ICICI Prudential Immediate Annuity Plan

ICICI Prudential Immediate Annuity Plan is a discontinued pension plan where you get a stream of income immediately after retirement. This annuity plan is no longer available for purchase. It was designed to provide financial security and peace of mind to you and your family during your golden years.

Get Guaranteed Lifelong Pension
For You And Your Spouse

Invested amount returned to your nominee

Pension Options

Invest ₹20k monthly & Get yearly pension of ₹4.2 Lacs for Life
Guaranteed Return For Life
Multiple Annuity Options

4.8^~ Rated
7.7 Crore Registered Consumer
50 Partners Insurance Partners
4.2 Crore Policies Sold

We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

Get Guaranteed Lifelong Pension^{^^}
For You And Your Spouse

Invested amount returned to your nominee

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We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

Disclaimer: ^^ Guaranteed income starts after the deferment period, which depends on the annuity amount chosen at the time of purchase of policy and the amount of premium paid. The policy remains in force until the lifetime of Primary Annuitant and after the death of Primary Annuitant until the lifetime of Secondary Annuitant. The option chosen is joint life plan and life annuity with 100% return of premium is also available.

ICICI Prudential Immediate Annuity - Key Features

It is an immediate annuity plan with single premium option where the annuity starts immediately after premium payment from the next chosen date.
There are 5 annuity options of:

Life Annuity
Life Annuity with Return of Premium
Life Annuity guaranteed for 5/10 or 15 years and thereafter payable for life
Joint Life Last Survivor
Joint Life Last Survivor with Return of Purchase Price

As there is no life coverage and no medical underwriting is provided by the plan, no medical test is required.

ICICI Prudential Immediate Annuity - Benefits

Annuity payouts will be paid as per the frequency chosen immediately after the premium paid.
Income tax benefit on the premium paid as per section 80CCC and on the commuted part as per Section 10(10A) of the Income Tax Act.
In ICICI Prudential policy, the remaining fund will be paid to the beneficiary of the policy in case the annuitant chooses return of purchase price.
Pension is paid immediately as there is no policy tenure, there is no maturity benefit.

ICICI Prudential Immediate Annuity - Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	45 years	100 years
Purchase Price	100,000	No limit
Annuity Payout	100	No limit
Annuity payout Frequency	Monthly, quarterly, half-yearly, yearly

Details about Premium

Premium in Rupees for an annuity of Rs. 12,000 p.a.

Age	Life annuity with Return of Premium	Life annuity without Return of Premium
45 years	175,706	154,215
55 years	175,788	144,669
65 years	177,634	122,365

ICICI Prudential Immediate Annuity - Policy Details

Grace Period: Grace period is not applicable.

Policy Termination or Surrender Benefit: The policy cannot be surrendered anytime.

Free Look Period: If the life insured is not pleased with the coverage, term and conditions of the policy then within 15 days of the policy issued he/she can cancel the policy. The policy can only be cancelled, provided there has been no claim.

Inclusions

Loan is not available under the plan

Additional Features or Riders

The annuity amount can be increased anytime by paying additional premium and purchasing additional annuity.
There is a discount in premium depending on the amount of annuity payout and mode.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

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