If you are planning for your retirement, you will want a solution which will offer potential for higher returns while providing a safety net for your investment.
ICICI Pru Easy Retirement SP provides this solution - the benefit of equity participation with the comfort of a capital guarantee. And to top it all, you need to pay premium just once!
Regular income: Pay premium only once and get regular pension post retirement
Equity exposure: Choose from two available funds and you can enjoy up to 50% equity exposure
Assured Benefit: Protect your savings from market downturns through an Assured Benefit
Loyalty Benefits: Enhance your retirement corpus with Loyalty Additions and Pension Boosters
Tax Benefit: Avail tax benefits on premium paid and receive up to one-third of the accumulated value on retirement date as a tax-free lump sum, as per the prevailing Income Tax laws
Benefits in detail
Vesting Benefit
On vesting, i.e. maturity, you will be entitled to the Assured Benefit or Fund Value whichever is higher. This benefit amount can be utilised only as per the available options.
Assured Benefit = 101% of the (sum of the Single Premium and Top ups, if any)
Death Benefit
In the unfortunate event of death of the Life Assured, the nominee will receive the Guaranteed Death Benefit or the Fund Value, whichever is higher. This death benefit amount can be utilised as per the available options.
Guaranteed Death Benefit = 105% of the (sum of the Single Premium and Top ups, if any)
Loyalty Additions
Starting from the end of the sixth policy year, a Loyalty Addition will be made to your policy every year. Each addition will be equal to 0.25% of the average daily total Fund Value over the preceding 12 months. Loyalty Additions will be made by allocation of extra units.
Pension Boosters
On completion of the tenth policy year and on completion of every fifth policy year thereafter, a Pension Booster will be added to your Fund Value. Each Pension Booster will be equal to 2% of the average daily total Fund Value over the preceding 12 months. Pension Boosters will be made by allocation of extra units.
Top ups
You can invest any available money in the form of Top ups in this policy.
Switch
You have the option to switch units between the two available funds, depending on your financial priorities and investment outlook.
ICICI Pru Easy Retirement works in two phases.
Accumulation Phase:
At policy inception, you choose your premium amount and the policy term.
You choose the ratio in which your Single Premium will be invested in the following two funds:
Easy Retirement SP Balanced Fund: Up to 50% of the investments in this fund will be in equity and equity related securities.
Easy Retirement Secure Fund: This fund will invest exclusively in debt, money market and cash instruments.
You pay your single premium towards the policy to accumulate funds for your retirement while enjoying the safety net of an Assured Benefit. You can also invest any available money in the form of Top ups.
Income Phase: At the time of vesting, i.e. the maturity of the policy, you can exercise one of the following options:
Regular income: Purchase an annuity with the accumulated value and receive regular income.
Commutation plus regular income: Receive a lump sum of up to one-third of the accumulated value, tax-free. The remaining amount must be used to purchase an annuity, providing you with regular income.
Postponement of vesting date: Change the date on which you want to start receiving regular income, i.e. your vesting date, provided you are below an age of 55 years. You can choose to postpone your vesting date any number of times.
Invest in a single premium deferred pension product: Use the accumulated amount to purchase a single premium deferred pension product.
How can I buy this plan?
We offer several options for you to buy as per your convenience. Choose from one of the following:
