ICICI Pru Guaranteed Pension Plan (New) Deferred Annuity

ICICI Pru Guaranteed Pension Plan

You retire from your work, not from your Life!

You have toiled your entire life and have reaped the benefits of it in your earning years. Does that mean that your life goals should also retire when you hang up your boots? Absolutely not!

Live your life the way you have been in your working years and fulfil your life goals - going to that dream destination, picking up a hobby, leaving a legacy or to simply be Atmanirbhar. Regardless of what your life goals are, you need to have a strong financial plan to realize them.

With ICICI Pru Guaranteed Pension Plan, you won't have to worry. This plan provides you with guaranteed income for your entire life with a wide range of annuity options that can provide a secure future for you and your spouse. Not only that, but with the Deferred Annuity option, you can decide when you would want the income to start. In this option, you can choose to start your income any time within a period of up to 10 years. Once the income starts, it is guaranteed for life. So, lock higher annuity rates today for a secured and fulfilling life tomorrow.

Benefits of ICICI Pru Guaranteed Pension Plan

Lifelong Guaranteed Annuity
Once you have bought the plan, your regular income can start as soon as the next month and is guaranteed for life.

Safety of Guarantee1
Your annuity is informed to you when you buy the plan and is guaranteed for life.

Pick the Annuity option that suits your Need2
You get freedom to choose from a wide range of annuity options to suit your specific needs.

Enjoy your Income Today or Plan it For Tomorrow
Option to receive income immediately or to choose a later start date of 1 to 10 years from today

Top-up option3
Choice to invest systematically to increase your annuity income

Tax benefits#
You get tax benefits# on premium paid u/Sec 80CCC of the Income Tax Act, 1961.

4 Simple Steps To Buy Online

1. Pay Once
You can buy the plan with just one lump-sum payment.

2. Select Annuity Option
Choose the annuity option that best suits your requirements.

3. Choose Annuity Frequency
You choose the frequency of the annuity payout.

4. Get Lifelong Income
Your annuity starts and continues for your entire life.

Choose an Option that best suits your Needs

With Return of Purchase Price Variants:

Immediate Annuity Options
1. 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.
2. 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.
3. 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.
Purchase Price would be payable on the earlier of:
1. Occurrence of any of the 7 Specified CI or PD before the annuitant attains age of 80 years
2. Death of the annuitant
In case of no occurrence of any of the 7 Specified CI or PD till the annuitant attains age of 80 years, annuity will continue to be paid till the annuitant survives.
4. 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.
5. Single Life with Return of Purchase Price in Parts: 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. The annuity payable to the Annuitant after the return of 50% of the Purchase Price at 80 years of age, would remain unchanged. In case of death of the annuitant before attaining the age of 80, 100% of the Purchase Price would be paid to the nominee and thereafter the policy shall terminate and no further benefits would be payable.
6. 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 payout frequency chosen at inception. On death of the Annuitant, the balance Purchase Price is paid to the nominee and thereafter the policy shall terminate and with all benefits. In case the Annuitant dies before attaining the age of 76, the Purchase Price is paid to the nominee and the policy shall terminate. The annuity payable to the Annuitant during and after the period in which Purchase Price is being returned would remain unchanged.
Balance Purchase Price is equal to Purchase Price less sum total of the Purchase Price paid by the Company to the Annuitant from age of 76 years till date of death of the Annuitant.

Deferred Annuity Options
You can choose to defer your pension by 1 to 10 years. You can lock in the current interest rates for the annuity to be received after the deferment period is over. The following options are available under deferred annuity:
1. 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 as below:
Death Benefit during the deferment period which is higher of:
1. Purchase Price + Accrued Guaranteed Additions
2. 105% of Purchase Price
Death Benefit post the deferment period which is higher of:
1. Purchase Price + Accrued Guaranteed Additions - Total annuity paid out till date of intimation of death
2. Purchase Price
Where, Guaranteed Additions per month = Total Annuity Payable in a policy year/12 Guaranteed Additions accrue at the end of every policy month during the deferment period only.
2. 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 as below:
Death Benefit during the deferment period is higher of:
1. Purchase Price + Accrued Guaranteed Additions
2. 105% of Purchase Price
Death Benefit post the deferment period is higher of:
1. Purchase Price + Accrued Guaranteed Additions - Total annuity paid out till date of intimation of death
2. Purchase Price
Where, Guaranteed Additions per month = Total Annuity Payable in a policy year/12 Guaranteed Additions accrue at the end of every policy month during the deferment period only.
3. 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 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. Lump sum benefit is payable on death or occurrence of any of the 7 Specified CI or PD in accordance to the age of the annuitant.

Without Return of Purchase Price Variants:
Immediate Annuity Options
1. 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.
2. Joint life without Return of Purchase Price: This option pays Annuity for life as long as either of the two Annuitants are alive. On death of both the Annuitants, policy shall terminate and no further benefits would be payable.

Things you need to know

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.
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:
1. You can increase your annuity income at any time by paying an additional premium.
2. The annuity would be as per the then prevailing annuity rate and age.
3. 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:
1. Facility of loan is available for Deferred annuity options and only during the deferment period.
2. Loan amount of up to 80% of the Surrender Value can be availed.
3. 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.

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:

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

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

What is the maximum and minimum Annuity per annum?
The minimum annuity per annum is Rs. 12,000, but there are no maximum limits on this.

What are the boundary conditions?
The minimum age at entry for the annuitants is as follows:



In case of annuity being purchased from the proceeds arising out of the surrender benefit, maturity benefit or death benefit payable under Pension accumulation plans, minimum age at entry would be 0 years for Immediate Annuity options and 30 years for Deferred annuity options. If the Annuitant is a minor then the policy shall not automatically vest on the Annuitant attaining the age of majority.

In case of Joint life annuity, age restrictions apply to both lives.

Minimum annuity payouts shall be in accordance with IRDAI (Minimum limits for Annuities and other benefits) Regulations, 2015. The minimum annuity per annum is Rs. 12,000, (Rs. 1,000 per month) but there are no maximum limits. Minimum purchase price that will produce the minimum annuity mentioned above will depend on the annuity rates, as applicable. The minimum annuity amount shall not be applicable for top up annuity.

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