ICICI Pru Group Immediate Annuity 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 Group Immediate Annuity Plan is a plan that helps employers to pay pension to their employees. Annuity is a retirement benefit that employees receive as regular income. The income in the form of a pay-out starts at the time of your retirement. The Group Immediate Annuity Plan ensures that the employer has sufficient funds to take care of their employees.
Eligibility - Who is the ICICI Pru Group Immediate Annuity Plan for?
The following eligibility criteria must be fulfilled when applying for the ICICI Pru Group Immediate Annuity Plan Plan:
| Type of Plan | Annuity Plan |
Premium Payment Frequency and Pay-Outs:
The pay-out and premium payment frequencies under the ICICI Pru Group Immediate Annuity Plan are indicated in the table below:
| Premium Payment Frequency | Once |
| Pay-out Frequency | Yearly/half-yearly/monthly/quarterly |
*Premiums vary based on age, location, plan term and other factors
Plan Coverage - What the ICICI Pru Group Immediate Annuity Plan Covers?
The ICICI Pru Group Immediate Annuity Plan offers the following benefits:
| Pay-out Options |
|
Benefits in detail:
Pay-out Options:
- Life Annuity: Post-retirement, regular pay-outs throughout life
- Life Annuity with Return of Purchase Price: Employee receives pay-outs for life. In the employee’s absence, nominee receives the purchase price.
- Joint Life, Last Survivor without Return of Purchase Price: Employee receives pay-outs for life. In employees’ absence, the spouse receives it as pension.
- Joint Life, Last Survivor with Return of Purchase Price:
- In this option, the employee receives the pay-out amount for life. In case of an unfortunate event, the employee’s spouse will continue to receive the same amount as pension for life. In the absence of both the employee and the spouse, the purchase price of this plan will be returned to the nominee.
- Life Annuity guaranteed for 5/10/15 years and thereafter: Employee or their spouse receives regular pay-outs for a chosen period.
Tax Benefits – How you can save with the ICICI Pru Group Immediate Annuity Plan?
Under the Group Immediate Annuity Plan, both the group administrator and the employee can avail tax benefits under the prevailing tax laws.
Add-On Plans – Additional Coverage under the ICICI Pru Group Immediate Annuity Plan:
There are no add-on plans under the ICICI Pru Group Immediate Annuity Plan.
Other Benefits of ICICI Pru Group Immediate Annuity Plan:
Some of the other benefits that can be utilised by a policyholder while purchasing the ICICI Pru Group Immediate Annuity Plan are:
- A financial advisor provided by the company
- Online plan brochure
- Call back from ICICI with details of the plan
- Online comparison with other plans
- Online application for the plan
- Locate the nearest ICICI Prudential branch
Why you should Buy the ICICI Pru Group Immediate Annuity Plan from ICICI Prudential?
The ICICI Pru Group Immediate Annuity Plan allows you to choose from two investment options and offers solutions that are customised to meet your needs. ICICI Prudential Life Insurance offers highly competitive and dedicate team that assists you in availing the plan and its benefits. The settlement is quick and hassle-free. In addition to these features, ICICI Prudential offers discounts to its customer buying this plan.
Frequently Asked Questions (FAQs):
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How frequently is the employer required to pay the premiums under the ICICI Pru Group Immediate Annuity Plan Plan?
A. The premium payment under this plan is made at once by the employer.
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How frequently is the employer required to pay the premiums under the ICICI Pru Group Immediate Annuity Plan Plan?
A. The premium payment under this plan is made at once by the employer.
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How frequently is the employer required to pay the premiums under the ICICI Pru Group Immediate Annuity Plan Plan?
A. The premium payment under this plan is made at once by the employer.
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How frequently is the employer required to pay the premiums under the ICICI Pru Group Immediate Annuity Plan Plan?
A. The premium payment under this plan is made at once by the employer.
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How frequently is the employer required to pay the premiums under the ICICI Pru Group Immediate Annuity Plan Plan?
A. The premium payment under this plan is made at once by the employer.