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After working for a major portion of our lives we all look forward to a peaceful, yet enriching retired life. While most of us do plan for retirement, our savings often aren’t sufficient to keep pace with the rising cost of living. This is where a good retirement/pension plancan come in handy.
Not everyone has a steady source of income after retirement, making it hard for them to continue living the way they were accustomed to. By planning ahead, one can secure their retired phase of life, with ICICI Prudential offering a variety of retirement plans. These plans typically require one to pay a single/regular premium for a specified period, post which they are provided a guaranteed income for a specified period of time.
Some of the key benefits of investing in ICICI Prudential Retirement/Savings plans are highlighted below:
ICICI Prudential currently has three retirement plans in its portfolio, as listed below:
This is a unit linked retirement scheme which has two fund options. While the Easy Retirement Balanced Fund is ideal for those looking for higher returns at moderate risks, the Easy Retirement Secure Fund is designed for those with low risk appetite. A sum will be paid on maturity/vesting, based on the option chosen by a policyholder. In the event of demise of policyholder, his/her nominee will be paid the death benefit which is equal to either the fund value or 105% the total premiums paid.
Plan Name | Entry Age | Vesting Age | Premium |
ICICI Pru Easy Retirement | Minimum: 35 years Maximum: 70 years | Minimum: 45 years Maximum: 80 years | Minimum: Rs.48,000 Maximum: No upper limit |
This is a single pay version of the ICICI Pru Easy Retirement Plan. One needs to pay a single premium to enjoy income after retirement. The scheme earns an assured benefit, with the choice to switch between two funds. The policy also earns loyalty additions after the sixth year. A death benefit is provided to the nominee if the policyholder passes away.
Plan Name | Entry Age | Vesting Age | Premium |
ICICI Pru Easy Retirement SP | Minimum: 35 years Maximum: 80 years | Minimum: 45 years Maximum: 90 years | Minimum: Rs.48,000 Maximum: No upper limit |
This is a non-linked insurance scheme which provides annuity as per the needs of a policyholder. This amount is paid throughout the lifetime of a policyholder. There are five annuity options available under this plan. One can also choose to increase the amount if they wish to.
Plan Name | Entry Age | Vesting Age | Premium |
ICICI Pru Immediate Annuity |
Minimum:
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Immediately after plan is purchased | NA |
Securing our future when we have no source of income can be hard, which is why it is imperative to invest in a good retirement scheme. ICICI Prudential offers schemes which provide healthy returns, providing protection to not only the policyholder, but also his/her spouse. One can opt for a plan based on his/her financial requirements, with the option to modify them.
These plans offer a host of benefits to policyholders, including savings on taxes, bonus amounts, etc. Additionally, ICICI Prudential’s track record of solving claims works in their favour, with the company having a high grievance redressal ratio.
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