ICICI Pru Immediate Annuity is a non-linked retirement plan. It provides guaranteed income for one's entire life. Additionally, the plan offers a wide range of annuity options that can provide a secure future for the annuitant, his or her spouse and even grandchildren.
About ICICI Prudential Life Insurance Company - ICICI Pru Life is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. The insurer commenced its operations in fiscal 2001, after receiving approval from the IRDAI in November 2000. ICICI Prudential Life offers a range of products that meet the needs of customers at every step.
(Note - All the information contained in this page has been sourced from the official website of ICICI Prudential Life Insurance.)
The features of ICICI Pru Immediate Annuity Retirement Plan are as under:
Annuity options available:
Critical Illnesses covered:
The following critical ailments are covered under the plan:
Source: ICICI Prudential Life Insurance website
The minimum age at entry for the annuitants is as follows:
| Annuity | Annuitant | Nominee of a deferred pension plan |
|---|---|---|
| Group Superannuation | 30 Years last birthday in case of single life annuity 30 Years last birthday in case of joint life annuity |
0 Years last birthday |
| Individual Standalone | 30 Years last birthday; 20 years last birthday for nominee of National Pension Scheme (NPS); 55 Years last birthday if the policy is purchased as QROPS through transfer of UK tax relieved assets |
0 Years last birthday |
Source: ICICI Prudential Life Insurance website
To avail a retirement plan, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are usually acceptable include:
ID Proof - PAN card, Passport, Voter ID card, etc.
Address Proof - Passport, Driving License, Voter ID card, etc.
Once an individual has availed ICICI Pru Immediate Annuity Retirement Plan, he or she can opt to receive regular income from the following month. The annuitant gets the freedom to pick from a range of annuity options, to suit specific needs. The annuity is guaranteed for life.
Who all can buy ICICI Pru Immediate Annuity Retirement Plan?
Individual and group superannuation customers can avail ICICI Pru Immediate Annuity Retirement Plan.
What is the maximum and minimum annuity per annum?
The minimum annuity per annum is Rs. 12,000. There is no maximum limit.
What are the tax benefits that can be claimed on ICICI Pru Immediate Annuity-Retirement Plan?
An entity can claim tax benefits on premium paid under Section 80CCC and commutation under Section 10(10A) of the Income Tax Act, 1961.
