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  • ICICI Pru Group Superannuation Plan

    Life Insurance
    • 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 Superannuation Plan is a group 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 payout starts at the time of your retirement. The Group Superannuation Plan ensures that the employer has sufficient funds to take care of their employees.

    Eligibility - Who is the ICICI Pru Group Superannuation Plan for?

    The following eligibility criteria must be fulfilled when applying for the ICICI Pru Group Superannuation Plan Plan:

    Minimum age at entry 20 years
    Maximum age at entry 85 years
    Minimum age at maturity 45 years
    Maximum age at maturity 80 years
    Type of Plan Unit Linked/ Endowment Pension Benefit Plan

    Sum Assured and Premium Payment Mode - What you Get and its Mode of Payment?

    The sum assured, the policy term and the premium payment mode under the ICICI Pru Group Superannuation Plan is indicated in the table below:

    Minimum Policy Term 1 year
    Annuity Option 5 Annuity options available
    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 Superannuation Plan Covers?

    The ICICI Pru Group Superannuation Plan offers the following benefits:

    Investment Options
    • Unit linked fund
    • Endowment fund
    Pay-out Options
    • Life annuity
    • Life annuity with Return of Purchase Price
    • Joint Life, Last Survivor without Return of Purchase Price
    • Joint Life, Last Survivor with Return of Purchase Price
    • Life annuity guaranteed for 5/10/15 years and thereafter

    Benefits in Detail:

    Investment Options: There are two investment options under the Group Superannuation Plan from ICICI Prudential. They are Unit Linked Plan or Endowment Plan.

    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.

    Add-On Plans – Additional Coverage under the ICICI Pru Group Superannuation Plan:

    There are no add-on plans under the ICICI Pru Group Superannuation Plan.

    Other Benefits of the ICICI Pru Group Superannuation Plan:

    Some of the other benefits that can be utilised by a policyholder while purchasing the ICICI Pru Group Superannuation 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 Superannuation Plan from ICICI Prudential?

    The ICICI Pru Group Superannuation 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 dedicated 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):

    1. What is the age range within which I can apply for the Group Superannuation Plan from ICICI Prudential?

      You can apply for the plan at any time between the ages of 20 to 85 years.

    2. What is the minimum policy term that I can avail under the Group Superannuation Plan?

      The minimum policy term under the plan is one year.

    3. How frequently is the employer required to pay the premiums under the ICICI Pru Group Superannuation Plan?

      The premium payment under this plan is made at once by the employer.

    4. What is the minimum and maximum vesting age to be a part of the ICICI Pru Group Superannuation Plan?

      The minimum and maximum vesting age to a part of the plan is 45years and 80 years, respectively.

    5. How many annuity options are available under the Group Superannuation plan?

      There are five annuity options available under the Group Superannuation plan.