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ICICI Pru Immediate Annuity Plan

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.

Eligibility - Who is the ICICI Pru Immediate Annuity Plan for?

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

Maximum and Minimum Annuity:

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
45 Rs.1,75,706 Rs.1,54,215
55 Rs.1,75,788 Rs.1,44,669
65 Rs.1,77,634 Rs.1,22,365

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%

Immediate Annuity Options - What the ICICI Pru Immediate Annuity Plan Covers?

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)

Choice of Five Annuity Options:

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
  • Pays lifetime annuity and on death of the annuitant, pays annuity throughout the lifetime of the spouse
  • On death of the spouse, premium is returned to the nominee
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

Add-On Plans – Additional Coverage under the ICICI Pru Immediate Annuity Plan:

There are no add-on plans under the ICICI Pru Immediate Annuity Plan.

Other Key Features:

The other main features of the ICICI Pru Immediate Annuity Plan are:

Particulars Details
Free-look Period If dissatisfied, policy can be cancelled within:
  • 15 days from the receipt of the policy document, if it is not purchased through Distance marketing
  • 30 days from the receipt of the policy document, if it is purchased through Distance marketing

Tax Benefits – How you can save with the ICICI Pru Immediate Annuity Plan?

Under the Immediate Annuity Plan, policyholders can avail tax benefits as per prevailing tax laws.

Other Benefits of ICICI Pru Immediate Annuity Plan:

There are other advantageous benefits useful to the annuitant of the Immediate Annuity Plan offered by ICICI Prudential, they are:

  • Option of getting a financial advisor from the company
  • Online request for a call back from ICICI
  • Brochure of the Immediate Annuity Plan available for download on the company website
  • Easy comparison with other plans available
  • Option of tracking policy application online
  • Facility to purchase the policy online
  • Finding the nearest ICICI Prudential branch

Why you should Buy the ICICI Pru Immediate Annuity Plan from ICICI Prudential?

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.

Frequently Asked Questions (FAQs):

  1. Is there any discount that I can avail on the Purchase Price of the plan if my chosen annuity amount is Rs.20, 000?

    A. No, there is no discount on the Purchase Price below Rs.24, 000 annuity.

  2. Can I increase my payout amount under the ICICI Pru Immediate Annuity Plan?

    A. Yes, you can increase the payout amount by purchasing another annuity plan over your existing one.

  3. How frequently will I receive my payout under the Annuity plan?

    A. You can select a payout frequency between yearly, half-yearly, quarterly, and monthly.

  4. What is the minimum payout that an annuitant can receive under the ICICI Pru Immediate Annuity Plan?

    A. The minimum payout that an annuitant can receive is Rs.1, 000 p.m.

  5. What is the minimum eligible age to take up this plan?

    A. The minimum eligible age to purchase this annuity plan is 45 years.

  6. What is the maximum entry age for the ICICI Pru Immediate Annuity Plan?

    A. The maximum permissible entry age for the annuity plan is 100 years.

  7. Is there a minimum age limit for the spouse to be eligible for the benefits under the ICICI Pru Immediate Annuity Plan?

    A. The minimum age limit for the spouse of the annuitant to be eligible to receive benefits is 20 years.

  8. What is the process when the policy is cancelled during the free-look period of the Immediate Annuity Plan offered by ICICI Prudential?

    A. If the policy is cancelled in the free-look period, ICICI Prudential returns the premium after deducting stamp duty charges.

  9. Can I change my annuity option after the completion of the free-look period?

    A. Once chose, the annuity option cannot be changed after the free-look period.

  10. How is the joint life annuity rate calculated under the Immediate Annuity Plan from ICICI Prudential?

    A. The joint life annuity rate depends on the age gap between the annuitants and different rates are applied based on that.

  11. What happens if the annuitant survives the guaranteed period in the Immediate Annuity Plan from ICICI Prudential?

    A. In case the annuitant survives the guarantee period, the annuity payments are continued to be paid by ICICI while the annuitant is alive.