How does ICICI Pru Immediate Annuity work ?
- Choose a one time lump sum amount that you will pay in order to purchase this plan
- Opt for anyone amongst the 5 payout options as mentioned below
- Choose from 4 annuity payout modes–monthly, quarterly, half yearly or yearly.
How does the payout option work?
Through a lump sum Investment in this plan, you start getting a regular income in the form of annuity. The actual amount of annuity chosen will depend upon the annuity rate applicable at the time for purchasing the annuity. The rates are guaranteed for the life of the annuitant. The annuity can be received in monthly, quarterly, half yearly or yearly modes.
What are the payout options available ?
- Life Annuity : Annuity for Life
- Life Annuity with Return of Purchase Price : Life Annuity for annuitant with return of purchase price on death to the beneficiary.
- Joint Life, Last Survivor without Return of Purchase Price : The annuity is first paid to the annuitant. After the death of the annuitant, the spouse receives a pension, which is an amount equal to the annuity paid to the annuitant.
- Joint Life, Last Survivor with Return of Purchase Price : The annuity is first paid to the annuitant. After the death of the annuitant, the spouse receives a pension which is an amount that is equal to the annuity paid to the annuitant. After the death of the last survivor, the purchase price is returned to the nominee.
- Life Annuity guaranteed for 5/10/15 years and thereafter : Guaranteed annuity is paid for the chosen term (5/10/15) and after that, the annuity continues as long as the annuitant is alive.