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ICICI Pru Immediate Annuity
In your golden years worries about security and comfort become greater. Today, with rising prices increasing health care costs and higher life expectancy, you need concrete planning post-retirement to help you deal with it. What you need is a plan that not only helps you plan for retirement, but also continues to pay you an income throughout your retired life.
At ICICI Prudential Life Insurance Company Limited, we realize the importance of a prudent retirement planning. Presenting ICICI Pru Immediate Annuity - a plan that not only give you an income for life but also provide you options to match your needs.
HOW IT WORKS
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.
AT A GLANCE
Modes of Annuity Payment
Yearly / Half yearly / Monthly / Quarterly
Min. annuity payable
Rs.100 p.a
Min. / Max. age at entry
45 / 100 years
Min. / age at entry (spouse)
20 years
Min. / Max. Policy Term
Not applicable
UIN of ICICI Pru Immediate Annuity: 105N009V06
