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ICICI Prudential Life Insurance

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ICICI Prudential Life Insurance

Overview
ICICI Prudential Life Insurance Company is one of the biggest insurance companies in India and is a joint venture between Prudential Corporation Holdings Limited and ICICI Bank Limited, which is one of the country’s biggest private sector banks. The company commenced operations in the year 2001 and touched AUM of 1, 229.19 billion as of the 31st of March, 2017. The company was the first private life insurance company to surpass AUM of 1 trillion.

The company is also the first insurance company to be listed on the BSE and NSE in India. The company offers several plans including child plans, investment plans, retirement plans and the like to customers.

ICICI Prudential Life Insurance at a glance
  • The first insurance company to receive a National Insurer Financial Strength rating of AAA
  • Voted as India’s most trusted private life insurance company for three consecutive years
  • 68% of the claims being settled within 3 days.
  • Offers a life cover of 1 crore at a premium of just Rs 17 per day.

ICICI Prudential Pension Plans
There are effective pension plans available for customers which offer guaranteed benefits along with investment growth through debt and equity investments. There are assured benefits available along with vesting benefits. You can switch money between multiple funds seamlessly. There are pension boosters for enhancing retirement savings. These plans also come with tax benefits.

Documentation needed for availing ICICI Prudential Life
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph

ICICI Prudential Pension Plans
  • Pension Plan ICICI Pru Easy Retirement: Available in single and regular premium, provides monthly pension for life along with capital protection.
  • ICICI Pru Immediate Annuity: This plan provides regular income to take care of daily needs and thus helps to lead a hassle freepost-retirement life.

1: ICICI Pru Easy Retirement: ICICI Pru Easy Retirement plan makes post-retirement life simple, this ULIP provides the benefit of equity participation with the comfort of a capital guarantee.

Advantages and Benefits
  • Helps building a steady retirement corpus as per your risk taking ability
  • Assured benefit helps you protect your savings from market downturns
  • Flexibility in terms of premium payment is available in form of 5 years, or 10 years, or throughout the policy term
  • Top-ups are allowed
  • From the available annuity options, a retiree can choose the right one that fits their need to generate a regular income
  • Retirement corpus can also be enhanced by Pension Boosters
ICICI Pru Easy Retirement at a glance
Features Description
Min /Max Premium Rs 48,000 / Unlimited
Premium payment modes Yearly / Half-yearly / monthly
Min / Max age at entry 35 / 70 yrs
Min / Max age at vesting 45 / 80 yrs
Premium payment terms 5 yrs or 10 yrs or Policy term
Policy Term 10, 15, 20, 25, 30 years

2: ICICI Pru Immediate Annuity: This non-linked plan gets you guaranteed lifetime pension.

Advantages and Benefits
  • Helps in increasing your retirement savings – purchase the plan through one time payment and then choose the number of times for the payouts. These payouts can be either monthly, quarterly, half-yearly or yearly as per your need.
  • Generates regular income for life.
  • Premium discount available for higher annuity
ICICI Pru Immediate Annuity at a glance
The minimum entry age for the annuitants is as follows.

Annuity Annuitant Nominee of a deferred pension plan
Superannuation Tied 20 yrs last birthday in case of single life annuity
20 yrs last birthday in case of single life annuity
0 yrs last birthday
0 yrs last birthday
Individual Tied 40 yrs last birthday 0 yrs last birthday
Individual Standalone 45 yrs last birthday
55 yrs last birthday if the policy is purchased as QROPS through transfer of UK tax relieved assets
NA
NA

Indicative purchase prices for an annuity of Rs12,000 payable p.a. are given below.

Male Age Life Annuity with Return of Purchase Price Life Annuity without Return of Purchase Price
45 yrs Rs 1,75,706 Rs 1,54,215
55 yrs Rs 1,75,788 Rs 1,44,669
65 yrs Rs 1,77,634 Rs 1,22,365

Payout Options:
  • Life Annuity – under this option, the insurer provides payouts for life
  • Life Annuity with Return of Purchase Price – one receives payout for life. However in absence of life assured, the purchase price of this plan will be returned to the nominee.
  • Joint Life, Last Survivor without Return of Purchase Price – functions as life annuity option just that in absence of life assured, the spouse receives same payout for life as pension.
  • Joint Life, Last Survivor with Return of Purchase Price – same as above, but in absence of both life assured and spouse, the purchase price of this plan will be returned to the nominee chosen.
  • Life Annuity guaranteed for 5/10/15 years and thereafter – regular payouts are disbursed as per chosen term in your presence as well as absence.