ICICI Pru Gold Pension Savings Plan

What is the ICICI Pru Gold Pension Savings Plan?

ICICI Pru Gold Pension Savings is a retirement savings plan designed to help you build a substantial corpus for your retirement. It offers a combination of guaranteed returns and potential for higher returns through bonuses. The plan provides flexibility, allowing you to withdraw a portion of your savings for specific needs. Additionally, it offers periodic health check-ups and the option to defer annuity payments to further grow your corpus. By choosing ICICI Pru Gold Pension Savings, you can secure your financial future and enjoy a comfortable retirement.

Features of ICICI Pru Gold Pension Savings Plan

Below are the features of the ICICI Pru Gold Pension Savings Plan:

Guaranteed Returns: Ensures a minimum return of 105% of total premiums paid.

Bonus Potential: Offers the opportunity to earn additional returns through regular and terminal bonuses.

Flexible Withdrawal Options: Allows you to withdraw a portion of your savings for specific needs.

Health Check-up Benefit: Provides periodic complimentary health check-ups.

Deferred Annuity Option: Offers the flexibility to deferred annuity payments and continue growing your corpus.

Tax Benefits: Provides tax benefits under the Income Tax Act as per prevailing laws.

Eligibility Criteria of ICICI Pru Gold Pension Savings Plan

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: 2 years to 15 years

Regular pay: 10 years to 40 years

Benefits of ICICI Pru Gold Pension Savings Plan

Below are the benefits of the ICICI Pru Gold Pension Savings Plan:

Guaranteed Returns:

Assured benefit of 105% of total premiums paid.
Potential for additional returns through bonuses.

Flexible Withdrawal Options: Access funds for emergencies or major life events through the Special Withdrawal feature.

Health Check-up Benefit: Avail periodic complimentary health check-ups to maintain your well-being.

Deferred Annuity Option: Continue growing your retirement corpus at a reverse repo-linked rate by deferring annuity payments.

Investment Flexibility: Choose from various investment options to align with your risk appetite and financial goals.

Faster Policy Issuance:Quick policy issuance process for a hassle-free experience.

How It Works:

Vesting Benefit: Upon policy maturity, you receive a vesting benefit, which includes:

105% of total premiums paid

Accumulated bonuses

Less any withdrawals made

Death Benefit: In case of unfortunate demise during the policy term, a death benefit is paid to the nominee, which includes:

105% of total premiums paid

Accumulated bonuses

Interim bonus

Terminal bonus

Additional Benefits:

Special Withdrawal:Withdraw up to 25% of total premiums paid for emergencies.

Silver's Benefit:Avail periodic complimentary health check-ups.

Conclusion

The ICICI Pru Gold Pension Savings Plan presents a viable retirement savings option with its blend of guaranteed income and potential for growth through bonuses. The plan provides a structured approach to retirement planning, offering tax benefits and the security of a regular income stream during post-retirement years. However, potential investors should carefully evaluate the plan's features, including its terms and conditions, performance history, and associated risks, before making an investment decision.