Insurance Plans 238 views June 20, 2020

ICICI Pru Easy Retirement Single Premium Plan

Most of the individuals are worried about their future and how they will manage their livelihood expenses after their retirement. So, it is better to take a retirement plan at an early stage before it is too late. Therefore, the ICICI Pru Easy Retirement Single Premium Plan would be the best option for you. You just have to pay a Single Premium for this insurance plan and there is no maximum limit for the amount of the premium. Your premium amount will be invested into funds and you will have the full control to manage all the funds. The life of the insured is also covered in this retirement plan and the nominee is entitled to receive the death benefits after the death of the insured. You must explore all the features of this insurance plan and figure out its benefits in the future.

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Key Features of the Easy Retirement Single Premium Policy

  1. Accumulate funds for your future so that you can enjoy your life after retirement.
  2. Assured Benefits are available in this plan so that it can compensate for the loss that might arise due to market fluctuations.
  3. Make only a single payment of the premium and enjoy a regular pension after your retirement.
  4. Add Top-ups in the plan to accumulate more funds.
  5. Flexibility of Choosing the Annuity Option.
  6. Enjoy tax Benefits in this retirement plan.

Benefits of the Easy Retirement Plan

Now, you must explore all the benefits of this plan in detail. It is time to gather your savings in one place and multiply it until your retirement.

Death Benefit

In case of unfortunate death of the insured during the policy term, the nominee will receive the highest of the following:-

  1. Guaranteed Death Benefit
  2. Fund Value at the time of Death.

The amount of the guaranteed death benefit will be 105% of the Single Premium Paid plus any top-up premiums paid.

Assured Benefit

At the time of maturity of the policy, you are entitled to receive the highest of the following:-

  1. Assured Benefit
  2. Total Fund Value

The amount of the Assured Benefit will be 101% of the Single Premium Paid plus any top-up premium paid.

Add Top-Ups

If in case, you have extra savings during the policy term then you can invest it as a top-up premium in the ICICI Pru Easy Retirement Single Premium Plan. Make sure that you invest the top-up premium before 5 years from the date of maturity. The minimum amount for the top-up premium is Rs.2000.

Switch Between Funds

In this plan, you will have the sole right to manage all the funds. So, you can easily switch between funds as per your choice. The minimum amount for switching from one fund to another is Rs.2000. You have to keep an eye on the market fluctuations and then switch between funds according to it.

Loyalty Additions

You will get loyalty additions to your fund value every year after the 6th policy year. The loyalty addition will increase your fund value and it will be 0.25% of the average fund value in the last 12 months. These loyalty additions will also help you to reduce the fund management charges of your policy.

Pension Booster

After the completion of the 10th policy year, you will get a pension booster on a time span of 5 years. The pension booster will be 2% of the average fund value in the last 12 months. All the amount of the pension boosted will be invested into funds and more units will be purchased so that you can enjoy lump sum money after your retirement.

Surrender Benefits

You have the option to surrender the policy in the first five years and your money will be transferred to the Pension Discontinued Policy Fund. This fund has a locking period of 5 years that will be counted from the date of inception of the policy. After the completion of the fifth policy year, you will be entitled to take the fund value and your policy will be terminated.

About ICICI Pru Easy Retirement Single Premium Plan

ParticularsDetails
Minimum Amount of PremiumRs.48000
Maximum Amount of PremiumNo Limit
Minimum Age of Entry18 Years
Maximum Age of Entry80 Years
Minimum Age of Vesting30 Years
Maximum Age of Vesting90 Years
Premium Paying TermSingle-Premium
Term of the Policy10 Years, 15 Years, 20 Years, 25 Years, and 30 Years

Charges of the Policy

This policy has some charges that will be deducted either at the time of inception of the policy or during the policy term. So, you must go through all the charges of the ICICI Pru Easy Retirement Single Premium Plan.

Premium Allocation Charges

As you know that in this policy you will only have to pay a Single Premium so there is no Premium Allocation Charge in this Policy. But the top-up premiums have a premium allocation charge of 2%.

Policy Administration Charge

The policy administration charges are payable every year for the first five policy years. Rs.6000 is the maximum policy administration charge capped by IRDAI and it will be charged for the first 5 years only. You can see the Policy Administration Charge below:-

  1. 1.68% per annum for the Single premium amount of less than Rs.2 Lacs.
  2. 0.48% per annum for the Single premium amount between Rs.2 Lacs to Rs.499999.
  3. 0.12% per annum for the Single premium amount between Rs.5 Lacs to Rs.999999.
  4. 0.00% per annum for the Single premium amount of Rs.10 Lacs or more.

Fund Management Charge

  1. 1.35% of the Easy Retirement Single Premium Balanced Fund
  2. 1.35% Easy Retirement Secure Fund

Switching Charges

ICICI prudential gives you the facility to make 4 switches in a policy year for free and after that, you will be charged with a Sum of Rs.100 for making any switch between funds.

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