ICICI Pru Immediate Annuity Plan

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 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 .

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:
1. Life annuity - Members can choose to get lifetime annuity.
2. Joint life last survivor - Annuity will be paid to the member till his/death, post which the spouse will be paid the annuity.
3. Life annuity plus premium return - Annuity is paid to the member during his/her lifetime, with the premium returned on demise.
4. 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.
5. 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

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

Disclaimer

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Explore More:

Credit Card:

Credit Score:

Personal Loan:

Home Loan:

Fixed Deposit:

Calculator:

Learn More:

Others:

Mobile Apps:

support[at]bankbazaar[dot]com