ICICI Pru Easy Retirement Plan
- Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
- Claim up to Rs. 1,50,000 deduction under section 80C**
- Choose between annual and monthly premium payment options
ICICI Pru Easy Retirement Plan is a savings oriented unit linked insurance plan that offers multiple options for investment. This plan offers flexibility of premium payment where you can pay premiums for a limited period for the entire duration of the policy term. You also have the option of selecting a personalised portfolio strategy under the plan. Loyalty Additions and Wealth Boosters, along with unlimited free switches make this plan an ideal choice for you.
ICICI Pru Easy Retirement Works in Two Phases:
- Accumulation phase, where your funds are accumulated for your retirement along with the Assured Benefit.
- Income phase, which allows the policyholder to opt for any of the following options:
- Regular income
- Commutation plus regular income
- Postponement of vesting date
- Investment in a single premium deferred pension product
Eligibility - Who is the ICICI Pru Easy Retirement Plan for?
Given below are certain eligibility criteria that need to be met when applying for the plan:
| Minimum age at entry | 35 years |
| Maximum age at entry | 70 years |
| Minimum age at maturity | 45 years |
| Maximum age at maturity | 80 years |
| Type of Plan | Unit Linked Pension Plan |
Policy Term and Premium Range - What you Get and What it Costs?
The premium range, the policy term and the premium payment term is indicated under the ICICI Pru Easy Retirement Plan.
| Minimum Premium | Rs.48,000 |
| Maximum Premium | Unlimited |
| Policy Term | 10, 15, 20, 25, and 30 years |
| Premium Payment Term | Five years, Ten years/ Policy term |
*Premiums vary based on age, location, plan term and other factors
Plan Coverage - What the ICICI Pru Easy Retirement Plan Covers?
The ICICI Pru Easy Retirement Plan offers the following benefits:
| Assured Benefit | Payable on maturity, it is 101% of the total premiums paid in addition to top-ups |
| Death Benefit | Payable on death of the Life Assured to the nominee. It is higher of Guaranteed Death Benefit or the Fund Value |
| Pension Boosters | Payable on completion of tenth policy year and thereafter, after completion of every fifth policy year. It is 5% of the average daily Total Fund Value |
| Surrender Benefit | On surrender in the first five policy years, the Fund Value including the Top-up Value is transferred to the PDP Fund (Pension Discontinued Policy Fund) |
| Tax Benefit | On Premiums and Benefits received as per prevailing tax laws |
Benefits in Detail:
Assured Benefit: On maturity, the policyholder of the ICICI Pru Easy Retirement Plan is entitled to receive either the Assured Benefit or Fund Value, whichever is higher. It is 101% of the sum of all premiums paid including top-ups, if any.
Death Benefit: Death Benefit under this plan is paid in the unfortunate event of death of the Life Assured. The nominee gets either the Fund Value or the Guaranteed Death Benefit, whichever is higher. Guaranteed Death Benefit is calculated as 105% of the total of all premiums paid along with any top-ups. In case the monies are in the PDP Fund at the time of death of the Life Assured, the nominee gets the PDP Fund Value.
Pension Boosters: Pension Boosters are guaranteed on completion of ten policy years and after every five policy year thereafter. It is however subject to a minimum of five years premiums being paid. It is equivalent to 5% of the average daily Total Fund Value accrued over the preceding 12 months.
Surrender Benefit: In case the policyholder surrenders the policy during the first five policy years, the Fund Value inclusive of the Top-up Fund Value is transferred to the DP Fund, after deduction of applicable Discontinuance Charge.
Investment Funds under the ICICI Pru Easy Retirement Plan:
Under this plan, you can choose between two fund options:
- Easy Retirement Balanced Fund – Provides long term capital appreciation through equity investment as well as offer capital protection. It falls under the moderate risk reward profile.
- Easy Retirement Secure Fund – Provides a balance between capital protection and returns, with mixed investment in money market, cash, and debt.
Add-On Plans – Additional Coverage under the ICICI Pru Easy Retirement Plan:
There are no add-on plans under the ICICI Pru Easy Retirement Plan.
Exclusions - What the ICICI Pru Easy Retirement Plan doesn’t Cover?
Suicide Exclusion: Under the ICICI Pru Easy Retirement Plan, if the Life Assured commits suicide despite being either sane or insane within a year from the policy’s issuance, the nominee receives only the Fund Value as accrued till the date of death. No other benefit is paid under the policy and all rights, benefits, and interest are terminated.
Other Key Features:
There are some other key features of the ICICI Pru Easy Retirement Plan, they are:
| Particulars | Details |
| Free-look period | You can return the policy document if you are not satisfied with the policy’s terms and conditions, within:
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| Policy Revival |
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| Grace Period |
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| Premium Discontinuance | Applicable only for Regular Pay Policies Two options:
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| Partial Withdrawals | Not allowed |
Tax Benefits – How you can save with the ICICI Pru Easy Retirement Plan?
Under the Easy Retirement Plan, policyholders can avail tax benefits as per prevailing tax laws.
Other Benefits of ICICI Pru Easy Retirement Plan:
Some of the benefits that can be utilised by a policyholder while purchasing the ICICI Pru Easy Retirement Plan are:
- Opt for a financial advisor from the company
- Download online brochure of ICICI Pru Easy Retirement Plan
- Make comparison with other plans
- Request for a call back from the company
- Purchase a plan online
- Locate the nearest ICICI Prudential branch
Why you should Buy the ICICI Pru Easy Retirement Plan from ICICI Prudential?
The Easy Retirement Plan from ICICI Prudential LIfe is an excellent plan that enables you to build your retirement corpus. It also allows you to enhance the corpus with the help of pension boosters. The company operates on four key values – Passion, Customer focus, Integrity, Humility, and Boundaryless, thereby making it a trustworthy company to purchase a policy from.
Frequently Asked Questions (FAQs):
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I have taken the Easy Retirement Plan from ICICI Prudential. Is it possible to switch between the two funds under the plan?
A. Yes, you can switch between funds based on your financial requirements and investment choices. However, the minimum value of a switch is Rs.2, 000.
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What are non-negative claw-back additions under the ICICI Pru Easy Retirement Plan?
A. ICICI deduces specific non-negative claw-back additions in order to comply with the reduction in yield in the funds under the plan. In such cases, these additions are made to the unit Fund Value at different durations after first five years of the contract.
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What is the minimum top-up Amount of premium in the ICICI Pru Easy Retirement Plan?
A. The minimum top-up Premium amount in the Easy Retirement Plan is Rs.2, 000
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Does ICICI Prudential allow a partial withdrawal benefit under the Easy Retirement Plan?
A. No, ICICI Prudential does not allow partial withdrawal under this plan.
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What is referred to as premium redirection under the Easy Retirement Plan of ICICI Prudential?
A. The policyholder decides the proportion of premiums to be invested in either of the funds under the policy. However, you have the option of changing the proportion at the time of payment of premiums, free of charge. This is not considered as a switch.
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Can I decrease the premium payment term of the plan at any point of time during the policy term?
A. Yes, you can decrease the premium payment term by informing the company about the same. However, it is only applicable if a minimum of five years of premium has been paid.
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Is there a policy administration charge levied on the policyholder of the ICICI Pru Easy Retirement Plan?
A. Yes, the policy administration charge is the percentage of the annual premium and is levied every month for a period of ten policy years. It is capped at Rs.6, 000 p.a.
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What is the Fund Management Charge (FMC) that I will have to bear for investing in funds under the Easy Retirement Plan?
A. The FMC charged is 1.35% p.a. of the Fund Value and is adjusted from the NAV on a daily basis.
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Is there an option of availing loans under the ICICI Pru Easy Retirement Plan?
A. No, ICICI Prudential does not provide loans under this policy.
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What is the minimum period of time that I can postpone vesting under the ICICI Pru Easy Retirement Plan?
A. The minimum period allowed for postponement of the vesting date under the plan is one month.