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ICICI Bank ICICI Bank

BEST FOR

Individuals nearing retirement

  • Retirees seeking lifetime income

  • ​Return of Purchase Price

  • Spouses seeking joint cover

  • Those wanting to leave a legacy

  • People looking for one-time investment option

About ICICI Guaranteed Pension Plan

Guaranteed Pension Plan

One-time investment for lifetime pension at fixed annuity rate.

One-time Investment 

Pay once and enjoy guaranteed regular income.

Joint Life Option

Provide pension for your spouse or family after your demise.

Return of Purchase Price

Ensure your nominee receives purchase price after your death.

Flexible Options

Choose from Immediate Annuity or Deferred Annuity plans.

Tax & Loyalty Benefits

Avail tax benefits under Section 80CCC and loyalty bonus for ICICI Pru Life customers.

FAQs

What is a Pension Plan?

A Pension Plan offers regular income for life after a one-time investment.

Why should you select the Guaranteed Pension Plan? 

Choose this plan for a lifelong guaranteed1 pension with a one-time investment. You can start receiving payments as soon as next month or after 1-10 years. Use it to financially secure your dependents, including your spouse, child, parent, or sibling, in your absence.

What are the return of purchase price options?
  • On death
  • On Critical Illness/Permanent Disability
  • Early return starting at age 76 or 80

What is an Annuity (Pension) Plan?

An Annuity (Pension) Plan ensures that, based on a one-time investment, you get a regular flow of income for life. The pension amount gets fixed at the time of purchase and is not dependent on any market factor. This regular income after retirement ensures that you retire from work and not from life.

Who can invest in a Guaranteed Pension Plan?

A person looking for a lifelong guaranteed pension with a one-time investment can opt for this plan. You can choose to receive pension immediately, as early as next month or after a period of 1-10 years.

You can use this plan to financially secure your dependents in your absence, which can include your spouse, child, parent or sibling.

T&C Apply

What is the minimum and maximum annuity (pension) amount, per annum?

The minimum pension per annum is Rs 12,000/-, but there’s no maximum limit on this.

Which age group is the plan applicable for?

Customers who are 30 years of age and above, can buy the plan. The maximum age at entry depends on the plan option that you choose. Please refer to the product brochure for more details.

What are the different plan options available through ICICI Bank?

Depending upon your financial needs, you may choose to buy an annuity plan that pays annuity (pension) immediately (Immediate Annuity) or after a period of 1-10 years (Deferred Annuity).

Plan options under immediate annuity:

  • Single life with Return of Purchase Price**: You will get a pension for your entire life and, after demise, the nominee will get the purchase price
  • Single life with 50% returns of the Purchase Price at the age of 80: You will get a pension for your entire life with 50% returns of your purchase price once you turn 80 and the remaining 50% will be given to nominees in your absence. In case of an unfortunate event, before the age of 80 years, the nominee will get the purchase price
  • Single life with returns of the Purchase Price at the age of 80: You will get a pension for your entire life with 100% returns of your purchase price, once you turn 80. In case of an unfortunate event, before the age of 80 years, the nominee will get the purchase price
  • Single life with returns of the Purchase Price from the age of 76: You will get a pension for your entire life. In addition to the pension, from the ages of 76 years to 95 years, you will start receiving 5% of the purchase price every year. In case of an unfortunate event before 76 years, the nominee will get the purchase price.
  • Single life with returns of the Purchase Price on Critical Illness (CI) or Permanent Disability due to an accident (PD) or Death: You will get a pension for your entire life

In case of (CI)/(PD) before the age of 80 years, you will get back the purchase price

In case of demise, the nominee will get the purchase price.

Joint life with returns of the Purchase Price: You will get a pension for your entire life, and after demise, your family members will start receiving the same pension amount. The Nominee will get the purchase price in the absence of both the pensioners.

Plan options under Deferred annuity:

  • Deferred Single life with returns of the purchase price:You will get a pension for your entire life post the deferment period of 1 to 10 years as selected by you and, after demise, the nominee will get the purchase price
  • Deferred Joint life with returns of the purchase price: You will get a pension for your entire life post the deferment period of 1 to 10 years as selected by you and after demise, your family member will start receiving the same pension amount. In the absence of both the pensioners, the nominee will get the purchase price.
  • Deferred single life with returns of the purchase price on Critical Illness (CI) or Permanent Disability due to an accident (PD) or Death: You will get a pension for your entire life, post the deferment period of 1 to 10 years as selected by you:

In case of Critical Illness(CI)/ Permanent disability(PD) due to an accident, during and post the deferment period before the age of 80 years, you will get back the purchase price

In case of demise, the nominee will get the purchase price.

 

 

 

 

Disclaimer

^Interest rate applicable would be as per the interest rate prevailing on the day of the purchase

 

O Your pension amount is informed to you when you buy the plan and is guaranteed and unchanged for life

 

! You have an option to choose from 8 Immediate Annuity and 3 Deferred Annuity options, as per one’s financial needs through ICICI Bank. To know more about the options in detail, please refer to the product brochure

 

1) You can choose to receive pension immediately or after a period of 1-10 years from the plan purchase date

 

2) You can choose to receive a pension payout on a monthly, quarterly, half-yearly or yearly basis

 

3) This option is available only under immediate annuity plans. You can choose to receive early returns of the purchase price from the age of 76 or at the age of 80. Please refer to the product brochure for more details.

 

**Purchase Price is the premium with which the annuity plan was purchased

 

4) Applicable for all the annuity options, with return of purchase price. On the death of a pensioner (single life) or both the pensioners (joint life), the purchase price is paid out to the nominee

 

5) This option is available only with Joint Life. Joint Life can be either the spouse, child, parent or sibling

 

6) Under this benefit you get an additional pension amount, as per the purchase price slab and annuity option, as selected by you

 

#Tax benefits are subject to conditions of section 80CCC, 115BAC and other provisions of the Income Tax Act, 1961. Goods and services tax and cesses, if any, will be charged extra, as per applicable rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on the above

 

& You will receive a 1% higher pension amount if you are an existing customer of ICICI Prudential Life Insurance Co. Ltd.

Disclaimer

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