Guaranteed Pension Plan
Features and benefits of ICICI Pru Guaranteed Pension Plan
Secure life post retirement with
regular, guaranteed1 income
Your retirement is a milestone worth celebrating. After all, it is something you have been looking forward to. You can go on that long-awaited world tour, follow new hobbies, spend more time with family and friends, or pursue your dreams - all at your own pace.
You can power all of these when you have the surety of a regular income that will continue for the rest of your life. We understand how important this is for you.
That’s why, we bring to you ICICI Pru Guaranteed Pension Plan that gives you all you need to live a worry-free life even after retirement.
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Guaranteed1 regular income. Lifelong
You can fulfil all your dreams and commitments while maintaining the same standard of living.
With ICICI Pru Guaranteed Pension Plan, you just need to invest once and decide when you want to start receiving your income. Then, just sit back and relax.
You will receive your regular income as per your choice - every month, quarter, six months or year - for the rest of your life.
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Customised for your unique needs
Every retirement is unique. You may want to go after your dreams like travelling the world or spending time with friends and family. You may wish to finance your child’s higher education or plan for their marriage. There may be multiple ways you want to spend your retirement days.
You can also plan exactly when you want your regular income to start - immediately or after a period of up to 10 years. You can also choose the frequency at which you want to receive your income - monthly, quarterly, half-yearly or yearly.
ICICI Pru Guaranteed Pension Plan gives you the power to customise your plan based on your needs.
Here are the three key plan options you can choose from:
For your immediate retirement needs
You may wish to start your regular annuity immediately so you get regular income from the day you retire.
ICICI Pru Guaranteed Pension Plan - Immediate Annuity is the solution for you.
To plan your future retirement
You may have a few years before you retire and are looking to secure your post-retirement years with regular income.
ICICI Pru Guaranteed Pension Plan - Deferred Annuity is the solution for you.
To secure your family
You may want a regular income to secure your family’s future in your absence.
With the ‘Return of Purchase Price’ option, your family get back the initial amount you invested upon your unfortunate demise.
You can choose to secure your spouse or child with the 'Joint Life' option where they will continue to receive the regular income for their lifetime as well, in your absence
For your immediate retirement needs
You may wish to start your regular annuity immediately so you get regular income from the day you retire.
ICICI Pru Guaranteed Pension Plan - Immediate Annuity is the solution for you.
To plan your future retirement
You may have a few years before you retire and are looking to secure your post-retirement years with regular income.
ICICI Pru Guaranteed Pension Plan - Deferred Annuity is the solution for you.
To secure your family
You may want a regular income to secure your family’s future in your absence.
With the ‘Return of Purchase Price’ option, get back the initial amount you invested at the age of 763 years or in the case of a critical illness or permanent disability4 or demise.
You can choose to secure your spouse or child with the 'Joint Life' option where they will continue to receive the regular income for their lifetime as well, in your absence
Immediate Annuity options
Single life without Return of Purchase price:
Annuity is paid for life of the annuitant. On death of the annuitant no further benefits would be payable by the Company and the policy shall terminate.
Single Life with Return of Purchase Price:
Annuity is paid for life of the annuitant. In addition, the Purchase Price is returned to the claimant on death of the annuitant.
Single Life with Return of Purchase Price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death
Annuity is paid to the annuitant up to occurrence of any of the 7 Specified CI or PD ,before the annuitant attains the age of 80 years or death, whichever is earlier. Purchase Price would be payable on the earlier of:
- Occurrence of any of the 7 Specified CI or PD before the annuitant attains age of 80 years; and
- Death of the annuitant
In case of no occurrence of any of the 7 Specified CI or PD till the annuitant attains age of 80 years, annuity will continue to be paid till the annuitant survives.
Details of benefits payable are as below:
| Age of the annuitant | 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 | Purchase Price |
Annuitant; The policy terminates after the said payment. |
| On death | Purchase Price |
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 | Purchase Price |
Claimant; The policy terminates after the said payment. |
Joint Life without Return of Purchase Price:
Annuity is first paid to the primary annuitant for life. After the death of the primary annuitant, the secondary annuitant continues to receive same amount of annuity till his/her death. On death of the secondary annuitant subsequently, the policy shall terminate, and no further benefits would be payable.
Joint Life with Return of Purchase Price:
Annuity is first paid to the primary annuitant for life. After the death of the primary annuitant, the secondary annuitant continues to receive same amount of annuity till his/her death. On death of the secondary annuitant subsequently, the Purchase Price is returned to the claimant and no further benefits would be payable.
Single Life with Return of Purchase Price at Age 80:
Annuity is paid for life of the annuitant. Purchase Price is returned to the annuitant on attaining the age of 80 years or to the claimant on death of the annuitant, whichever is earlier.
Single Life with Return of Purchase Price from the Age of 76:
Annuity is paid for life of the annuitant. In addition to the annuity, from age 76 years to 95 years, 5% of the Purchase Price will be paid to the annuitant every year as per the annuity payout frequency chosen at inception. On death of the annuitant before the age of 76 years, Purchase price will be paid to the claimant and the policy shall terminate and no further benefits would be payable.
Single Life with 50% Return of Purchase Price at Age 80:
Annuity is paid for life of the annuitant. 50% of the Purchase Price is paid to the annuitant on attaining the age 80 years and balance 50% is paid to the claimant on death of the annuitant and no further benefits would be payable. There is no reduction in annuity amount on payment of 50% of the Purchase price on the annuitant attaining the age of 80 years. However, in case of death of the annuitant before attaining the age 80 years, 100% of the Purchase Price will be paid to the claimant and no further benefits would be payable.
Deferred annuity options
Deferred Single Life with Return of Purchase Price:
Annuity is paid for life of the annuitant after the Deferment period as chosen at inception. In addition, the Death Benefit is payable to the claimant on death of the annuitant.
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
Annuity paid out after date of intimation of death will be adjusted from the benefit payable on death and the net amount will be paid to the claimant.
Deferred Joint Life with Return of Purchase Price:
Annuity is first paid to the primary annuitant after the deferment period as chosen at inception. After the death of the primary annuitant, the secondary annuitant continues to receive same amount of annuity till his/her death. On death of the secondary annuitant subsequently, the death benefit is payable to the claimant and no further benefits would be payable.
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
Deferred Single Life with Return of Purchase Price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death
Annuity is paid to the annuitant after the deferment period chosen at inception. Annuity will continue until the annuitant survives or is diagnosed with any of the 7 specified CI or PD before the age of 80 years
The details of the benefits payable are as below:
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:
|
Annuitant; The policy terminates after the said payment. |
| On death |
Lump sum amount which is higher of:
|
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 | Purchase Price |
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:
|
Annuitant; The policy terminates after the said payment. Annuity paid out after date of intimation of CI or PD will be adjusted from the benefit payable and the net amount will be paid to the annuitant |
| On death |
Lump sum amount which is higher of:
|
Claimant; The policy terminates after the said payment. Annuity paid out after date of intimation of death will be adjusted from the benefit payable on death and the net amount will be paid to the claimant. |
|
| 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:
|
Claimant; The policy terminates after the said payment. |
Sample Returns
Below are sample monthly annuity amounts for a purchase price of ₹10 Lakh paid once
| Annuity Option | Plan Variant | Age 40 | Age 50 | Age 60 |
|---|---|---|---|---|
| Immediate Annuity | Single Life with Return of Purchase Price | 4,963 | 4,975 | 5,057 |
| Single Life without Return of Purchase Price | 5,308 | 5,642 | 6,368 | |
| Single life with Return of Purchase Price on Critical illness (CI) or Permanent Disability due to Accident | 4,937 | 4,936 | 4,920 | |
| Single Life with Return of Purchase Price at Age 80 | 4,722 | 4,550 | 4,254 | |
| Single Life with 50% Return of Purchase Price at age 80 | 4,842 | 4,762 | 4,655 | |
| Single Life with Return of Purchase Price from the Age of 76 | 4,811 | 4,714 | 4,579 | |
| Joint Life with Return of Purchase Price | 4,951 | 4,968 | 5,053 | |
| Joint Life without Return of Purchase Price | 5,076 | 5,234 | 5,625 | |
| Deferred Annuity (5 Year Deferment) | Single Life with Return of Purchase Price | 6,925 | 7,084 | 7,465 |
| Single Life with Return of Purchase Price on Critical illness or Permanent disability | 7,073 | 7,240 | 7,388 | |
| Joint Life with Return of Purchase Price | 6,815 | 6,916 | 7,199 |
*Age of Primary and secondary annuitant considered same.
Extra benefits for you
You can avail additional benefits with the ICICI Pru Guaranteed Pension Plan
Invest more to benefit more
Get additional annuity6 when you invest more
Know more
Top-up options to increase your income
Invest an additional amount so that you get a higher guaranteed1 regular income
Know more
Online, loyalty boosters*
NPS benefit*
*Customers can opt for only one of either Online Booster, Loyalty Booster or NPS Benefit.
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How to buy ICICI Pru Guaranteed Pension Plan?
Buy in 4 easy steps
Here’s how you can buy ICICI Pru Guaranteed Pension Plan in 4 simple steps:
Pay Once
Buy the plan with one single investment
Select Annuity Option
Choose whether you want the regular income to begin immediately or at a later date
Choose Annuity Frequency
Decide when you receive your income - monthly, quarterly, half-yearly or yearly
Get Lifelong Income
Get your regular income for life
Know more about ICICI Pru Guaranteed Pension Plan
Frequently Asked Questions
1. Are the returns completely guaranteed?
Yes, when you invest in ICICI Pru Guaranteed Pension Plan, you freeze the annuity rate you earn. Your guaranteed1 regular income is calculated based on this rate. This safeguards your retirement income from any market-linked volatility5.
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2. How do I buy ICICI Pru Guaranteed Pension Plan?
You can buy ICICI Pru Guaranteed Pension Plan in 6 easy steps:
1. Click here to buy
2. Fill your details
3. Choose between the Immediate and Deferred Annuity options
4. Decide whether you want the pension income every month, quarter, six months or year
5. Pay the premium as a lump sum
6. Get lifelong income!
3. Who is eligible to buy ICICI Pru Guaranteed Pension Plan?
Anyone between the age of 30 and 100^ can buy ICICI Pru Guaranteed Pension Plan.
^ The maximum age at entry depends on the annuity option selected.
4. What annuity income frequency can I choose?
You can choose to get regular income every month, quarter, six months or year.
5. What is the maximum and minimum annual annuity I can get?
You can get a minimum annuity of ₹ 12,000 per year. There is no upper limit on the amount of regular income you can get every year.
You can find the right annuity amount for you with the help of our pension calculator. All you have to do is answer a few basic questions on your income, age, the number of years till you want to retire, and the premium amount you want to invest.
6. Can I get a loan against the plan?
Yes, you can avail a loan against your policy if you have opted for a deferred annuity plan. However, you can get a loan only before your regular income starts, i.e., during the deferment period.
7. What is 'Return of Purchase Price’?
When you invest in an annuity plan, you can choose the ‘Return of Purchase Price’ option. Under this option, you can get back your initial investment at a certain age or in case of a specified critical illness, permanent disability4 or demise.
You can find more details in our brochure.
8. Are critical illnesses covered?
When you invest in any of our annuity plans, you can choose the ‘Return of Purchase Price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death’ option. This can help you get the amount you invested in case of diagnosis of any of the specified critical illnesses covered under the plan.
To find out which critical illnesses are covered, kindly read our brochure here.
9. What tax* benefits do I get with ICICI Pru Guaranteed Pension Plan?
You can get deduction upto ₹ 1.5 lakh*, every year, on the premium amount you invest in ICICI Pru Guaranteed Pension Plan.
10. What is the NPS benefit in ICICI Pru Guaranteed Pension Plan?
When you retire, you will get your investments in the National Pension Scheme (NPS) back. You can choose to purchase an annuity plan like ICICI Pru Guaranteed Pension Plan using the proceeds out of your NPS.
If you use your NPS proceeds to buy the annuity plan, you can get 1% additional annuity*.
You can find more details in our brochure.
* Customers can opt for only one of either Online Booster, Loyalty Booster or NPS Benefit
11. Are there any top-ups allowed in ICICI Pru Guaranteed Pension Plan?
Yes, you can always invest more as a top-up. This can help you increase your annuity amount.
12. What are the annuity options available?
You have the flexibility to choose any of the below annuity options offered.
• Single life without Return of Purchase Price: In this option, you will get annuity for life
• Joint life without Return of Purchase Price: In this option, the annuity continues till either of the annuitants are living
• Single life with Return of Purchase Price: With this option, you get annuity for life. In case of an unfortunate event, your initial investment is paid out to your loved ones
• Joint life with Return of Purchase Price: In this option, the annuity continues till either of the annuitants are living. The initial investment is paid to your loved ones after the demise of both the annuitants
• Single life with return of purchase price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death: In this option, you get annuity for life. However, in the case of diagnosis of any of the 7 specified critical illnesses or in case of a permanent disability before the age of 80 or demise, the initial investment is paid back to you
• Single Life with Return of Purchase Price at age 80: In this option, you will get annuity for life. At the age of 80 or in case of an unfortunate event, your initial investment is paid back
• Single Life with Return of Purchase Price in Parts: In this option, you will get annuity for life. At the age of 80, half of your initial investment is paid back to you. The rest is paid to your loved ones, in case an unfortunate event occurs. In case of an unfortunate event occurring before the age of 80, the entire amount is paid to your loved ones
• Single Life with Return of Purchase Price from the Age of 76: In this option, you will get annuity for life. In addition, 5% of your investment is paid to you every year from Age 76 to 95 years as per the annuity payout frequency chosen at inception. In case of an unfortunate event, the balance amount is paid to your loved ones
• Deferred Single life with return of purchase price: In this option, you will get annuity for life after the end of the deferment period. In case of an unfortunate event, a lump sum amount is paid to your loved ones
• Deferred Joint life with return of purchase price: In this option, the annuity continues till either of the annuitants are living after the end of the deferment period. The initial investment is paid to your loved ones after the demise of both the annuitants
• Deferred Single life with return of purchase price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death: In this option, you get annuity for life after the end of the deferment period. However, in the case of diagnosis of any of the 7 specified critical illnesses or in case of a permanent disability before the age of 80, demise, the initial investment is paid back to you
Kindly read the brochure for more details.
13. Is there preferential annuity rate offered to NPS customer vs non-NPS customer?
Yes, please refer the below comparative table for better understanding
| Plan | Primary Age | Secondary Age | Premium | NPS Customer | Non-NPS Customer | ||
|---|---|---|---|---|---|---|---|
| Monthly Annuity Amount | Monthly Annuity Rate | Monthly Annuity Amount | Monthly Annuity Rate | ||||
| Single life without Return of Purchase Price | 60 | NA | 10,00,000 | 6,432 | 7.72% | 6,368 | 7.64% |
| Single life with Return of Purchase Price | 60 | NA | 10,00,000 | 5,107 | 6.13% | 5,057 | 6.07% |
| Joint life without Return of Purchase Price | 60 | 55 | 10,00,000 | 5,557 | 6.67% | 5,502 | 6.60% |
| Joint life with Return of Purchase Price | 60 | 55 | 10,00,000 | 5,097 | 6.12% | 5,047 | 6.06% |
14. Are the returns completely guaranteed?
Yes, when you invest in ICICI Pru Guaranteed Pension Plan, you freeze the annuity rate you earn. Your guaranteed regular income is calculated based on this rate. This safeguards your retirement income from any market-linked volatility
15. How do I buy ICICI Pru Guaranteed Pension Plan?
You can buy ICICI Pru Guaranteed Pension Plan in 6 easy steps:
- Click here to buy
- Fill your details
- Choose between the Immediate and Deferred Annuity options
- Decide whether you want the pension income every month, quarter, six months or year
- Pay the premium as a lump sum
- Get lifelong income!
16. Who is eligible to buy ICICI Pru Guaranteed Pension Plan?
Anyone between the age of 30 and 100^ can buy ICICI Pru Guaranteed Pension Plan.
17. What annuity income frequency can I choose?
You can choose to get regular income every month, quarter, six months or year.
18. What is the maximum and minimum annual annuity I can get?
You can get a minimum annuity of ₹ 12,000 per year. There is no upper limit on the amount of regular income you can get every year.
19. Can I get a loan against the plan?
Yes, you can avail a loan against your policy if you have opted for a deferred annuity plan. However, you can get a loan only before your regular income starts, i.e., during the deferment period.
20. What is 'Return of Purchase Price’?
When you invest in an annuity plan, you can choose the ‘Return of Purchase Price’ option. Under this option, you can get back your initial investment at a certain age or in case of a specified critical illness, permanent disability or demise.
21. Are critical illnesses covered?
When you invest in any of our annuity plans, you can choose the ‘Return of Purchase Price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death’ option. This can help you get the amount you invested in case of diagnosis of any of the specified critical illnesses covered under the plan.
22. What tax* benefits do I get with ICICI Pru Guaranteed Pension Plan?
You can get deduction upto ₹ 1.5 lakh*, every year, on the premium amount you invest in ICICI Pru Guaranteed Pension Plan.
23. What is the NPS benefit in ICICI Pru Guaranteed Pension Plan?
When you retire, you will get your investments in the National Pension Scheme (NPS) back. You can choose to purchase an annuity plan like ICICI Pru Guaranteed Pension Plan using the proceeds out of your NPS.
If you use your NPS proceeds to buy the annuity plan, you can get 1% additional annuity.
24. Are there any top-ups allowed in ICICI Pru Guaranteed Pension Plan?
Yes, you can always invest more as a top-up. This can help you increase your annuity amount.
25. What are the annuity options available?
- You have the flexibility to choose any of the below annuity options offered.
- Joint life without Return of Purchase Price
- Single life with Return of Purchase Price
- Joint life with Return of Purchase Price
- Single life with return of purchase price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death
- Single Life with Return of Purchase Price at age 80
- Single Life with 50% Return of Purchase Price at age 80
- Single Life with Return of Purchase Price from the Age of 76
- Deferred Single life with return of purchase price
- Deferred Joint life with return of purchase price
- Deferred Single life with return of purchase price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death
Documents required for Issuance of policies
- Officially Valid Document (OVD) for identity and address proof
- Recent Passport-size Photograph
- Age Proof (if not established through OVD)
- PAN (or Form 97, wherever applicable)
- Payout Mandate – Bank account details
- CDF - Customer declaration
- Agent confidential report (Based on login source)
- Passport (Applicable for NRI)
- FATCA/CRS declaration (where applicable)
- Any other document, as may be required by the Company on a case-to-case basis
Basic documents and verifications required for Claim Settlement
For processing a death claim under this Policy, We will require the following documents (as may be relevant) in case of:
- Duly filled and signed Claimant Statement Form
- Recent photograph of the claimant
- Death Certificate issued by local government authority of the person insured in the policy (Annuitant(s))
- Signed copy of photo identity proof of the claimant
- Current Address proof of the claimant (Any one of the following: Aadhar Card, Valid Passport or Driver's License, Voters ID are considered as proofs)
- Signed copy of PAN card / Form 97 of the claimant
- Copy of cancelled cheque / bank statement / passbook of the bank account of the claimant where payment needs to be transferred.
Additional documents will also be required, depending on the type of death, for faster processing of your claim
For deaths due to Natural/ Medical reasons:
- Medico-legal / Medical cause of death certificate
- Past medical records and treatment papers
- All hospitalization records of the Life Assured such as:
- Admission form
- Indoor Case Papers (ICPs)
- Discharge summary
- Diagnostic test reports such as USG, Pathology / Lab reports etc.,
- Duly filled in Treating Doctor Certificate
- Duly filled in Medical/ Hospital Attendant Certificate
Death due to any other reason:
- Medico-legal cause of death certificate
- First Information Report (FIR) from the police authority
- Inquest/ Panchnama Report
- Final police investigation report
- Post Mortem Report (PMR) issued by the hospital
- Viscera / Chemical examination report
- Newspaper Cutting, if any
- Driving License (of the Life Assured driving the vehicle in case of death due to a road accident)
- Hospitalization / treatment records if any
- Duly filled in Medical/ Hospital Attendant Certificate
- Duly filled in Employer Certificate (only if Life Assured was a salaried individual)
Exclusions
For exclusions under the covered critical illness under following plan options, please refer to the brochure:
- 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
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Disclaimers:
1. Annuity will be payable in arrears. The frequency of annuity payments can be monthly, half-yearly, quarterly or annually as chosen by the annuitant at the time of purchasing the annuity. The annuity amount chosen at policy inception is guaranteed for life.
2. Money back is in the form of return of purchase price with which the annuity plan was purchased. This may be returned to you or your nominee depending on the annuity option opted.
4. Withdrawal is allowed only under annuity options with Return of Purchase Price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale
5. The annuity is informed to you at the time of availing the plan and is guaranteed for life
6. Benefits in the form of additional annuity as a percentage of the annuity rates would be paid for Higher Purchase Prices
7. Source: https://www.turtlemint.com/life-insurance/articles/top-insurance-companies-in-india/
8. As per BrandZ, top 75 most valuable Indian brands 2020, 2019, 2018 and BrandZ top 50 most valuable Indian brands 2017, 2016, 2015, 2014. Study by KANTAR Milward Brown and published by WPP
9. ICICI Pru Guaranteed Pension Plan - 2021: Winner Life Insurance - Retirement & Pension Plans Category. Survey of 2250 people by NielsenIQ across categories.
10. FICCI Insurance Industry awards 2020
* Tax benefits under the policy are subject to conditions and other provisions of the Income Tax Act, 2025. Taxes, if any will be charged extra as per applicable rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
Product UIN:
W/II/0870/2026-27
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