You retire from your work, not from your Life!

 

You have toiled your entire life and have reaped the benefits of it in your earning years. Does that mean that your life goals should also retire when you hang up your boots? Absolutely not!

Live your life the way you have been in your working years and fulfil your life goals - going to that dream destination, picking up a hobby, leaving a legacy or to simply be Atmanirbhar. Regardless of what your life goals are, you need to have a strong financial plan to realize them.

With ICICI Pru Guaranteed Pension Plan, you won't have to worry. This plan provides you with guaranteed income for your entire life with a wide range of annuity options that can provide a secure future for you and your spouse. Not only that, but with the Deferred Annuity option, you can decide when you would want the income to start. In this option, you can choose to start your income any time within a period of upto 10 years. Once the income starts, it is guaranteed for life. So, lock higher annuity rates today for a secured and fulfilling life tomorrow.

 
 
 
 
 

Benefits of ICICI Pru Guaranteed Pension Plan

 
 
 
 
 
 
 

4 Simple Steps To Buy Online

 
 
 
 
 
 
 

Choose an Option that best suits your Needs

 
 

With Return of Purchase Price Variants:

Immediate Annuity Options
  1. Single life with Return of Purchase Price: This option pays you Annuity for life. On death of the Annuitant, the Purchase Price is paid out to the nominee and thereafter the policy shall terminate and no further benefits would be payable.
  2. Joint life with Return of Purchase Price: This option pays Annuity for life as long as either of the Annuitants are alive. On death of both the Annuitants, Purchase Price is paid out to the nominee and thereafter the policy shall terminate and no further benefits would be payable.
  3. Single life with return of purchase price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death:
    This option pays you annuity for life till first occurrence of the 7 specified CI or PD before the age of 80, or death.
    Purchase Price would be payable on the earlier of:
    1. Occurrence of any of the 7 Specified CI or PD before the annuitant attains age of 80 years
    2. 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.
  4. Single Life with Return of Purchase Price at age 80: This option pays you Annuity for life. The Purchase Price is paid to the Annuitant on attaining 80 years of age or to the nominee on death of the Annuitant, whichever is earlier. The annuity payable to the Annuitant after the return of Purchase Price at 80 years of age, would remain unchanged.
  5. Single Life with Return of Purchase Price in Parts: This option pays you annuity for life. 50% of Purchase Price is paid to the annuitant on attaining 80 years of age and the remaining 50% to the nominee on death of the annuitant and the policy shall terminate with all benefits.The annuity payable to the Annuitant after the return of 50% of the Purchase Price at 80 years of age, would remain unchanged. In case of death of the annuitant before attaining the age of 80, 100% of the Purchase Price would be paid to the nominee and thereafter the policy shall terminate and no further benefits would be payable.
  6. Single Life with Return of Purchase Price from the Age of 76: This option pays you Annuity for life. In addition, 5% of Purchase Price shall be paid to the Annuitant every year from Age 76 to 95 years as per the annuity payout frequency chosen at inception. On death of the Annuitant, the balance Purchase Price is paid to the nominee and thereafter the policy shall terminate and with all benefits. In case the Annuitant dies before attaining the age of 76, the Purchase Price is paid to the nominee and the policy shall terminate. The annuity payable to the Annuitant during and after the period in which Purchase Price is being returned would remain unchanged.
    Balance Purchase Price is equal to Purchase Price less sum total of the Purchase Price paid by the Company to the Annuitant from age of 76 years till date of death of the Annuitant.
Deferred Annuity Options
You can choose to defer your pension by 1 to 10 years. You can lock in the current interest rates for the annuity to be received after the deferment period is over. The following options are available under deferred annuity:
  1. Deferred Single life with return of purchase price: This option pays you annuity for life after the end of deferment period (as chosen at inception). On the death of the Annuitant, Death Benefit shall be payable to the nominee as below:
    Death Benefit during the deferment period which is higher of:
    1. Purchase Price + Accrued Guaranteed Additions
    2. 105% of Purchase Price
    Death Benefit post the deferment period which is higher of:
    1. Purchase Price + Accrued Guaranteed Additions – Total annuity paid out till date of intimation of death
    2. Purchase Price
    Where, Guaranteed Additions per month = Total Annuity Payable in a policy year/12 Guaranteed Additions accrue at the end of every policy month during the deferment period only.
  2. Deferred Joint life with return of purchase price: This option pays annuity for life after the end of deferment period (as chosen at inception) as long as either of the two annuitants are alive. On the death of the last survivor, Death Benefit shall be payable to the nominee as below:
    Death Benefit during the deferment period is higher of:
    1. Purchase Price + Accrued Guaranteed Additions
    2. 105% of Purchase Price
    Death Benefit post the deferment period is higher of:
    1. Purchase Price + Accrued Guaranteed Additions – Total annuity paid out till date of intimation of death
    2. Purchase Price
    Where, Guaranteed Additions per month = Total Annuity Payable in a policy year/12 Guaranteed Additions accrue at the end of every policy month during the deferment period only.
  3. 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 post the deferment period chosen at inception. Annuity will continue till the annuitant survives or is diagnosed with any of the 7 specified CI or PD before the age of 80 years whichever is earlier. Lump sum benefit is payable on death or occurrence of any of the 7 Specified CI or PD in accordance to the age of the annuitant.

Without Return of Purchase Price Variants:

Immediate Annuity Options
  1. Single life without Return of Purchase Price: This option pays you Annuity for life. On death of the Annuitant, policy shall terminate and no further benefits would be payable.
  2. Joint life without Return of Purchase Price: This option pays Annuity for life as long as either of the two Annuitants are alive. On death of both the Annuitants, policy shall terminate and no further benefits would be payable.
 
 
 
 

Things you need to know

 
 

What other benefits come with this plan?

  1. High Purchase Price Benefit: Enjoy higher income by increasing the purchase price with which you buy the annuity.
  2. Online Booster: Annuity will increase by 1% for policies purchased online.
  3. Loyalty Booster: Annuity will increase by 1% for policies purchased by an existing ICICI Prudential Customer.
  4. NPS Benefit: Annuity will increase by 1% for policies purchased using proceeds out of NPS.
    Customers can opt for only one of either Online Booster, Loyalty Booster or NPS Benefit.
  5. Option to top up the annuity amount:
    • You can increase your annuity income at any time by paying an additional premium.
    • The annuity would be as per the then prevailing annuity rate and age.
    • The top-up Purchase Price will be added to the original Purchase Price for the purpose of giving the annuitant a higher income in the form of ‘High Purchase Price Benefit’. The minimum annuity amount shall not be applicable for top up annuity.
  6. Loans:
    • Facility of loan is available for Deferred annuity options and only during the deferment period.
    • Loan amount of up to 80% of the Surrender Value can be availed.
    • The Company shall be entitled to call for repayment of the loan with all due interest by giving three months’ notice, if the amount outstanding is greater than the surrender value.

Whom is the plan made for?

Guaranteed Pension Plan is ideal for people who are looking for a guaranteed regular income immediately or a choice to defer it from 1 to 10 years. This will include:

  • Individuals who need income for life and want to purchase annuities from their savings or their NPS corpus

  • Individuals who want to purchase annuities under deferred pension plans offered by ICICI Prudential Life Insurance Company Limited.

What is the maximum and minimum Annuity per annum?

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

What are the boundary conditions?

The minimum age at entry for the annuitants is as follows:

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.

What all Critical illnesses are covered under the plan?

Following Critical illnesses are covered under the plan:

  • 1. Cancer of Specified Severity

  • 2. Heart Attack

  • 3. Coronary Artery Bypass Graft Surgery (CABGS)

  • 4. Kidney Failure

  • 5. Stroke

  • 6. Major Organ Transplant (as Recipient)

  • 7. Permanent Paralysis of limbs

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

 

 

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1Safety of Guarantee is in the form of the fixed guaranteed regular payouts

2You have an option to choose from 8 Immediate Annuity and 3 Deferred Annuity options. To know more about the options in detail, please refer the product brochure

3This option can be chosen anytime while the policy is in-force. In case of deferred annuity option, top-up can be done during the deferment period only

4To know more about the exclusions and T&Cs of Critical Illness and Permanent Disability, please refer the product brochure

5Purchase Price is the premium with which the annuity plan was purchased

#Tax benefits under the policy are subject to conditions under Section 80CCC, 115BAC and other provisions of the Income Tax Act,1961. Good and Service tax and Cesses, if any will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.

*Joint Life can be either the spouse/child/parent or sibling of the Primary Annuitant.

ICICI Pru Guaranteed Pension Plan Form No.I13/I14 UIN.105N181V01

W/II/2562/2020-21

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