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ICICI Pru Immediate Annuity Plan

 4.0 / 5.0   by 821 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Retirement is a phase of life most of us look forward to, after putting in years of work. While we all wish for our retirement to be calm and peaceful, finances become critical during this phase, for not everyone has a steady source of income post retirement. ICICI Pru Immediate Annuity is a specialised product which helps one plan their retirement, ensuring that funds do not become an impediment during this key stage of life.


Eligibility Criteria for ICICI Pru Immediate Annuity

Minimum entry age 45 years
Maximum entry age 100 years
Minimum age at entry for spouse 20 years

Key Features of ICICI Pru Immediate Annuity

Listed below are some of the key features of this plan.

Plan type Non-linked Life Insurance Scheme
Plan basis Single/Individual
Minimum payable annuity Rs 100 per annum
Annuity payment modes Monthly, quarterly, half-yearly and yearly
Loan No loan facility offered
Surrender value NA
Free look period
  • 30 days for policies purchased through distance marketing
  • 15 days for all other policies
Grace period NA
Payout options
  • Life annuity, wherein annuity is provided for life
  • Life annuity plus return of purchase price, wherein purchase price will be returned to nominee in the event of demise of policyholder
Policy coverage Life Annuity, Life Annuity plus purchase price return

Benefits/Advantages of ICICI Pru Immediate Annuity

Listed below are some of the advantages of ICICI Pru Immediate Annuity .

  • Multiple options – Individuals can choose to increase/modify their annuity amount as per their requirements.
  • Annuity options – There are 5 annuity options one can choose from:
    • Life annuity – Members can choose to get lifetime annuity.
    • Joint life last survivor – Annuity will be paid to the member till his/death, post which the spouse will be paid the annuity.
    • Life annuity plus premium return – Annuity is paid to the member during his/her lifetime, with the premium returned on demise.
    • Joint life last survivor with purchase price return – Annuity is paid to member during his/her lifetime, post which the spouse will receive it. Premium will be paid to nominee in the event of demise of spouse.
    • Assured annuity – Members can choose to get guaranteed annuity for a period ranging between 5 and 15 years, depending on their requirements.
  • Ease of purchase – This policy can be purchased without any hassles, with ICICI Pru Life offering multiple purchase modes.

Working of ICICI Pru Immediate Annuity

ICICI Pru Immediate Annuity can be modified to work as per the requirements of an individual, offering unique solutions to him/her. Let us consider the example of Mr. Jayesh, a banking professional to understand this plan. Jayesh opts for this plan after turning 50 years, paying a lumpsum of Rs 2.5 lakh to purchase it. He opts for the Joint Life Last Survivor with purchase price return option, with annuity payments to be received every quarter.

Post his retirement, he will receive an annuity based on the amount invested by him. In the event of his demise, his wife will continue to receive an annuity on his behalf. Now, in the event of demise of his wife, the premium will be paid back to the nominee, who happens to be their son in this case.

Premium Payment

A single lumpsum premium needs to be paid in order to purchase the plan.

Riders

No riders applicable.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

ICICI Pru Immediate Annuity Plan Reviews

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  • ICICI Prudential Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with ICICI prudential ,i took this insurance long bank , and i was agent and previously i was Ex -employee for them ,so i have knowledge about the insurance which insurance will be best ,and i pay premium on yearly basis, i use to pay through on line mode.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jan 23, 2019
  • ICICI Prudential Life Insurance
    "Good Customer service and user friendly app"
    0.5 4.0/5 "Great!"
    The policy is very good in terms of customer care service and the app. I feel the premium are little bit high. I bought this policy through agent. Because of the claim ratio i have taken this policy. Total tenure period the policy upto 60 years of my age. I make the payment through the app.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with ICICI bank,the agent had clearly explain me about the policy and benefit coverage, and i use to pay premium amount on monthly basis.they have charged me premium nominal,they have charged me up to 712 on monthly.and my premium amount use to get auto debited from my account.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
  • ICICI Prudential Life Insurance
    "Best Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance policy was bought from ICICI Prudential. The plan name is money growth. I have been paying the premium amount of Rs. 250000 per annum. I have selected the annual mode. I used to make the premium through online. I will get a sum assured amount of Rs. 25 lakhs. Total tenure period the policy is 10 years.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • ICICI Prudential Life Insurance
    "worst policy ever"
    0.5 1.0/5 "Really Bad"
    I am not aware that i am opening insurance with icici while opening my salary Acc. But not they are not closing it . I just feel like i made a big mistake by considering icici for my salary account . Think again if you really think icici is a good choice .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 17, 2019
  • ICICI Prudential Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance was bought from ICICI prudentuial. One of my friend who is working over there has recommended me about this policy. I paid the premium amount of Rs. 25000 annually. I have paid the premium for 2 years after that i have discontinued the policy due to the personal reasons. I have to pay the premium for 7 years actually.
    Was this review helpful? 1
    , tiruchirapalli
    Reviewed on Jan 09, 2019
  • ICICI Prudential Life Insurance
    "Good for nominees"
    0.5 3.5/5 "Pretty good"
    I have one more term plan with ICICI prudential , I took the life insurance for the tenure of 7 years, monthly I need to Rs. 1565, policy coverage is around Rs. 20 lakhs, they give critical cover, premium terminal on disability. The agent gave me the clear information
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 08, 2019
  • ICICI Prudential Life Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    I have life insurance with ICICI Prudential, half yearly I make the payment of Rs. 10,000 for the tenure of 12 years. The maturity benefits are good and with the tax benefits. The customer care is good they send the bond on time. I don't have any issues.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 08, 2019
  • ICICI Prudential Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy a while back and i had been paying the premium on a monthly basis. The premium has been paying online and the payment method has been easy and the premium amount has not been too high. The services with them has been quite good so far and it has been a good policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 08, 2019
  • ICICI Prudential Life Insurance
    "Cheated people"
    0.5 1.0/5 "Really Bad"
    My life insurance policy was taken from ICICI Prudential and i have purchased this policy for my child's benefits. I have invested the amount of Rs. 1 lakh and i have to pay the premium for 5 years. I have not received any kind of renewal notifications hence i have not paid anything after the first premium since they don't provide the policy documents. When i called the customer care for my issue, they have asked me to contact the branch and when i visited their branch and they said since because of the no renewal payment hence policy got expired.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 04, 2019
  • ICICI Prudential Life Insurance
    "Useless policy"
    0.5 1.0/5 "Really Bad"
    I had taken the health insurance with ICICI Lombard. I had a plan name of G type. I have taken the child insurance policy. As per the premium amount given them but i have not received any kind of documents. In 2009 i purchased a policy with them. I visited their branch regarding the documents issue but there is no resolution.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 04, 2019
  • ICICI Prudential Life Insurance
    "wealth builder"
    0.5 3.5/5 "Pretty good"
    I have taken wealth builder insurance plan in 2015. I don't feel this is a great plan except for the insurance coverage. after 3 years my son has not increased much. also feel my son is blocked for a period of 5 years. except for the insurance coverage there is not much benefit from this.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 04, 2019
  • ICICI Prudential Life Insurance
    "One must have some term plan"
    0.5 5.0/5 "Blown Away!"
    Their application process was so fantastic. The documentation was fine and i have done everything through online. Since because of the brand value, i have selected the ICICI prudential for my term insurance. The claim ratio is very high which is98.3%. I have selected the premium is a accelerated one. First I have to pay the premium upto 10 years and it will cover next 34 years. I have selected the coverage value of Rs. 1 Cr upto 65 years. I pay the premium amount of Rs. 2311.
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 29, 2018
  • ICICI Prudential Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy a while back and i had been paying the premium every month. The premium amount has not been too high and the payment method has been easy as well. Their customer support has also been responsive and has been helpful as well.
    Was this review helpful? 2
    , kolkata
    Reviewed on Dec 20, 2018
  • ICICI Prudential Life Insurance
    "More than satisfactory"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance from ICICI Prudential. It is a cash back policy and the policy coverage and the plan benefits are fine and satisfactory. The payment options are also fine as I can pay my premium with ease online. The customer support is supportive.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 11, 2018
  • ICICI Prudential Life Insurance
    "Good policy for life"
    0.5 5.0/5 "Blown Away!"
    Through mobile I came to know about the ICICI prudential life insurance, for the coverage of Rs. 1 lakh, I paid the premium of Rs.20 it has accidental cover and critical illness cover but there is no medical cover. The Policy documentation process is easy.
    Was this review helpful? 0
    , visakhapatnam
    Reviewed on Dec 10, 2018
  • ICICI Prudential Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have taken a term plan with ICICI preudential from last 2 years, i pay a premium of Rs 525 every month for this insurance policy and i am convenient with the payment options. Customer service was good and they explained every detail of this policy.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Dec 10, 2018
  • ICICI Prudential Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance with ICICI Prudential and I need to pay a premium till the age of 60 and it has a coverage till the age of 65 to 66. The policy coverage is for 50 lakhs and if anything external happens to the policy holder another 50 lakhs is provided to the family. The premium is economical, it is of 897 which goes through on a ECS basis.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 05, 2018
  • ICICI Prudential Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    My experience with the life insurance policy from the ICICI PRUDENTIAL and it is a annual term plan policy. The maturity period of this policy is for 10 years where i am paying my premium of r yearly once for this policy. The process of getting the policy is good.
    Was this review helpful? 1
    , jaipur
    Reviewed on Nov 27, 2018
  • ICICI Prudential Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with ICICI prudential , i have been taken two policy through icici , the premium they have charged me was nominal, and premium amount for one policy they are charging up to yearly basis, and for another policy on half yearly basis, overall service is good.
    Was this review helpful? 0
    , pune
    Reviewed on Nov 25, 2018
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