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Investment Plans 1212 views April 19, 2021
ICICI Pru Easy Retirement Plan is a unit-linked pension plan that provides regular annuity payouts after retirement. So if you are looking for a pension plan to secure your retirement period, consider buying this pension plan. Key benefits of ICICI Pru Easy Retirement Plan are –
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ICICI Pru Easy Retirement Plan comes with assured benefits, death benefits, pension boosters, and much more. Let’s talk about these below.
Assured Benefit of ICICI Pru Easy Retirement Plan
On vesting (maturity), the insured will be entitled to the assured benefit or fund value, whichever is higher.
Assured Benefit = 101% of the sum of all paid premiums and Top ups, if any
Death Benefit Payout from ICICI Pru Easy Retirement Plan
In case of an unfortunate event of death of the life assured, his/her nominee will get a Guaranteed Death Benefit or the policy fund value, whichever is higher, unless the money is in the Pension Discontinued Policy Fund (PDP Fund) Fund. The Guaranteed Death Benefit is equal to 105% of the sum of all paid premiums and Top-ups, if any. If the money of the life assured is in the PDP Fund at the time of death, the PDP Fund Value shall be payable to the nominee.
The nominee can choose from the following death benefit options –
Note – Once the death benefit is paid to the nominee, this policy shall terminate and all rights, benefits and interests under this policy shall be extinguished.
With ICICI Pru Easy Retirement Plan Top-ups, you can invest any available money in this policy, provided all due premiums are paid. The provision to pay Top-ups are available for up to 5 years before the original or postponed vesting date. You can invest a minimum amount of INR 2,000 in Top-ups in any of the available funds in any proportion of your choice.
On completion of the 10th policy year and completion of every 5th policy year thereafter, you will be rewarded with a guaranteed Pension Booster, provided the premium is paid in full for a minimum of 5 years. This guaranteed addition will be equal to 5% of the average daily total fund value over the preceding 12 months. And these guaranteed Pension Boosters shall be allocated between Easy Retirement Balanced Fund and Easy Retirement Secure Fund in the proportion of the values of total units held in each fund at the time of allocation.
At the inception of the policy, you need to specify the proportions in which your paid premiums will be invested in –
After the first premium payment, the proportions allocated in any of the above funds may be changed without any charge in the subsequent premiums, and this will not count as a switch.
Option to Switch
You have an option to switch units between Easy Retirement Balanced Fund and Easy Retirement Secure Fund. The minimum switch amount should be INR 2,000. Up to 4 free switches are allowed every policy year to you under ICICI Pru Easy Retirement Plan. After that, for subsequent switches, you need to pay INR 100 per switch.
Note – Any unutilized free switch cannot be carried forward, the switching charge may be increased to a maximum of INR 200 per switch.
Under ICICI Pru Easy Retirement Plan, you get the option of following policy terms –
The available option for premium payment term is –
You can choose your premium payment frequency from the following –
The minimum premium amount for ICICI Pru Easy Retirement Plan is INR 48,000, while the maximum premium has no limit.
You can also increase/decrease the premium payment term by notifying the insurance company. This benefit shall be allowed to you if at least five-year premiums are paid in full.
Note – Increase or decrease in the premium payment term must always be in multiples of one year.
If you are sane or insane and commits suicide within one year from the date of issuance or revival of this policy, only the fund value as on the date of death will be payable to the nominee.
Important Notes
You can receive assured benefit and death benefit as annuity payout, and can choose your annuity from the following –