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.
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|
The premium range, the policy term and the premium payment term is indicated under the ICICI Pru Easy Retirement Plan.
|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
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|
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.
Under this plan, you can choose between two fund options:
There are no add-on plans under the ICICI Pru Easy Retirement Plan.
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.
|Free-look period||You can return the policy document if you are not satisfied with the policy’s terms and conditions, within:
|Premium Discontinuance||Applicable only for Regular Pay Policies Two options:
|Partial Withdrawals||Not allowed|
Under the Easy Retirement Plan, policyholders can avail tax benefits as per prevailing tax laws.
Some of the benefits that can be utilised by a policyholder while purchasing the ICICI Pru Easy Retirement Plan are:
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.
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.
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.
A. The minimum top-up Premium amount in the Easy Retirement Plan is Rs.2, 000
A. No, ICICI Prudential does not allow partial withdrawal under this plan.
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.
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.
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.
A. The FMC charged is 1.35% p.a. of the Fund Value and is adjusted from the NAV on a daily basis.
A. No, ICICI Prudential does not provide loans under this policy.
A. The minimum period allowed for postponement of the vesting date under the plan is one month.