ICICI Pru Guaranteed Pension Plan Flexi

What is ICICI Pru Guaranteed Pension Plan Flexi?

ICICI Pru Guaranteed Pension Plan Flexi is a comprehensive retirement solution designed to help you build a substantial retirement corpus and secure a lifelong guaranteed income. This flexible plan offers a range of options to cater to your specific retirement needs, ensuring financial security for yourself and your loved ones. 

Here are the available options:

Single Life Options

1.  Single Life without Return of Premium:

   • Annuity: A regular income for your lifetime after the deferment period.  

   • Death Benefit: A lump sum payment to your nominee if you pass away during the deferment period.

2. Single Life with Return of Premium:

   • Annuity: A regular income for your lifetime after the deferment period.  

   • Death Benefit: A lump sum payment to your nominee if you pass away before or after the deferment period.

3. Single Life with Return of Premium (ROP) on Critical Illness (CI) or Permanent Disability due to Accident (PD) or Death:
4.  Single Life without Return of Premium:

   • Annuity: A regular income until the occurrence of a specified critical illness, permanent disability, or death.  

   • Death Benefit: A lump sum payment to your nominee upon the occurrence of a specified critical illness, permanent disability, or death.

5. Increasing Annuity for Single Life with Return of Premium:

   • Annuity: A regular income that increases annually to combat inflation.  

   • Death Benefit: A lump sum payment to your nominee if you pass away before or after the deferment period.

Joint Life Options

1. Joint Life without Return of Premium:

   • Annuity: A regular income for the lifetime of both you and your chosen joint life annuity.

   • Death Benefit: A lump sum payment to your nominee if both you and your joint life annuitant pass away during the deferment period.

2. Joint Life with Return of Premium:

   • Annuity: A regular income for the lifetime of both you and your chosen joint life annuitant.

   • Death Benefit: A lump sum amount is given to the nominee if the policyholder passes away before or after the deferment period.

3.  Increasing Annuity for Joint Life with Return of Premium:

   • Annuity: A regular income for the lifetime of both you and your chosen joint life annuitant, increasing annually to combat inflation.

   • Death Benefit: A lump sum payment to your nominee if either of you pass away before or after the deferment period.

Features of ICICI Pru Guaranteed Pension Plan Flexi

Below are the features of  ICICI Pru Guaranteed Pension Plan Flexi: 

• Premium Flexibility:

  • Choose a premium payment term that aligns with your financial goals and lifestyle.

  • Opt for regular premium payments or single premium options.

• Annuity Commencement Flexibility:

  • Decide when you want your retirement income to start.

  • Choose from a variety of annuity commencement ages to suit your retirement plans.

• Annuity Payment Frequency Flexibility:

  • Select the frequency of your annuity payments to match your needs.

  • Options include monthly, quarterly, half-yearly, or yearly payments.

• Annuity Option Flexibility:

  • Joint Life Annuity Options:

    • Secure your loved ones' financial future with joint life annuity options.

    • Benefit from the Waiver of Premium feature, ensuring continued coverage even in unforeseen circumstances.

  • Increasing Annuity Options:

    • Combat inflation and safeguard your retirement income with increasing annuity options.

    • Receive a growing annuity amount over time, ensuring a comfortable and secure retirement.

• Save the Date Feature:

  • Receive your annuity on your preferred date, adding a personal touch to your retirement income.

• Top-Up Option:

  • Boost your retirement corpus with additional investments as and when you have surplus funds.

Eligibility Criteria for ICICI Pru Guaranteed Pension Plan Flexi

Benefits of ICICI Pru Guaranteed Pension Plan Flexi

Below are the benefits of ICICI Pru Guaranteed Pension Plan Flexi: 

• Premium Payment Flexibility: Choose a premium payment term that suits your financial situation.

• Annuity Commencement Flexibility: Decide when you want your retirement income to start.

• Annuity Payment Frequency Flexibility: Select the frequency of your annuity payments.

• Annuity Option Flexibility: Choose from a variety of annuity options to tailor your retirement income.

• Lifelong Income: Enjoy a guaranteed income for life.

• Inflation-Adjusted Income: Opt for increasing annuity options to combat inflation and maintain your purchasing power.

• Joint Life Annuity Options: Secure your loved ones' financial future with joint life annuity options.

• Waiver of Premium Feature: Ensure continued coverage for your family even in unforeseen circumstances.

• Tax Deductions: Benefit from tax deductions under Section 80C of the Income Tax Act.

• Expert Management: Let experienced professionals manage your investments and secure your financial future.

Exclusions Under ICICI Pru Guaranteed Pension Plan Flexi

Suicide Clause:If the Annuitant, or the last survivor in a Joint Life policy, dies by suicide during the deferment period within 12 months from the risk commencement date or policy revival date (whichever is applicable), the Claimant will receive the higher of 80% of the Total Premiums Paid up to the date of death or the available surrender value, provided the policy is active. Once this payment is made, the policy will terminate, and all rights, benefits, and interests under the policy will cease.

Exclusions:Apart from the Suicide Clause, there are no other exclusions for the Death Benefit. There is no waiting period or pre-existing condition applicable for the Death Benefit or for benefits payable on the occurrence of Critical Illness (CI) or Permanent Disability (PD).