Investment Plans 297 views June 16, 2020

ICICI Pru Pension Plan

There are very few individuals who bother about their lives after their retirement. But the individuals who really bother take a Pension Plan so that they can live a happy and prosperous life after their retirement. So, if you haven’t taken a pension plan then still you have the time to take it. You must plan your life after retirement. Just take a look at the ICICI Pru Pension Plan that has a lot of exciting benefits and you might get amazed by it. The pension plan will create a regular income after your retirement so that you will not have to face any kind of financial issues.

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Key Features of the ICICI Pension Plan

  1. The insured will receive a regular income after his retirement.
  2. Flexibility of deciding the vesting date from when you will receive the income.
  3. Flexibility of choosing the accumulation period during which the fund is accumulated.
  4. There will be a certain payment period during which you will receive a monthly income.
  5. Option to surrender the plan in case of any emergency.
  6. Enjoy Tax Exemptions under section 80D of the Income Tax Act 1961.

Benefits of the Pension Plan

You must explore all the benefits of the pension plan and see how it will help you to tackle financial issues in the future after your retirement.

Regular Income

The company promises you to pay a regular income after your retirement so that you will not have to depend on anyone for your daily expenses. The amount of regular income depends on the plan you have taken and the amount that you have invested in the plan.

Financial Help for Your Children

There are some ICICI Pension Policies in which you can add your children to receive the lump sum amount in your absence and your spouse’s absence. This benefit will help you to secure the future of your child once you are not with them. The child can use the lump sum amount to fulfill his dreams.

Insurance Cover

Most of the pension plans include an insurance cover that protects your family and your loved ones with any uncertainty. This benefit will help your family to face any kind of financial burden in your absence and they can live happily.

Less Risk

The pension plans have less risk because the company invests more in debt funds rather than an equity fund. The return on investment is also positive and you can easily take a regular income after your retirement.

Additional Coverage

In the ICICI Pru Pension Plan, you have the option to take extra coverage by adding riders to the policy. You can add Disability Due to Accident Rider and Critical Illness Rider in the same plan and can take a lump sum amount if any such thing happens.

Surrender Benefits

In case of an emergency, you have the option to surrender the policy and take the accumulated amount. The company will decide the surrender value of the policy and gives you a certain sum of money that was accumulated until the time of surrendering the plan.

Eligibility Criteria

ParticularsDetails
Minimum Age of Entry30 Years
Maximum Age of Entry75 Years
Minimum Vesting Age45 Years
Maximum Vesting Age80 Years
Minimum Term of the Policy10 Years
Maximum Term of the Policy30 Years
Minimum Amount of PremiumRs. 50000 per annum
Maximum Amount of PremiumNo Limit
Premium Paying TermUsually, as same as the Policy Term

Types of Pension Plans

Now you must the types of Pension Plan offered by ICICI Prudential and see which pension plan would be the best for your future after your retirement.

Immediate Annuity Pension Plan

In the immediate annuity plan, you will start receiving a regular income as soon as the policy term starts after purchasing the policy and the lump sum amount has been deposited into the company by you.

Deferred Annuity Pension Plan

In this plan, the company will collect the amount of the premium until the policy term expires, and after the expiry of the policy term, the company will start giving you the monthly pension.

Annuity Certain Pension Plan

In this plan, the company will pay the amount of your pension in a series of payments over a set period of time. You will have to decide the time and the series of payments to be received when you are taking the policy.

Life Annuity Pension Plan

In the Life Annuity Plan, the company will pay you the pension for a lifetime. If in case the insured dies then the spouse will the pension from the company.

With Cover Pension Plan

If you are worried about your dependents like your children and grandchildren then you can take this plan. In this plan, the company will give a lump sum amount to the dependents in case of unfortunate death of the insured.

National Pension Scheme

This pension plan is managed by the central government of India. In this pension plan, you are allowed to withdraw 60% of the amount at the time of your retirement, and the remaining 40% is used to purchase an annuity.

Documents Required for ICICI Pension Policy

  1. Age Proof- High School Certificate, Birth Certificate, Passport, Driving License, or Voter’s ID Card.
  2. Identity Proof- PAN Card, Driving Licence, Aadhar Card, Passport, or Voter’s ID Card.
  3. Address Proof- Telephone Bill, Electricity Bill, Ration Card, Passport, Driving License, or Aadhar Card.
  4. Income Proof- Income Tax Return, Salary Slip, or Bank Statement
  5. Medical Reports-There are some ICICI Pru Pension Plans that need a medical report before giving any type of pension policy.

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