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  • ICICI Prudential Retirement/Pension Plans

    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

    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.

    Benefits of ICICI Prudential Retirement/Pension Plans

    Some of the key benefits of investing in ICICI Prudential Retirement/Savings plans are highlighted below:

    • Lifetime pension – These plans provide pension throughout the lifetime of an individual, ensuring that he/she is financially independent.
    • Top ups – One can choose to invest any additional money they have in these plans. These top ups provide higher returns to investors.
    • Multiple annuity options – ICICI Prudential retirement plans come with multiple annuity options. Policyholders can choose one which matches their requirements.
    • Tax benefits – The premium amount an individual pays is eligible for tax savings under the Income Tax Act. Additionally, the amount received at retirement is also eligible for certain tax benefits.
    • Fund options – Policyholders can switch between funds, based on their risk appetite and growth forecast.
    • Surrender – Policyholders can choose to surrender the policy after a specified period of time.

    Types of Retirement/Pension Plans offered by ICICI Prudential

    ICICI Prudential currently has three retirement plans in its portfolio, as listed below:

    ICICI Pru Easy Retirement:

    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

    ICICI Pru Easy Retirement SP:

    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

    ICICI Pru Immediate Annuity:

    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:
    • Superannuation Tied
      • 20 years for single life annuity
      • 40 years for joint life annuity
    • Individual Tied – 40 years
    • Individual Standalone
      • 45 years
      • 55 years for QROPS
    Maximum: 100 years
    Immediately after plan is purchased NA

    Why do you need ICICI Prudential Retirement/Pension Plans?

    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.