India has undergone a transformative change in the past couple of decades, with better standard of living and improved healthcare facilities. Consequently, the life expectancy has also increased. A longer life means many more moments of happiness for you, but it also needs you to be better prepared financially to ensure that you enjoy a relaxed life after retirement.

Presenting ICICI Pru Guaranteed^^ Pension Plan Flexi, a plan designed to help you gradually build a retirement savings and get a lifelong guaranteed^^ income post retirement. In addition to the regular income, the plan also offers options that give you access to lump sum payouts to address your healthcare and lifestyle needs.

Plan for your retirement in the right way, and ensure that you retire from work and not from life!

^^ T&C Apply

Key features of ICICI Pru Guaranteed^^ Pension Plan Flexi

3 simple steps to get started on the journey towards your retirement planning:

And there you go, your retirement planning is sorted!

Brief on the different annuity options

The plan offers 7 options to choose from as per your retirement needs:

  • Single Life without Return of Premium:

    In this option, annuity starts at the end of the deferment period chosen by you and the amount will be paid for Annuitant’s entire life.

    If the Annuitant passes away during the deferment period, a benefit amount known as Death Benefit1 shall be payable to the nominee. On death of the Annuitant after the deferment period, no Death Benefit would be payable and the policy shall terminate
  • Joint Life without Return of Premium:

    The difference between a Single life option and a Joint Life option is that in a Joint Life option, the annuity is paid not only for Primary Annuitant’s entire life, but on death of the Primary Annuitant, the annuity amount continues to be paid to the Joint Life (known as the Secondary Annuitant) chosen by you. The Secondary Annuitant can be the Primary Annuitant’s spouse/ child/ parent or sibling. On the death of the Secondary Annuitant, no further benefits would be payable and the policy shall terminate

    In case of death of both Primary and Secondary Annuitants during the deferment period, a benefit amount known as Death Benefit1 shall be payable to the nominee. Thereafter, no further benefits would be payable and the policy shall terminate. In case of death of either Primary or Secondary Annuitant after the deferment period, no Death Benefit will be payable

    In case Waiver of Premium benefit option is chosen, the Total Premiums Paid would include premiums waived off due to trigger of Waiver of Premium benefit
  • Single Life with Return of Premium:

    Similar to the first plan option, here too the annuity starts at the end of the deferment period chosen by you and the amount will be paid for Annuitant’s entire life. In case the annuitant passes away, Death Benefit1 would be payable to the nominee and the policy shall terminate
  • Joint Life with Return of Premium:

    Similar to the second plan option, here too the annuity starts at the end of the deferment period chosen by you and the amount will be paid for Primary Annuitant’s entire life. After the death of the Primary Annuitant, the annuity amount continues to be paid to the Secondary Annuitant

    On the death of the Secondary Annuitant, the Death Benefit1 shall be payable to the nominee. Thereafter, no further benefits would be payable and the policy shall terminate

    In case Waiver of Premium benefit option is chosen, the Total Premiums Paid would include premiums waived off due to trigger of Waiver of Premium benefit
  • Single Life with Return of Premium (ROP) on Critical Illness (CI) or Permanent Disability due to Accident (PD) or Death:

    This option pays annuity to the Annuitant after the end of deferment period. Annuity will continue for life till the first diagnosis of any of the 7 specified CI or PD, before the age of 80 years, or death whichever occurs earlier. Death Benefit1 will be payable on death or occurrence of any of the 7 Specified CI or PD based on the age of the Annuitant. Please refer the product brochure for more details
  • Increasing Annuity for Single Life with Return of Premium:

    With this annuity option, you receive regular payments for life after the deferment period ends. What makes this plan special is that your annuity amount increases by 5% simple interest each year based on the amount you receive in the first year. This annual increase is designed to help you keep up with inflation and rising living costs, ensuring that your purchasing power remains strong over time.

    By choosing this option, you enjoy greater financial security and peace of mind, knowing that your income will grow each year to help cover your rising expenses.

    Annuity paid out after date of intimation of death will be adjusted from the Death Benefit1 and the net amount will be paid to the claimant.

    After payment of Death Benefit1, all rights, benefits and interests under the policy will stand extinguished and the policy shall terminate.
  • Increasing Annuity for Joint Life with Return of Premium:

    Similar to ‘Joint Life with Return of Premium’, with this option, you start receiving the annuity income after the deferment period you choose. The annuity will be paid for the entire life of the Primary Annuitant. However, with this plan, the annuity amount increases by 5% simple interest each year based on the amount you receive in the first year after the deferment period ends.

    The Secondary Annuitant must have a close relationship with the Primary Annuitant, such as being their spouse, child, parent, or sibling. The Secondary Annuitant needs to be at least 30 years old at the time of the start of the policy.

    After payment of the Death Benefit1, all rights, benefits and interests under the policy will stand extinguished and the policy shall terminate.

Boundary Conditions:

Parameters Conditions
Minimum age at entry 40 years (Primary Annuitant), 30 years (Secondary Annuitant)
Maximum age at entry All other options: 70 years
Premium payment term (PPT) 5 to 15 years
Deferment period 5 to 15 years (in multiples of 1 year)

Deferment period refers to the number of years from the start of policy after which the annuity will begin. Deferment period can be chosen by the customer at inception of the policy.
Premium payment frequency Annual, Half Yearly, Monthly
Minimum annuity ₹ 12,000 per annum (₹ 1,000 per month) for policies for other than Government sponsored insurance scheme and National Pension Schemes where annuity shall be as per respective scheme.
Maximum annuity Subject to board approved underwriting policy
Minimum premium2 Subject to minimum annuity amount as mentioned above; will depend upon annuity rates and the annuity option chosen
Maximum premium2 Subject to board approved underwriting policy
Modes of annuity payouts Annual, Half yearly, Quarterly, Monthly
  • Special Withdrawal#

    Special withdrawal# offer you the flexibility to access up to 60% of the total premiums you’ve paid (excluding any previous withdrawals) over the lifetime of your policy. You can take this amount as a lump sum while still continuing to receive your annuity payments.

    By choosing a special withdrawal#, you can get immediate access to funds when you need them the most. This can be particularly helpful for unexpected expenses or financial emergencies. However, please note that taking a special withdrawal will reduce your future annuity income and other benefits under the policy.

    This option provides you with financial flexibility and peace of mind, knowing you have access to funds if needed, while still maintaining a steady income stream

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1+The income/annuity amount chosen at the time of purchasing the policy is guaranteed for life and will be payable in arrears at the end of every month, quarter, half-year or year, after completion of the deferment period.

2+An enhanced benefit will be offered on surrender anytime from date of commencement of policy to the end of the Deferment Period for eligible policies purchased through the online platform. This amount payable will be the surrender value as described under the section “Surrender” in the sales brochure, subject to minimum of 100% of Total Premiums Paid till the date of surrender.

Annuity will be payable in arrears/ at the end of every month, quarter, half-year or year, after completion of the deferment period, as chosen by you at the time of purchasing the annuity. The annuity amount chosen at policy inception is guaranteed for life

Joint life can be either the spouse/child/parent or sibling of the primary annuitant

Choice of Premium Payment Term and Deferment Period ranging from 5 to 15 years

Guaranteed Additions accrue at the end of each policy month during the deferment period only, provided all due premiums have been paid

Save the Date option to be selected at policy inception or before the first annuity payment. The date chosen should be succeeding the due date of first annuity payment

Option of Top-up can be chosen during the deferment period only and while the policy is in-force. The additional annuity payable will be calculated as per the then prevailing annuity rates and age of the Annuitant at the time of payment of additional premium

1 Death Benefit:

a) Single life without Return of Premium: Death Benefit, payable during the deferment period, is higher of:

• Total Premiums Paid + Accrued Guaranteed Additions

• 105% of Total Premiums Paid

b)Joint Life without Return of Premium: In case of death of both primary and secondary annuitants during the deferment period, Death Benefit will be payable on death of the last survivor and will be higher of:

• Total Premiums Paid + Accrued Guaranteed Additions

• 105% of Total Premiums Paid

c) Single Life with Return of Premium: Death Benefit during the deferment period is higher of:

• Total Premiums Paid + Accrued Guaranteed Additions

• 105% of Total Premiums Paid

Death Benefit after the deferment period is higher of:

• Total Premiums Paid + Accrued Guaranteed Additions – Total annuity paid out till date of intimation of death

• Total Premiums Paid

d) Joint Life with Return of Premium: Death Benefit after the deferment period payable on death of the last survivor is higher of:

• Total Premiums Paid + Accrued Guaranteed Additions – Total annuity paid out till date of intimation of death

• Total Premiums Paid

In case of Death of both primary and secondary annuitants during the deferment period, Death Benefit will be payable on death of the last survivor and will be higher of:

• Total Premiums Paid + Accrued Guaranteed Additions

• 105% of Total Premiums Paid

e) Single Life with Return of Premium on Critical illness (CI) or Permanent Disability due to accident (PD) or Death:

During Deferment period:

Annuitant’s age Event Benefit payable Recipient of Benefit
Before the annuitant attains 80 years of age On occurrence of specified CI or PD Lump sum amount which is higher of:
1. Total Premiums Paid + Accrued Guaranteed Additions
2. 105% of Total Premiums Paid
Annuitant; The policy terminates after the said payment.
On death Lump sum amount which is higher of:
1. Total Premiums Paid + Accrued Guaranteed Additions
2. 105% of Total Premiums Paid
Claimant; The policy terminates after the said payment.
On or after the annuitant attains 80 years of age On occurrence of specified CI or PD Nil (The policy will continue with other applicable benefits) Not applicable
On death Lump sum amount which is higher of:
1. Total Premiums Paid + Accrued Guaranteed Additions
2. 105% of Total Premiums Paid
Claimant;The policy terminates after the said payment.

Post Deferment Period:

Annuitant’s age Event Benefit payable Recipient of Benefit
All For life of the annuitant, provided no benefits on specified CI, PD or death have been claimed Annuity for life Annuitant
Before the annuitant attains 80 years of age On occurrence of specified CI or PD Lump sum amount which is higher of:
1. Total Premiums Paid + Accrued Guaranteed Additions - Total annuity paid out till date of intimation of CI or PD
2. Total Premiums Paid
Annuitant;The policy terminates after the said payment.
On death Lump sum amount which is higher of:
1. Total Premiums Paid + Accrued Guaranteed Additions - Total annuity paid out till date of intimation of death
2. Total Premiums Paid
Claimant;The policy terminates after the said payment.
On or after the annuitant attains 80 years of age On occurrence of specified CI or PD Nil (The annuity will continue for life of the annuitant i.e. till date of death of the annuitant) Not applicable
On death Lump sum amount which is higher of:
1. Total Premiums Paid + Accrued Guaranteed Additions - Total annuity paid out till date of intimation of death
2. Total Premiums Paid
Claimant;The policy terminates after the said payment.

f) Increasing Annuity for Single Life with Return of Premium: Death Benefit during the deferment period is higher of:

• Total Premiums Paid + Accrued Guaranteed Additions

• 105% of Total Premiums Paid

Death Benefit after the deferment period is higher of:

• Total Premiums Paid + Accrued Guaranteed Additions – Total annuity paid out till date of intimation of death

g) Increasing Annuity for Joint Life with Return of Premium: Death Benefit after the deferment period payable on death of the last survivor is higher of:

• Total Premiums Paid + Accrued Guaranteed Additions – Total annuity paid out till date of intimation of death

• Total Premiums Paid

In case of Death of both primary & secondary annuitant during the deferment period, Death Benefit will be payable on death of the last survivor and will be higher of:

• Total Premiums Paid + Accrued Guaranteed Additions

• 105% of Total Premiums Paid

 

3 Guaranteed Additions: From the time you start paying your premiums till the completion of deferment period, a benefit known as Guaranteed Additions will accrue to your policy. Guaranteed Additions accrue at the end of each policy month during the deferment period only, provided all due premiums have been paid.

Special Withdrawal#:

For fully paid-up policies, this option can be exercised after the end of the deferment period. For other than fully paid-up policies, this option can be exercised after the end of the deferment period or after completion of revival period from the due date of the first unpaid premium, whichever is later. For a lapsed policy, this feature is not applicable. This feature can be exercised provided there is no outstanding loan amount. The minimum amount of lumpsum withdrawal will be ₹ 5,000 at the time of each exercise. Please refer to policy document for more terms and conditions.

^^ T&C Apply

ICICI Pru Guaranteed Pension Plan Flexi UIN

E/II/1432/2024-25

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