ICICI Pru Immediate Annuity Plan is a non-participating plan that offers five immediate annuity options. It is a retirement solution that helps you plan your post-retirement years by paying you an income throughout your retired life. By buying the plan at the time of your retirement, you can choose a desired annuity product by paying a lump-sum from your savings. This will enable you to earn a regular income or annuity for life at a preferred frequency.
There are certain eligibility criteria that must be met by the annuitant when applying for the Immediate Annuity Plan from ICICI Pru:
|Minimum age at entry||20 years – Superannuation Tied Immediate Annuity 45 years – Other options|
|Maximum age at entry||100 years|
|Type of plan||Non-linked Insurance Plan|
The minimum annuity per annum under the ICICI Pru Immediate Annuity Plan is Rs.100, however there is no maximum limit.
Indicate Purchase Prices for an annuity of Rs.12, 000 p.a. are given below:
|Age in years ( Male)||Life Annuity with Return of Purchase Price||Life Annuity without Return of Purchase Price|
The policyholder is further entitled to a discount on the Purchase Price based on the annual payout amount selected by him or her. It is as per the table given below:
|Annuity Band (Rs.)||Monthly Annuity Payment Mode||Other Annuity Payment Modes|
|100 – 24,000|
|24,000 – 48,000||1.5%||0.4%|
|48,000 – 1,20,000||2.5%||0.6%|
|More than or equal to Rs.1,20,000||3%||0.7%|
There are various immediate annuity options offered by the ICICI Pru Immediate Annuity Plan to both individual and group customers, they are:
|Individual Tied Immediate Annuity||Used to pay annuities under the individual deferred ICICI pension plans|
|Individual Standalone Immediate Annuity||Used when individuals want to buy an annuity otherwise|
|Superannuation Tied Immediate Annuity||Used to pay annuities under superannuation funds managed by ICICI Prudential|
|Used to pay annuities under superannuation funds managed by other groups, if the premium is over Rs.2 crores in a fiscal year (for annuity purchase)|
|Superannuation Standalone Immediate Annuity||Used to pay annuities under superannuation funds managed by other groups, if the premium is less than Rs.2 crores in a fiscal year (for annuity purchase)|
Policyholder can choose between five annuity options under the Immediate Annuity Plan from ICICI Prudential:
|Life Annuity||Pays annuity for life|
|Life Annuity with Return of Premium||Pays annuity for life and the purchase price is returned to the nominee, on death of the annuitant|
|Joint Life Last Survivor||Pays lifetime annuity and on death of the annuitant, pays annuity throughout the lifetime of the spouse|
|Joint Life Last Survivor with Return of Purchase Price||
|Annuity guaranteed for 5, 10, 15 years and payable for life thereafter||Pays annuity for a guaranteed period of 5, 10, or 15 years as preferred, irrespective of whether the annuitant is alive or not|
There are no add-on plans under the ICICI Pru Immediate Annuity Plan.
|Free-look Period||If dissatisfied, policy can be cancelled within:
Under the Immediate Annuity Plan, policyholders can avail tax benefits as per prevailing tax laws.
There are other advantageous benefits useful to the annuitant of the Immediate Annuity Plan offered by ICICI Prudential, they are:
The ICICI Pru Immediate Annuity Plan gives you the opportunity to receive pay-outs for the rest of your life by just making a single payment at the beginning of the policy. Along with being entitled to receiving a regular income throughout life, the annuitant can also get discounts on the Purchase Price based on the annual payout amount chosen. ICICI Prudential Life believes in customer satisfaction before anything else. The company focuses on implementing cost-effective products, offering high quality of services, deliver consistent fund performance and a hassle-free experience.
A. No, there is no discount on the Purchase Price below Rs.24, 000 annuity.
A. Yes, you can increase the payout amount by purchasing another annuity plan over your existing one.
A. You can select a payout frequency between yearly, half-yearly, quarterly, and monthly.
A. The minimum payout that an annuitant can receive is Rs.1, 000 p.m.
A. The minimum eligible age to purchase this annuity plan is 45 years.
A. The maximum permissible entry age for the annuity plan is 100 years.
A. The minimum age limit for the spouse of the annuitant to be eligible to receive benefits is 20 years.
A. If the policy is cancelled in the free-look period, ICICI Prudential returns the premium after deducting stamp duty charges.
A. Once chose, the annuity option cannot be changed after the free-look period.
A. The joint life annuity rate depends on the age gap between the annuitants and different rates are applied based on that.
A. In case the annuitant survives the guarantee period, the annuity payments are continued to be paid by ICICI while the annuitant is alive.