ICICI Prudential Immediate Annuity Plan

Immediate Annuity Plan from ICICI Prudential is a single premium immediate annuity plan, where the policyholder would pay the lump sum premium and can avail immediate pension. He has a choice of 5 different pension options from which he can choose and the pension amount would vary accordingly. The minimum pension that anyone can receive is Rs 12,000 per annum.

Key Features

  • It is a single premium payment plan with immediate pensions available in yearly, half-yearly, quarterly or monthly. Hence there is no vesting date since annuity is payable immediately
  • 5 different pension options available for self and spouse
  • No medical tests required as there is no medical underwriting and no life coverage provided

Benefits

  • Maturity benefit
There are no maturity benefits under this plan as there is no policy tenure. Pension is payable immediately.
  • Death benefit
If the annuitant chooses Return of Purchase price, then the remaining fund would be paid to the beneficiary and nothing otherwise.
  • Income Tax Benefit
Life Insurance premiums paid up to Rs. 1, 00,000 are allowed as a deduction from the taxable income each year under section 80C.

Am I eligible?

PARAMETER MINIMUM MAXIMUM
ENTRY AGE 20 100
SUM ASSURED 100 NO LIMIT
PREMIUM PAYEMENT TERM SAME AS POLICY TERM

What if?

  • I am unable to pay on time
Payment is done in a single premium, so no question of further premium payment.
  • I stop the payment
There are no surrender benefits under this term plan. If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund.
  • I wish to take a loan
Loan facility is not available under this policy.