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Investment Plans 1935 views June 20, 2020
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.
Table of Contents
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.
In case of unfortunate death of the insured during the policy term, the nominee will receive the highest of the following:-
The amount of the guaranteed death benefit will be 105% of the Single Premium Paid plus any top-up premiums paid.
At the time of maturity of the policy, you are entitled to receive the highest of the following:-
The amount of the Assured Benefit will be 101% of the Single Premium Paid plus any top-up premium paid.
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.
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.
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.
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.
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.
Particulars | Details |
---|---|
Minimum Amount of Premium | Rs.48000 |
Maximum Amount of Premium | No Limit |
Minimum Age of Entry | 18 Years |
Maximum Age of Entry | 80 Years |
Minimum Age of Vesting | 30 Years |
Maximum Age of Vesting | 90 Years |
Premium Paying Term | Single-Premium |
Term of the Policy | 10 Years, 15 Years, 20 Years, 25 Years, and 30 Years |
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.
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%.
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:-
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.