Superannuation, also known as Pension Benefit, is a very important benefit for every employee. Superannuation is basically the retirement benefit which is provided to employees to aid them in saving a part of their income during their employment which can be used help ensure a financially secure life after retirement. Employees can grow their saving, which have been accumulated over the years, with the help of the Superannuation Plans. With this plan, they can accumulate their savings which can be later utilized for purchasing annuity at the time of retirement and ensuring financial security to take care of various needs. The Superannuation plans offered by ICICI Prudential life have been specially designed to meet requirements of the Accumulation Phase, so that employees may maximize their savings in correspondence to their risk capabilities.
Eligibility of ICICI Prudential Group Superannuation Plan
|Minimum age at Entry||Applicant must be at least 20 years|
|Maximum Age at Entry||Applicant must not be more than 85 years|
|Minimum Vesting Age||45 years|
|Maximum Vesting Age||80 years|
Key Features of ICICI Prudential Group Superannuation Plan
|Plan type||Unit linked / Endowment Pension Benefit Plan|
|Premium Payment Frequency||Premium payment can be made on a monthly, quarterly, half-yearly or yearly basis.|
|Policy Term||Minimum policy term is fixed at 1 year.|
|Annuity Option||5 Annuity Options available|
Benefits / Advantages of ICICI Prudential Group Superannuation Plan
- Assistance for Scheme setup - ICICI Prudential will provide all necessary assistance to help provide solutions which are tailored to address your specific requirements.
- Managing Investments – You can choose from a two different investment options, which are:
- Unit linked funds – These are market linked investments which not only provide healthy returns but also allow you to decide asset allocation which is best suited to your needs.
- Endowment fund – This offers stable growth to your investments
- Dedicated Service – Fully understanding the importance of your needs, ICICI Prudential provides a highly competent and dedicated service team which will assist you with fulfilling your requirements.
- Quick Claim Settlement – Settlement of claims is a very important service which must be done in a timely fashion. ICICI Prudential ensures that all claims are settled and payouts given well within the given time period.
- Annuity Payment – In addition to providing a Group Immediate Annuity plan, ICICI Prudential group plans also provides discounts to Superannuation customers, along with five annuity options which employees can pick from.
How It Works
Employers can institute two - Defined Benefit or Defined Contribution. If the employer has chosen to setup a Defined Benefit superannuation scheme, the benefits which will be payable to the employee at the time of retirement are clearly defined and funds accumulated as part of this plan are utilized towards claim payments when employees leave the organization.
Under the Defined Contribution (DC) superannuation scheme, a pre-decided amount or percentage will be deducted from the employee’s salary and invested in the employee’s superannuation fund. The funds accumulated under this plan will be utilized for purchase of an Annuity plan which can later on be a source of regular cash inflow for the employee.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017