Plan your Retirement:

Retire on your terms! Retirement is a significant life milestone, and how you retire can greatly impact the quality of your post-working years. In your golden years you would want a steady stream of income to cover your daily expenses, healthcare cost and any unforeseen emergencies. You would want to live a preferred lifestyle, wish to travel, pursue hobbies, or spend time with family, having the financial means to do so is crucial.

The concept of ‘Retirement on your terms’ embodies the idea that retirement should be a carefully planned and personalized journey towards financial independence and freedom.

ICICI Pru Gold Pension Savings (GPS) is one such financial tool that navigates your journey to a stress-free retirement.

About the Plan

The plan helps you to accumulate and grow your savings over the period of your policy term. At the time of your vesting (maturity) you have the option to commute 60% of the vesting (maturity) corpus completely tax free and mandatorily annuitization 40%, which provides you guaranteed7 lifelong income.

7 T&C Apply

Key Benefits:

Invest early to reach your financial goals


Mr. Prateek, a 35-year-old, wants to save for his retirement. He decides to pay the premium1 of ₹ 2,00,000 every year for 15 years and wants a retirement corpus at the age of 60 years, i.e. a policy term of 25 years

Below are the detail benefits received in the policy:

Benefits payable2 Assumed at 4% p.a. Assumed at 8% p.a.
Accumulating Cash Bonus (A) ₹ 87,098 ₹ 12,63,465
Assured Benefit on Vesting (B) ₹ 31,50,000 ₹ 31,50,000
Terminal Bonus (C) ₹ 21,38,603 ₹ 61,21,394
Total Vesting Benefit (A+B+C) ₹ 53,75,700 ₹ 1,05,34,860

1 GST applicable on premium will be charged extra as per prevailing tax laws. 2For variable benefits, the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed, and they are not the upper or lower limits of what you might get back

At Maturity, Prateek will buy an annuity plan with a minimum 40% of Vesting (Maturity) corpus and gets guarantee7 pension (annuity) for life. The remaining 60% will be taken as a tax free lumpsum.

Eligibility Criteria:

Premium Payment Term (PPT) Min/ Max Policy Term (PT) Min/ Max Age at Entry Min/ Max Age at Vesting Min/ Max Premium
Single pay: One year 10 years / 40 years 18 years / 70 years 40* years / 80 years Minimum – Single pay: ₹ 50,000
Limited/ Regular pay: ₹ 50,000 p.a.**

Maximum – Subject to internal company guidelines (Board Approved Underwriting Policy)
Limited pay: 5 years to 15 years
Regular pay: 10 years to 40 years

* 55 years last birthday for policies sourced from overseas pension fund (HMRC, UK).

Premium Payment Frequency: Yearly, Half-Yearly, Monthly, Single pay

** Applicable Goods and Services Tax will be taken separately, as per applicable rates. The tax laws are subject to amendments from time to time

Tips on retirement planning

Retirement planning is an essential and crucial financial goal that requires careful consideration and preparation. Here are some tips to help you plan for a secure and comfortable retirement:

  • Start Early: The earlier you begin saving for retirement, the more time your money has to grow. Even small contributions towards your retirement can add up significantly over time
  • Set Clear Goals: Determine your retirement goals, including the age at which you want to retire and the lifestyle you wish to maintain. Take inflation into account
  • Create Budget: To keep track of your earnings and outlays, create a monthly budget. This will assist you in determining your retirement savings capacity. Reduce wasteful spending and put the money into your retirement accounts
  • Diversify Investments: Diversify your investment portfolio to spread risk
  • Invest In A Retirement Pension Plan: Select a longer policy term to accumulate more when investing in a pension plan for your retirement needs
  • Continuously Increase Contributions: As your income grows, try to increase your retirement contributions. Gradually increasing your savings rate can make a significant difference in the long run
  • Emergency Fund: Invest in a plan that also provides you with liquidity in financial needs
  • Test Your Retirement Plan: Use our retirement calculators to estimate whether your savings will meet your retirement goals

1. What does the maturity benefit comprise of?

The maturity (vesting) benefit comprises of guaranteed and non-guaranteed components. It is the sum of:

  • Assured Benefit on Vesting, which is equal to 105% of sum of Total Premiums Paid, plus
  • Accumulating Cash Bonus (if any), less total amount of part encashment done using the Special Withdrawal feature, plus
  • Terminal Bonus (if declared)

2. What happens at the time of maturity of the policy?

At maturity, you have two option to utilize the maturity corpus:

  1. Utilize the entire Vesting Benefit to purchase immediate annuity or deferred annuity at the then prevailing annuity rate.
  2. Commute/ withdraw up to 60% of the entire vesting benefit and utilize the balance amount to purchase immediate annuity or deferred annuity at the then prevailing annuity rate.

So, as per product structure you can withdraw 60% of the maturity corpus as a lumpsum. The remaining 40% will be annuitized from which you will receive lifelong pension (income). A minimum of 40% annuitization is mandatory and can be up to 100%. For more information please refer to the brochure.

3. What if I am not ready to retire, do I have an option to postpone my maturity (vesting) date? When can I do it?

Yes, you have an option to postpone the maturity (vesting) date of the policy (date on which you will get Vesting Benefit from your policy). The minimum deferral can be of one month and maximum can be up to your age of 75 years (last birthday). You can opt for this feature once during the policy term any time before the last 2 policy months of your maturity.

4. What happens if the death benefit of the policy?

If the person whose life is covered by this policy passes away during the term of the policy, the Death Benefit payable to the nominee will be equal to:

  • Assured Benefit on Death (i.e. equal to 105% of sum of Total Premiums Paid), plus
  • Accumulating Cash Bonus (if any), less total amount of part encashment done using the Special Withdrawal feature, plus
  • Interim Bonus (if declared), plus
  • Terminal Bonus (if declared)

The Interim Bonus will be computed as below:

Interim Bonus = n/12 * Interim Bonus Rate * Single or Annualized Premium

where, n is equal to completed policy months since last policy anniversary as on date of death.

What is the special withdrawal feature in the plan?

It is essential to have access to funds to take care of major life events and/or unplanned expenses, for this purpose you can use “Special Withdrawal feature”. The conditions to avail this benefit are below:

  1. The first withdrawal will be permitted after completion of 3 years from the date of commencement of risk, provided all due premiums are paid to date.
  2. The minimum amount of any withdrawal allowed is ₹ 5,000.
  3. The maximum withdrawal permitted at any time shall not exceed the lower of:
    • Value of Accumulating Cash Bonus as on the date of request; and
    • 25% of the Total Premiums Paid as on the date of request, less the amount previously withdrawn (if any) as Special Withdrawals.
  4. You will be permitted to make a withdrawal for a maximum of 3 times during the policy term.

For more information please refer to the brochure.

What is Silver’s Benefit in the plan?

Under Silver’s benefit, the Life Assured may avail a periodic complimentary health check-up, subject to the following eligibility conditions:

  1. The benefit can be exercised after:
    • After the completion of at least 3 policy years; and
    • If the age of Life Assured is 50 years or above as on date of request to avail the health check-up option.
  2. The number of times the Life Assured will be permitted to avail this benefit shall be:
    • Limited to once in any policy year; and
    • Limited to maximum 3 times over the entire policy term.
  3. All due premiums must have been paid as on date of every request to exercise of this benefit.

This benefit is a complementary benefit with no additional cost.

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1 Capital Guarantee is through the Assured benefit i.e. 105% of total premiums paid

2 Bonuses include regular bonus, loyalty accumulations and terminal bonus. Regular Bonuses may be declared annually throughout the policy term and will be expressed as a proportion of the Single Premium or Annualized Premium

3 This service shall be directly provided by third party service provider(s) and the Company will not be liable for any deficiency in service by the service provider. The Company reserves the right to discontinue the service or change the service provider(s) at any time. Please read the policy document to know more

4 In times of need, loan amount up to 80% of the Surrender Value can be availed from your policy, after it acquires a Surrender Value

5 Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein

6 This can be availed after the completion of 3 policy years and allows you to encash up to 25% of the Total Premiums Paid over the lifetime of your policy. Withdrawals are allowed for the conditions of higher education of children; marriage of children; purchase or construction of a residential house or flat; treatment of critical illnesses; to meet medical and incidental expenses arising out of the disability

7 The annuity amount is informed to you at the time of availing the plan and is guaranteed and unchanged for life

ICICI Gold Pension Savings Plan UIN: . ADVT: W/II/1277/2023-24

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