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.
Features of ICICI Pru immediate annuity plan
- This plan is non linked individual or plan that provides annuity benefits.
- It is a single premium paying plan and the annuity start after premium paying.
- The benefits provided in this plan is according to the option which have been taken by the policyholder
- This plan does not cover any life coverage therefore there is no requirement for medical or do not required any test
There were various annuity option available are following
- Life annuity
- Joint life last survivor
- Life annuity with return of premium
- Life annuity guaranteed for 5 years, 10 years or15 years and then it is payable for life.
- Joint life last survivor with return of purchase price
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.
Benefits provided under ICICI Prudential immediate annuity
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.
Eligibility details for the ICICI Prudential immediate annuity
- Minimum age for the entry of this plan is 45 years and the maximum age for the entry of this plan is 100 years
- The minimum purchase price for the policy is 1 lakh and there is no limit for the maximum purchase price
- Minimum annuity payout is 1000 rupees and there is no maximum limit for the annuity payout
- Annuity payout frequency can be monthly, quarterly, half yearly or yearly.
Documents required for ICICI Prudential immediate annuity plan
- Offline/Online filled application form
- Age proof of policy buyer.
- Address proof.
- PAN card and Aadhar card for KYC document
- Accurate medical history ( not required in this plan)
- Medical examination report if required.( not required in this plan)
Terms related to ICICI Prudential immediate annuity plan
Free look period
- If the policy buyer is not satisfied with the policy and it’s terms and condition or anything else . Then within 15 days after receiving the policy documents the policy can be cancelled.
- It is a single premium policy hence there is no requirement for Grace period in this plan.
- This premium policy doesn’t provide any surrender benefit
- There is no provision of loan in this policy plan