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.
1 T&C Apply
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.
1 T&C Apply
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, 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
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
Your money is 100% safe
When you buy ICICI Pru Guaranteed Pension Plan, your money is safe from any kind of market volatility. You do not have to worry about market fluctuations5.
You will also know exactly how much regular income you will receive monthly, quarterly, half-yearly or yearly.
Rest assured, your income is guaranteed1 for life.
All you need to decide is whether you want to get the regular income immediately or at a later date.
1 T&C Apply
Get your investment back
ICICI Pru Guaranteed Pension Plan is a first-of-its-kind annuity plan that gives you your money back2 during your lifetime. You can choose the ‘Return of Purchase Price’ option and get back the initial amount you invested. Here are 3 unique options to choose from:
• 50% of the amount is returned at the age of 80 and the rest on death
• The entire amount is returned at the age of 80
• At the age of 763, the amount is returned in parts along with your regular income and the balance amount, if any, is returned in case of an unfortunate event
You can also get your investment amount or purchase price back in case a critical illness or in case of any permanent disability4 due to an accident
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.
1 T&C Apply
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
Why ICICI Prudential Life Insurance?
Trusted brand. The reason we exist
Trust is our foundation and our cornerstone. Over the last two decades, millions of people have trusted us for the financial security of their loved ones.
- One of the top life insurers7 in India, thanks to our customers
- Voted as one of the most valuable brands in India 7 times in a row by over 32 lakh customers8
- ICICI Pru Guaranteed Pension Plan has been voted as the ‘Product of the Year’ under the Retirement and Pension Plans category9 in 2021
- Received FICCI Award for excellence in claims and service in 2020, a validation of our commitment towards serving our customers10
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.
1 T&C Apply
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.
People like you also read ...
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, 1961. Goods and Services 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.
Product UIN: 105N181V03
W/II/3648/2021-22
the official handbook!’ Get your FREE copy now!
– the official handbook!
