Investment Plans 181 views May 7, 2021

ICICI Pru Shubh Retirement Single Premium is a unit-linked insurance plan that helps you build your retirement corpus through equity investments. Key features of ICICI Pru Shubh Retirement Single Premium Plan are –

  1. Assured Benefit during the Accumulation Phase
  2. Annuity Payout during the Income Phase
  3. Loyalty Additions
  4. Death Benefit

Continue reading this page below and know more about the benefit of the ICICI Pru Shubh Retirement Single Premium Plan in detail.

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ICICI Pru Shubh Retirement Single Premium Assured Benefit

On vesting (maturity), you will be entitled to the Assured Benefit or Fund Value, whichever is higher.

Assured Benefit = Assured Benefit Factor x Sum of Total Payable Premiums

The assured benefit is available to you during the accumulation phase where you have to pay premiums towards the policy to accumulate funds for your retirement. There are three investment options you can choose from as per your risk appetite:

  1. Aggressive – The premium will be allocated in equity-related funds
  2. Moderate – The premium will be allocated to both equity and debt funds equally
  3. Conservative – The premium will be allocated mostly in debt funds and the remaining in equity-related funds.

Your premiums will be invested in the following funds:

  1. Pension Growth Fund (Equity Oriented Fund)
  2. Pension Secure Fund (Debt Oriented Fund)

The allocation between these two funds will be as per your chosen investment option.

Note – Assured Benefit Factor is based on the investment option, premium payment option and the policy term chosen by you.

ICICI Pru Shubh Retirement Single Premium Annuity Payout

You will receive the annuity payout under ICICI Pru Shubh Retirement Single Premium Plan after retirement, you can choose any one of the following options at the time of vesting and receive your annuity payout as you desire –

  1. Regular Income: You’ll receive annuity payout regularly as per your chosen term
  2. Commutation: Receive a lump sum of 1/3rd of the accumulated amount, and receive the remaining amount as an annuity
  3. Postponement of Vesting: If you want to postpone your vesting date, intimate the insurer about the same and receive your annuity payout anytime but before the maximum vesting age (45/80 years).
  4. Invest in Single Premium Deferred Pension: You can use the accumulated amount to purchase a single premium deferred pension product.

Loyalty Additions Under ICICI Pru Shubh Retirement Single Premium Plan

You will get a loyalty addition at the end of every policy year at the end of the 10th policy year, which is 2% of the average of daily Fund Values in that same policy year. From the 11th policy year, the loyalty additions will be 0.5%. These loyalty additions will be allocated between the Pension Growth Fund and the Pension Secure Fund in the same proportion the premium has been allocated.

ICICI Pru Shubh Retirement Single Premium Plan Death Benefit

In case you die during the policy term, provided the policy is in force, your nominee will receive a Guaranteed Death Benefit or the Policy Fund Value, whichever is higher.

Guaranteed Death Benefit = Guaranteed Death Benefit Factor X Sum of Paid Premiums

If you die during the first five policy years after you have exercised the option to discontinue paying premiums or surrender the policy, the nominee can utilize the Policy Fund Value. Whereas, if the policy is surrendered, withdrawn or deemed to be withdrawn as per the Insurance Regulatory and Development Authority of India (IRDAI) guidelines, and you die during the first five policy years, the nominee will receive an amount not less than Policy Fund Value. The fund value will be transferred to the Pension Discontinued Policy Fund and the nominee can utilize the amount.

Note – The Guaranteed Death Benefit Factor is based on the investment option, premium payment option and the policy term chosen by you.

Eligibility for ICICI Pru Shubh Retirement Single Premium Plan

You can purchase this unit-linked retirement plan from ICICI Prudential if you meet the following eligibility criteria –

  1. The Minimum Entry Age – 35 years
  2. The Maximum Entry Age – 70 years
  3. The Minimum Vesting Age – 45 years
  4. The Maximum Vesting Age – 80 years

ICICI Pru Shubh Retirement Single Premium Plan Premium Payment Option

The following premium payment options are available under ICICI Pru Shubh Retirement Single Premium Plan –

  1. Five Pay – If you choose this premium payment option, you need to pay premium for the first 5 policy years. Under this option, you can choose policy terms from – 10 years, 15 years, 20 years, 25 years and 30 years.
  2. Ten Pay – If you choose this premium payment option, you need to pay the premium for the first 10 policy years. Under this option, you can choose the policy term from – 20 years, 25 years and 30 years.

You can pay premiums yearly, half-yearly or monthly. The minimum premium amount for ICICI Pru Shubh Retirement Single Premium Plan is INR 24,000

Free Look Period

The insurance company provides you a free look period of15 days from the date of receiving the policy document, if you have purchased this policy through distance marketing, the free look period will be 30 days. You can review the terms and conditions of the policy and cancel it if found them unacceptable. While cancelling, you need to state reasons too. On cancellation, the insurer will return the premium after adjusting the NAV of the policy fund. The refund will be paid to you after the deduction of stamp duty charges and medical expenses borne by the company on medical examination, if any.

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