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Investment Plans 2592 views June 18, 2020
It is always advisable to plan your retirement before it is too late because you never know your future. If you don’t want to depend on anyone after your retirement for your daily expenses then make sure that you have planned your retirement efficiently. Therefore, it is better to take a retirement plan so that you will not have to face any kind of financial problem in the future. You can explore the ICICI Pru Immediate Annuity Plan that will give you a lifelong income offer 12 types of annuity options in which you can invest your money. The company gives you the choice to receive the annuity income monthly, quarterly, yearly, and half-yearly. Let’s explore the benefits of this plan.
Table of Contents
ICICI Pru gives you 12 different options in which you can invest the amount and enjoy a regular income after your retirement.
Life Annuity
In this option, the company will pay you the annuity lifelong. You can enjoy a regular income throughout your life if you have chosen this option while taking the ICICI Pru Immediate Annuity Plan.
Life Annuity with Return of Purchase Price
In this option, you will receive the amount of annuity as a regular income and after your death, the purchase price will be returned to the nominee.
Life Annuity with 50% Return of Purchase Price
In this option, you will receive the amount of annuity as a regular income and after your death, 50% of the purchase price will be returned to the nominee.
Life Annuity with 75% Return of Purchase Price
In this option, you will receive the amount of annuity as a regular income and after your death, 75% of the purchase price will be returned to the nominee.
Life Annuity with Balance of Return of Purchase Price
In this option, you will receive the amount of annuity as a regular income and after your death, the balance of the purchase price will be returned to the nominee. The balance amount will be equal to the value of the purchase price less the annuities already paid. If the balance amount is negative then no return will be given to the nominee.
Life Annuity with an increase of 5% annually
In this option of the Immediate Annuity Plan, you will receive the amount of annuity as a regular income and the annuity income will increase by a simple interest of 5% every year. It will increase throughout the life of the annuitant.
Joint Life, Last Survivor without return of Purchase Price
You can choose this option and add your spouse to the plan. The company will give you the income lifelong and after your death, your spouse will continue to receive the annuity. You will have to decide the name of the spouse at the time of inception of the policy.
Joint Life, Last Survivor with Return of Purchase Price
You can choose this option and add your spouse to the plan. The company will give you the income lifelong and after your death, your spouse will continue to receive the annuity. After the death of the last survivor, the purchase price will be returned to the nominee.
Joint Life, Last Survivor with Return of Purchase Price in Parts
In this option of the Immediate Annuity Plan, you will receive the annuity lifelong and after your death, your spouse continues to receive the annuity and the spouse will also get 50% of the purchase price. Once the last survivor dies, the remaining 50% of the purchase price will be given to the nominee.
National Pension Scheme
Only the National Pension Scheme subscribers can choose this option. In this option, the annuity benefits will be paid as per the rules and regulations were given by the Pension Fund Regulatory and Development Authority.
Annuity for a Period of 5 Years, 10 Years, 15 Years, and for Life
In this option, you can decide the term for which you have to receive the amount of annuity. It can be for 5 years, 10 years, 15 years, and for a lifetime. In case of unfortunate death of the policyholder during the term, the nominee will receive the income for the remaining period of time.
Life Annuity with Return of Purchase Price on Critical Illness and Permanent Disability due to Accident
In this option, the company will pay you the annuity amount until the first critical illness or permanent disability has occurred before the age of 80 years. After which the purchase price will be returned to the nominee if the first occurrence of either Permanent Disability or Critical Illness is before 80 years of age. There are 7 specified critical illnesses that are available.