ICICI Pru Guaranteed Pension Plan

This plan has come up with a sack full of benefits and facilities to offer you maximum financial relief during your retirement age so that you can live without any worry. The following are the mentions of those benefits. Have a look.

Annuity Options:

You can choose to get an annuity immediately with Immediate Annuity options or anytime later through Deferred Annuity options.

Immediate Life Annuity Options:

• Single life without Return of Purchase Price: This option pays you an Annuity for life. On the death of the Annuitant, the policy will terminate and no further benefits will be payable.

• Joint life without Return of Purchase Price: This option pays an Annuity for life as long as either of the two Annuitants is alive. On the death of both the Annuitants, the policy will terminate and no further benefits will be payable.

• Single life with Return of Purchase Price: This option pays you an Annuity for life. On the death of the Annuitant, the Purchase Price is paid out to the nominee; thereafter, the policy will terminate and no further benefits will be payable.

• Joint life with Return of Purchase Price: This option pays Annuity for life as long as either of the Annuitants is alive. On the death of both the Annuitants, the Purchase Price is paid out to the nominee; thereafter, the policy will terminate and no further benefits will be payable.

• Single Life with Return of Purchase Price at age 80: This option pays you an Annuity for life. The Purchase Price is paid to the Annuitant upon attaining 80 years of age or to the nominee on the death of the Annuitant, whichever is earlier. The annuity payable to the Annuitant after the return of the Purchase Price at 80 years of age would remain unchanged.

• Single Life with 50% Return of Purchase Price at Age 80: This option pays you an annuity for life. 50% of the Purchase Price is paid to the annuitant upon attaining 80 years of age and the remaining 50% to the nominee on the death of the annuitant. The annuity payable to the Annuitant after the return of 50% of the Purchase Price at 80 years of age would remain unchanged. In case of the death of the annuitant before attaining the age of 80, 100% of the Purchase Price would be paid to the nominee.

• Single Life with Return of Purchase Price from the Age of 76: This option pays you an Annuity for life. In addition, 5% of the Purchase Price will be paid to the Annuitant every year from Age 76 to 95 years as per the annuity payout frequency. On the death of the Annuitant, the balance Purchase Price is paid to the nominee. If the Annuitant dies before age 76, the Purchase Price is paid to the nominee. Balance Purchase Price is equal to Purchase Price less the sum total of the Purchase Price paid by the Company to the Annuitant from the age of 76 years till the date of death of the Annuitant.

• Single life with return of purchase price on Critical illness (CI) or Permanent Disability due to an accident (PD) or Death: This option pays you an annuity for life till the first occurrence of the 7 specified CI or PD before the age of 80 or death. Purchase Price would be payable on the earlier occurrence of any of the 7 Specified CI or PD before the annuitant attains the age of 80 years or the Death of the annuitant.

Deferred Life Annuity Options:

You can choose to defer your pension by 1 to 10 years. You can lock in the current interest rates for the annuity to be received after the deferment period is over.

• Deferred Single life with return of purchase price: This option pays you an annuity for life after the end of the deferment period (as chosen at inception). On the death of the Annuitant, Death Benefit will be payable to the nominee as below:

1. 1. Death Benefit during the deferment period, which is higher than Purchase Price + Accrued Guaranteed Additions, or 105% of Purchase Price.
   2. Death Benefit post the deferment period, which is higher of Purchase Price + Accrued Guaranteed Additions – Total annuity paid out till date of intimation of death, or Purchase Price.

• Deferred Joint life with return of purchase price: This option pays annuity for life after the end of the deferment period (as chosen at inception) as long as either of the two annuitants is alive. On the death of the last survivor, the Death Benefit will be payable to the nominee as per the previous way.

• Deferred single life with return of purchase price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death: Annuity is paid to the annuitant post the deferment period chosen at inception. The annuity will continue till the annuitant survives or is diagnosed with any of the 7 specified CI or PD before the age of 80 years, whichever is earlier.

Loan Facility:

Facility of loan is allowed only for Deferred annuity options and only during the deferment period. A loan amount of up to 80% of the Surrender Value can be availed.

Free Look Period:

If you are not satisfied with the terms and conditions of this Policy, you have the option to return the Policy Document to the company with reasons for cancellation within 15 days from the date of inception and within 30 days in case of electronic policies or policies purchased through Distance Marketing.

Tax Exemption Benefit:

Tax benefits under the policy may be as per the prevailing Income Tax laws. Goods and Services tax and applicable cesses will be charged extra per applicable rates.