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ICICI PRU Guaranteed Pension Plan

The essence of financial independence is to live, work and retire on your own terms. Today, with rising prices, increasing health care costs and higher life expectancy, you need a concrete plan to keep enjoying your current lifestyle, even after you retire.Read More

ICICI Pru Guaranteed Pension Plan gives you the financial freedom to decide when you want to retire. It guarantees a regular stream of income throughout your life to ensure that you retire from work and not from life.Read Less

FEATURES

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*Guaranteed lifelong annuity: Pay once (Purchase Price) and get guaranteed regular income for your entire life (Annuity) *T&C Apply

$Wide range of annuity options: Choose from 11 annuity options to suit your financial needs

^Option to take the plan for single life or joint lives

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1Return of Purchase Price option on death, Critical Illness or Permanent Disability due to accident or on attaining a certain age2

Choose your retirement date: Choose to receive your annuity now or after 1 to 10 years

PLAN OPTIONS/VARIANTS

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    IMMEDIATE ANNUITY OPTIONS

    • Single life without return of purchase price: This option pays you annuity for life. On death of the annuitant, policy shall terminate and no further benefits would be payable.
    • Joint life without return of purchase price: This option pays you annuity for life. On death of both the annuitants, policy shall terminate and no further benefits would be payable.
    • Single life with return of purchase price: This option pays you annuity for life. On death of the annuitant, the purchase price is paid out to the nominee and thereafter the policy shall terminate and no further benefits would be payable.
    • Joint life with return of purchase price: This option pays annuity for life as long as either of the annuitants are alive. On death of both the annuitants, purchase price is paid out to the nominee and thereafter the policy shall terminate and no further benefits would be payable.
    • Single life with return of purchase price at age 80: This option pays you annuity for life. The purchase price is paid to the annuitant on attaining 80 years of age or to the nominee on death of the annuitant whichever is earlier. The annuity payable to the annuitant after the return of purchase price at 80 years of age, would remain unchanged.
    • Single life with return of purchase price from the age of 76: This option pays you annuity for life. In addition, 5% of purchase price shall be paid to the annuitant every year from Age 76 to 95 years as per the annuity pay-out frequency chosen at inception. On death of the annuitant, the balance purchase price is paid to the nominee and thereafter the policy shall terminate. For more details refer Product Brochure
    • Single life with 50% return of purchase price at age 80: This option pays you annuity for life. 50% of purchase price is paid to the annuitant on attaining 80 years of age and the remaining 50% to the nominee on death of the annuitant and the policy shall terminate with all benefits. For more details refer Product Brochure
    • Single life with return of purchase price on critical illness (CI) or permanent disability due to accident (PD) or death: This option pays you annuity for life till first occurrence of the 7 specified CI or PD before the age of 80, or death. The policy shall terminate after the said payment. For more details refer Product Brochure

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    DEFERRED ANNUITY OPTIONS

    • Deferred Single life with return of purchase price: This option pays you annuity for life after the end of deferment period (as chosen at inception). On the death of the annuitant, death benefit shall be payable to the nominee. For more details refer Product Brochure
    • Deferred Joint life with return of purchase price: This option pays annuity for life after the end of deferment period (as chosen at inception) as long as either of the two annuitants are alive. On the death of the last survivor, death benefit shall be payable to the nominee. For more details refer Product Brochure
    • Deferred single life with return of purchase price on critical illness (CI) or permanent disability due to accident (PD) or death: Annuity is paid to the annuitant post the deferment period (as chosen at inception). Annuity will continue till the annuitant survives or is diagnosed with any of the 7 specified CI or PD before the age of 80 years whichever is earlier. For more details refer Product Brochure

ELIGIBILITY

Eligibility

  • Click on Know More for Eligibility

Know More

Documentation

  • ID Proof
  • Age Proof
  • Address Proof
  • Photograph

Bajaj Allianz life guaranteed pension goal

FREQUENTLY ASKED QUESTIONS

1. What other benefits come with this plan?

1.      High Purchase Price Benefit: Enjoy higher income by increasing the purchase price with which you buy the annuity plan.

2.      Online Booster: Annuity will increase by 1% for policies purchased online.

3.      Loyalty Booster: Annuity will increase by 1% for policies purchased by an existing ICICI Prudential Customer.

4.      NPS Benefit: Annuity will increase by 1% for policies purchased using proceeds out of NPS. Customers can opt for only one of either Online Booster, Loyalty Booster or NPS Benefit.

5.      Option to top up the annuity amount:

·         You can increase your annuity income at any time by paying an additional premium.

·         The annuity would be as per the then prevailing annuity rate, age and annuity plan option.

·         The top-up Purchase Price will be added to the original Purchase Price for the purpose of giving the annuitant a higher income in the form of ‘High Purchase Price Benefit’. The minimum annuity amount shall not be applicable for top up annuity.

6.      Loans:

·         Facility of loan is available for Deferred annuity options and only during the deferment period.

·         Loan amount of up to 80% of the Surrender Value can be availed.

·         The Company shall be entitled to call for repayment of the loan with all due interest by giving three months’ notice, if the amount outstanding is greater than the surrender value.

2. Whom is the plan made for?

Guaranteed Pension Plan is ideal for people who are looking for a guaranteed regular income immediately or a choice to defer it from 1 to 10 years. This will include:

·         Individuals who need income for life and want to purchase annuities from their savings or their NPS corpus

·         Individuals who want to purchase annuities under deferred pension plans offered by ICICI Prudential Life Insurance Company Limited.

3. What all Critical illnesses are covered under the plan?

Following Critical illnesses are covered under the plan:

·         1. Cancer of Specified Severity

·         2. Heart Attack

·         3. Coronary Artery Bypass Graft Surgery (CABGS)

·         4. Kidney Failure

·         5. Stroke

·         6. Major Organ Transplant (as Recipient)

·         7. Permanent Paralysis of limbs

For definition of illnesses covered and terms & conditions, please refer sales brochure.

Disclaimer

*The pension amount chosen at policy inception is guaranteed and unchanged for life
$You have an option to choose from 8 Immediate Annuity and 3 Deferred Annuity options. To know more about the options in detail, please refer the product brochure
^One can receive pension for both oneself and one’s family member under Joint Life options. Wherein, a Joint Life can be either the spouse/child/parent or sibling of the Primary Annuitant.
1To know more about the exclusions and T&Cs of Critical Illness and Permanent Disability, please refer the product brochure for more details
2There are 3 options under immediate annuity through which you can get back the purchase price on attaining age 76 or 80. Please refer the product brochure for more details
Purchase Price is the premium with which the annuity plan was purchased
3One can choose to receive pension monthly, quarterly, half-yearly or yearly
#Tax benefits are subject to conditions of section 80CCC, 115BAC and other provisions of the Income Tax Act, 1961. Indirect taxes and cesses will be charged extra, as per applicable rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.Read More

Metra Trust having its registered office at KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai – 600031, is authorized by the Insurance Regulatory and Development Authority of India to act as a Corporate Agent of ICICI Prudential Life Insurance Company Ltd for procuring or soliciting life insurance business under license number CA0106. The purchase of Insurance products by Metra Trust’s customers is purely on voluntary and not linked to availing of any other services from the bank. Tel: 1800 419 4332

ICICI Prudential Life Insurance Company Limited All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Regn. No. 105. CIN: L66010MH2000PLC127837. Reg. Off.: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600. Customer helpline number - 1860 266 7766. Timings – 10:00 A.M. to 7:00 P.M., Monday to Saturday (except national holidays). Member of the Life Insurance Council. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license. ICICI Pru Guaranteed Pension Plan. A Non-Linked Non-Participating Individual Annuity Plan. Form No. :I13, I14 UIN 105N181V02, Advt. No.: W/II/4022/2021-22 . To know more, please visit www.iciciprulife.com.

BEWARE OF SPURIOUS /FRAUD PHONE CALLS! IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

IRDAI CAUTIONS PUBLIC AGAINST SPURIOUS CALLS AND FICTITIOUS OFFERSRead Less

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