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  • ICICI Prudential Retirement Plans

    ICICI Prudential Life Insurance

    Everybody works with the intention of having a comfortable life, not just in their youth but also in their golden years. After working hard for the sake of themselves and their family, individuals would look forward to enjoying their retirement phase without worrying about the money. In order to do so they need to secure their finances. In times of economic uncertainty, it is all the more important for everyone to ensure that their financial future is secure. Procuring life insurance is one way through which this can be done. ICICI Prudential has plans especially for the purpose of retirement.

    Why ICICI Prudential?

    Prudential plc, which is one of the international leaders in finance and ICICI Bank Ltd which is the largest bank in India, in the private sector have come together to form an insurance company with the goal to provide a wide range of fantastic policies for clients. The company began its operations in the year 200 and since then, has emerged as the leader amongst all private life insurance companies in India . A premium of Rs. 153 billion was garnered by the company as of 2015 (the financial year). A number of policies are available for almost all needs and requirements, making this venture very versatile and sought after.

    1. ICICI Pru Easy Retirement

      Based on the risk requirement of the customer, they can increase their corpus for retirement and can also protect their investment through a guaranteed benefit. This policy also allows customers to enhance their corpus through pension ‘boosters’.

      Benefits

      1. Policyholders have the option of paying their premiums over a period of 5 years, 10 years or even throughout the tenure of the policy.
      2. Additional amounts can be invested in the policy through ‘top ups’.
      3. During retirement, the insured can choose between the annuity choices that are available based on their needs and requirements.
      4. Tax benefits are applicable on this policy.
      5. Customers will receive the fund value or benefit that is assured, whichever amount is higher, on maturity.
      6. In case of untimely demise of the insured, the nominee will receive either the fund value or assured death benefit, whichever amount is higher.
    2. ICICI Pru Immediate Annuity

      Through the Immediate Annuity option, customers not only receive an assured income but also receive other options that can be customized to suit their requirements.

      Benefits

      1. Customers can either choose life annuity or annuity for life with the return of the purchase price to the nominee upon death of the insured.
      2. Customers can pay for the same in one lump sum amount.

    Example

    Raj purchased a retirement plan at the age of 50 and his income was Rs. 5 lakhs per annum. He invested Rs. 5417 per month and on maturity after ten years, he received a corpus of Rs. 7,02,692 with assumed rate at 4 percent.

    Tips

    Almost everybody today procures insurance covers. With a plethora of options available for customers, they must ensure that proper research is conducted before opting for a particular policy. The reputation of the company, claim settlement ratio, location all play important factors. In addition to this, customers must also a choose a plan that is suited to their financial needs and not the just the benefits of a particular policy.

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