ICICI Prudential Life Insurance launches Unit Linked pension Plan. ICICI Pru Shubh Retirement helps you build corpus through investing in equity.
Features at glance:
- Helps you build your retirement corpus.
- Assured benefit to protect your savings from market downturns.
- Limited time premium (5 years or 10 years)
- Regular income after retirement
- Option to choose from 5 annuity options on retirement
- Avail tax benefits on premiums
- Get tax free 1/3rd of the fund value on retirement, as per the prevailing Income Tax laws
On maturity/vesting, Policy holder will get assured benefit or fund value, whichever is higher. Since this is pension plan, policy holder will have the option to receive 1/3rd of the fund and rest of the fund will be utilized for annuity.
In case, policy holder dies while policy is in force, nominee will receive Guaranteed Death Benefit or the Fund Value, whichever is higher. Guaranteed Death Benefit will depend on your premium mode, investment option and term.
From 10th policy year, policy will be eligible for loyalty addition. LA will be added every year post 10th policy anniversary.
Option to choose from 3 funds:
- Aggressive :Higher equity participation with lower Assured Benefit
- Moderate :Moderate equity participation with moderate Assured Benefit
- Conservative : Lower equity participation with higher Assured Benefit
Eligibility conditions and restrictions
- Min premium: Rs.24,000
- Max premium: No limit
- premium mode: Yearly, Half yearly, Monthly
- Min entry age: 35
- Max entry age: 70
- Min. Vesting age: 45
- Max. vesting age: 80
Policy Term and premium Paying Term:
- PPT 05 years: Policy term 10, 15, 20, 25, 30
- PPT 10 years: Term 20, 25, 30