, benefits and interests under the policy will stand extinguished and the policy shall terminate. Guaranteed additions (GA) will be accrued every month till the end of the deferment period.

Deferred Single Life with Return of Purchase Price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death

I get annuity for my entire life after the Deferment period as chosen at the beginning Annuity will continue until I survive or diagnosed with any of the 7 specified CI or PD before the age of 80 years. Guaranteed additions (GA) will be accrued every month till the end of the deferment period.

Annuity Payout

60,495yearly

I get annuity for my entire life after the Deferment period as chosen at the beginning Annuity will continue until I survive or diagnosed with any of the 7 specified CI or PD before the age of 80 years. Guaranteed additions (GA) will be accrued every month till the end of the deferment period.

9889898989

Please select payout option

Why Choose ICICI Prudential Life^^

1,50,000 Cr+
Assets Under Management as on
March 31, 2020
Assets Under Management as on March 31, 2020
1,93,000 Cr+
Benefit paid up till March 31, 2020
1.6 Days
Average claim settlement time

1To know more about the exclusions and T&Cs of Critical Illness and Permanent Disability, please refer the product brochure.

2Top-up can be done during the deferment period only.

3This option is available only with Joint Life. Joint life can be either the spouse, children, parents or siblings

4Interest rate applicable would be as per the interest rate prevailing on the day of purchase

53 Deferred Annuity options namely: Deferred Single life with return of purchase price, Deferred Joint life with return of purchase price and Deferred Single life with return of purchase price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death.

6Winner Life Insurance - Retirement & Pension Plans Category. Survey of 2250 people by NielsenIQ across categories.

7This pension amount has been calculated for a male of age 60, with Purchase Price = Rs. 11 lakh(exclusive of GST), and choosing the option "Deferred Single Life with Return of Purchase Price" with a deferment period of 10 years.

8This pension amount has been calculated for a female of age 50, with Purchase Price = Rs. 20 lakh(exclusive of GST), and choosing the option "Deferred Single Life with Return of Purchase Price" with a deferment period of 10 years.

9Under this option, you can get back your initial investment on attaining a certain age or in case of a specified critical illness, physical disability or demise

+The given annuity rates have been calculated for a male of age 60 and Purchase Price: 10 Lakh(without GST) and deferment periods of 1 year = 6.47%, 5 years = 8.22% , 10 years = 11.46% The annuity rates are subject to change.

*You can get a discount of 1% on the purchase price when you buy online.

#Tax benefits are subject to conditions of section 80CCC,10(10A) and other provisions of the Income Tax Act, 1961. Goods & Services Tax and cesses, if any, will be charged extra, as per applicable rates. Tax laws are subject to amendments made thereto from time to time.

**Policy Issuance is subject to realization of payment and validations of required documents

~Your annuity is informed to you when you buy the plan and is guaranteed and unchanged for life.

^Applicable for Joint life with Return of Purchase Price option, where the primary annuitant is the father, secondary annuitant is his son and the nominee is his grandchild. In this scenario, the annuity is paid to the father as long as he is alive, post which the same annuity is paid to the son as long as he is alive. On death of both the Annuitants, Purchase Price is paid out to the nominee

^^Source: https://www.iciciprulife.com/content/dam/icicipru/about-us/mediacentre/ICICI_Pru_Life-FY2020_Earnings_release-25_April_2020.pdf

The annuity amount is informed to you at the time of availing the plan and is guaranteed for life. The increase in annuity rates is w.e.f. August 13, 2021. Annuity rates are subject to change in the future.

Comp code.(Existing Customer Message) - COMP/DOC/Dec/2020/1412/5002

UIN. 105N181V02 Advt. No.: W/II/3317/2021-22

© 2016, ICICI Prudential Life Insurance Company Limited. IRDAI Regn No. 105. CIN: L66010MH2000PLC127837. Registered Address:- ICICI PruLife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025. For more details on the risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale. Call us on +91-2262955609 (9.00 a.m. - 9.00 p.m., all days, except national holidays and valid only for calls made from India). For enquires related to new policies purchased online, please call us on 1860 267 9997 and select option 4 on our Interactive Voice System. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license. Tax benefits under the policy are subject to conditions under Sec. 80C, 80D and Sec 10(10D) of the Income Tax Act, 1961. Applicable taxes will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time.

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