How this plan can help people who are still working buy want to plan for their retirement?

This plan helps you save for your retirement systematically for a minimum of 5 years to a maximum of 10 years to create a guaranteed source of income for your life

ICICI Pru Guaranteed Pension Plan Flexi Calculator 2024

Q: Why you should have ICICI Pru GPP Flexi plan in your portfolio?

ICICI Pru GPP Flexi is a guaranteed income that provides financial security through a guaranteed income for life. This income is entirely safe and secure from external circumstances and uncertainties, making a must-have long-term plan in your portfolio.

Q: When will my income begin?

This is a deferred annuity plan where income can start as early as from 5th year onwards or as late as 15th year onwards depending upon your annuity requirement. The more you defer the better income you get for the rest of your life. You can choose to receive your income payouts monthly, quarterly, half-yearly, or yearly.

Q: How this plan can help maintain my lifestyle even after retirement?

This plan provides a guaranteed income for life to take care of your regular needs. Additionally, with the JL with booster payout option, you get to enjoy additional income every 5 years which you can enjoy for your entire life.

Q: Does this plan help me get more promising benefits for retirement worries?

Yes, you can plan for tomorrow's difficulties easily with an option- Life annuity with Long-term care benefit. With this option, you get 10% of the purchase price added along with the annuity amount on diagnosis of loss of independent existence due to illness or trauma resulting in permanent inability to perform at least 3 of the 6 Activities of Daily Living i.e. Washing, Dressing, Transferring, Mobility, Toileting, Feeding

Q: What is the difference between the ICICI Pru GPP plan and ICICI Pru GPP Flexi?

ICICI Pru GPP Flexi gives an opportunity to create a guaranteed lifelong income through systematic investments. However, the ICICI Pru GPP plan is a one-time investment plan to create a guaranteed lifelong income immediately or through deferment up to 10 years.

Q: Is there an option for a top-up?

Yes, there is a provision for a top-up in ICICI Pru Guaranteed Pension Plan Flexi as and when you have additional funds to invest

Q: Can a loan be availed against the policy?

Yes. The facility of loan is allowed for all options except Single Life without Return of Premium and Joint Life without Return of Premium

Q: 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.

Q: What are the Tax Benefits Accompanying Pension Plans in India?

As far as the tax benefits of pension/annuity plans in India are concerned, you can claim deductions for contributions up to Rs 1.5 lakhs, including buying and top-up as per Section 80CCC of the Income Tax Act. Tax benefits are as prevailing tax laws subject to change

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What is ICICI Pru Guaranteed Pension Plan Flexi?

ICICI Pru Guaranteed Pension Plan Flexi is a deferred annuity plan which gives the opportunity to create guaranteed^~ lifelong income with a stress-free regular investment of your choice. There are a total of 9 different annuity options that you can choose from. The option you select will decide what kind of lifelong regular income you will receive under the ICICI Pru Guaranteed Pension Plan Flexi

Recommended For

Saving regularly to create a guaranteed^~ lifelong income

Creating a second income source with ease

Gifting a lifelong income to your spouse/parents

Funding retirement indulgences – traveling, pilgrimage, hobbies, etc

Meeting rising healthcare costs

Maintain your lifestyle for life ahead

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Retirement Guide

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How the plan works?

This plan is to save systematically from your income to create a guaranteed^~ lifelong annuity.

Mr. Desai

Primary Annuitant

Mrs. Desai

Secondary Annuitant

Their Son

Nominee

₹50 lakhs paid out to son

Age

Premium payment starts

Pay ₹10L for 5yrs Total ₹50L

Annuity paid every year: ₹4,89,313 ⁷

Annuity starts for Mr. Desai (Primary Annuitant)

Annuity paid to second annuitant every year: ₹4,89,313 ⁷

Death of Mr. Desai (Annuity starts for Mrs. Desai)

Death of Mrs. Desai (Secondary Annuitant)

You can pay premiums for min 5 years to a maximum of 15 Years
Deferment period will be for min 5 years to maximum of 15 Years. Deferment period starts from the inception of the policy
With the joint-life option, the annuity will be continued to 2nd annuitant
With the ROP option, your nominee gets back all your premiums paid after you

More the deferment higher the returns^## that you fetch

Higher purchase price benefit

Your Annual Premium

Your Deferment Period

	<50k	>=50k and <1L	>=1L and <2L	>=2L and <3L	>=3L and <5L	>=5L
Up to 7 years	0%	1.5%	3.5%	4.25%	4.5%	4.5%
8-10 years	0%	3.75%	5.5%	6%	6.25%	6.5%
11-15 years	0%	6.25%	7.5%	8%	8.25%	8.5%

Plan Snapshot

Min. Age at Entry

40- Primary, 30- Secondary

Max. age at entry

Plan Options

Joint Life

Immediate family member

Min. Annuity

₹12,000 p.a. or ₹1000 p.m.

Payment frequency

Limited Pay/ Regular Pay

Premium Payment Term

5-15 years

Deferment options

5-15 years

Show Additional Benefits

Myth Busters

Glossary

Annuity

Deferment Period

Annuitant/Primary Annuitant

Secondary Annuitant

Return of Premium Option

Guaranteed^~ Addition (GA-I and GA-II)

Save the Date

Accelerated health booster

Annuity Booster

Waiver of premium

Annuity

An annuity is an agreement between an individual and an insurance company where the company promises to provide you regular income (also commonly known as pension) in return for your premium contributions. Irrespective of the type of annuity variant you have, you receive annuity payments for your entire life.

Deferment Period

It is the period between the start of your policy and the time at which the first annuity is paid out

Annuitant/Primary Annuitant

Annuitant (or Primary Annuitant) is the person who is entitled to receive the benefits from an annuity plan.

Secondary Annuitant

Some annuity plans let you add another beneficiary to your policy called the Secondary Annuitant, who is entitled to continue receiving the benefits from the annuity plan after the primary annuitant passes away. It is a general practice to add your spouse as your Secondary Annuitant to ensure that they are financially secured and independent after you.

Return of Premium Option

Return of Premium Option is an additional feature that lets the chosen nominee get 100% of the Purchase Price back in case of the death of the annuitant(s). The annuitant can also get back the Purchase Price at a specified age OR on diagnosis of CI/PD, depending on the plan option chosen

Guaranteed^~ Addition (GA-I and GA-II)

GA-I & GA-II are guaranteed additions options which customer can choose either to get higher annuity or to get higher death benefit respectively

Save the Date

At the time of buying the policy, you can choose to receive the annuity on any one date, to coincide with any special date.

Accelerated health booster

If at any point the Annuitant is diagnosed with the need for assistance in daily living, the annuity amount increases by an additional amount (Accelerated health boosters)

Annuity Booster

If you choose option Single Life with Booster, you will receive the survival benefit every 5 years starting from the end of deferment period. You will receive maximum of 5 such payouts

Waiver of premium

This option is available with Joint-life option only. On the demise of the primary annuitant, the remaining due premiums will be paid by IPRU and annuity will be given to 2nd annuitant for the rest of his/her life

Why choose ICICI Prudential Life?

₹ 2.94 Lakh crore

Assets Under Management as on March 31, 2024^{^^}

Average bonus rate for the last six years^o

₹ 968.8 Crores

Bonus declared for policyholders^``

1 Day^<

Claim Settlement

Frequently Asked Questions

Why you should have ICICI Pru GPP Flexi plan in your portfolio?

When will my income begin?

How this plan can help people who are still working but want to plan for their retirement?

How this plan can help maintain my lifestyle even after retirement?

Does this plan help me get more promising benefits for retirement worries?

What is the difference between the ICICI Pru GPP plan and ICICI Pru GPP Flexi?

Is there an option for a top-up?

Can a loan be availed against the policy?

Is Cancellation in the Free Look period allowed?

What are the Tax Benefits Accompanying Pension Plans in India?

10 Things to know about annuity

Annuity covers the risk of you living too long with a guaranteed^~ income

Annuity income is guaranteed^~ irrespective of any market ups and downs or external circumstances

In our annuity plans, your funds are invested in a mix of highly rated instruments backed by intense research and analysis

Your income stays guaranteed^~ in case of any unfavorable external circumstances

Joint-life with the return of premiums option makes a family income plan

The longer you live, the more is the total income you’ll receive.

You can choose to receive your income payouts monthly, quarterly, half-yearly, or yearly

No prior medicals are required for the standard options^{^^^}

An annuity can be purchased for you or your loved one who might be dependent upon you

Single pay annuities can be classified as an immediate and deferred basis when income starts

Other long-term income plans for you

ICICI Pru Guaranteed^~
Pension Plan - Immediate Annuity

Pay once and get Guaranteed^~ Pension for Life
Buy online and get 1% extra throughout life
Get pension from next month onwards
Multiple Joint life options

^~Conditions apply

ICICI Pru Guaranteed^~
Pension Plan - Deferred Annuity

Pay once and get Guaranteed^~ Pension for Life
Buy online and get 1% extra throughout life
Deferment up to 10 years Multiple Joint life options

^~Conditions apply

ICICI Pru Saral Pension Plan

Buy Online and get 1% extra* Pension
Pension for you & your spouse¹
Pension⁸ starts next month onwards

^{^}Conditions apply

Disclaimer

ICICI Pru Guaranteed Pension Plan Flexi

Guaranteed1 lifelongincome withregular investment

What is ICICI Pru Guaranteed Pension Plan Flexi?

Recommended For

How the plan works?

Higher purchase price benefit

Plan Snapshot

Glossary

Annuity

Deferment Period

Annuitant/Primary Annuitant

Secondary Annuitant

Return of Premium Option

Guaranteed~ Addition (GA-I and GA-II)

Save the Date

Accelerated health booster

Annuity Booster

Waiver of premium

Why choose ICICI Prudential Life?

Frequently Asked Questions

Why you should have ICICI Pru GPP Flexi plan in your portfolio?

When will my income begin?

How this plan can help people who are still working but want to plan for their retirement?

How this plan can help maintain my lifestyle even after retirement?

Does this plan help me get more promising benefits for retirement worries?

What is the difference between the ICICI Pru GPP plan and ICICI Pru GPP Flexi?

Is there an option for a top-up?

Can a loan be availed against the policy?

Is Cancellation in the Free Look period allowed?

What are the Tax Benefits Accompanying Pension Plans in India?

10 Things to know about annuity

Other long-term income plans for you

Guaranteed¹ lifelongincome withregular investment

Guaranteed^~ Addition (GA-I and GA-II)