ICICI pru immediate annuity is one kind of pension plan that provides immediate annuity just after the payment of the premium. It can be taken by any individual or group. There are various options available in this and annuity plan. This plan is best for saving purpose which provides return also.
There were various annuity option available are following
Details of the option to choose annuity are following
1. Life annuity
According to this option the policyholder will get the annuity as long he or she well alive after that nothing is payable
2. Joint life last survivor with return of purchase price
According to this option the policyholder will get annuity after his death his wife will get the annuity. In case of both the partner die. The remaining amount will be provided to the nominee.
3. Life annuity for 5 years 10 years or 15 years and thereafter
According to this option the annuity will be provided to the policyholder till 5 years, 10 years or 15 years as per his choice and then till he survives.
4. Life annuity with return of purchase price.
In this option the policyholder will get the annuity amount throughout there life. After the death of the policyholder the nominee will get the purchasing amount of the policy.
5. Joint life last survivor without return of purchase price
According to this option, if the policyholder meet to death. Then his wife will also get the annuity amount after the death of the wife nothing will be payable to anyone.
Annuity is provided as per the frequency chosen by the policyholder that will be immediately after the payment of the premium.
Remaining fund pay out
In some option there is option for the remaining fund payout to the nominee. If the fund remains after the death of both the partners.
According to Income Tax Act section 80c. The premium paid under this plan is tax free also according to Section 10 D. The claim received is tax free that means it is going to save your tax on the amount paid as premium.
Terms related to ICICI Prudential immediate annuity plan
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