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ICICI Guaranteed Pension Plan Flexi
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About ICICI Guaranteed Pension Plan Flexi Retirement Plan
ICICI Pru Guaranteed Pension Plan Flexi is an innovative deferred annuity plan that allows you to build a guaranteed lifelong income stream through the hassle-free process of making regular investments tailored to your preferences. This plan offers a diverse range of 9 distinct annuity options, empowering you to select the one that best aligns with your financial goals and lifestyle.
Your chosen option will play a crucial role in determining the type and amount of lifelong regular income you will receive, ensuring that your retirement planning is personalized and secure. Ultimately, this flexibility ensures that you can confidently prepare for your future with peace of mind.
Retirement planning is a crucial goal and unexpected financial emergencies can threaten this ambition. To support clients in managing unforeseen financial responsibilities, the product provides a loan facility. This enables customers to maintain their investments and continue progressing towards their retirement planning goals.
Notably, this innovative product is specifically designed to align with the forthcoming regulations that have been introduced, which aim to ensure that customers not only receive a fair but also a suitable surrender value when they decide to exit from their policy early. This emphasis on fairness is crucial, as it protects consumers and provides them with a clear understanding of their financial options in such situations. By adhering to these regulations, the product reinforces its commitment to customer welfare. Ultimately, this alignment signifies a shift toward more transparent and equitable financial practices in the insurance industry.
Key Features of the ICICI Guaranteed Pension Plan Flexi
All the key features of the ICICI Guaranteed Pension Flexi plan are listed below -
- The advantages of regular savings include the flexibility that comes with securing a lifelong guaranteed income.
- The ability to decide the duration for which you want to pay premiums offers remarkable flexibility.
- The freedom to determine the timing of your annuity or income commencement.
- Enjoy the convenience of receiving your annuity on a monthly, quarterly, semi-annual or annual basis.
- Selecting joint-life annuity options along with a waiver of premium features ensures the security and happiness of your loved ones, even when you are no longer there.
- Selecting the right annuity options is essential for ensuring that you are well-prepared to meet your healthcare and lifestyle needs during your golden years.
- The waiver of the premium feature included in the Joint Life options guarantees your family’s financial security, even in your absence.
- The “save the date” feature allows you to receive your annuity on a date that suits you the best.
- You have the flexibility to “top-up” your plan whenever you have extra funds to invest.
Eligibility Criteria of ICICI Guaranteed Pension Plan Flexi
| Eligibility Criteria | Details |
|---|---|
| Minimum Age at Entry | 40 years for the primary annuitant and 30 years for the secondary annuitant |
| Maximum Age at Entry | Options typically last for 70 years, while the Single Life with Accelerated Health Boosters option extends to 80 years |
| Premium Payment Term (PPT) | 5 to 15 years |
| Deferment Period | 5 to 15 years (in multiples of 1 year) |
| Premium Payment Frequency | Annual, Half-Yearly, Monthly |
| Minimum Annuity | ₹12,000 per annum (₹1,000 per month) |
| Maximum Annuity | Subject to the underwriting policy approved by the board |
| Minimum Premium | The minimum annuity amount is contingent upon the selected annuity rates and options available |
| Maximum Premium | Subject to the underwriting policy approved by the board |
| Modes of Annuity Payouts | Annual, Half-Yearly, Quarterly, Monthly |
Additional Benefits and Details
As per the official wording of the ICICI Guaranteed Pension Plan Flexi, the additional benefits and details of the plan have been discussed below.
| Key Benefit | Availability |
|---|---|
| Critical Illness/ Permanent Disability Benefit | Yes |
| Accelerated Health Booster | Yes |
| Annuity Booster Option | Yes |
| Waiver of Premium Option | Yes |
| Top-ups Allowed | Yes |
| Loan Facility | Yes |
| Benefit Enhancer+ | Yes |
Higher Purchase Price Benefit (HPPB)
To secure a larger lifetime annuity, consider either slightly raising your premium or choosing a longer deferment period.
| Deferment Period | < ₹50,000 | ₹50,000 - < ₹1,00,000 | ₹1,00,000 - < ₹2,00,000 | ₹2,00,000 - < ₹3,00,000 | ₹3,00,000 - < ₹5,00,000 | ≥ ₹5,00,000 |
|---|---|---|---|---|---|---|
| Up to 7 years | 0% | 1.50% | 3.50% | 4.25% | 4.50% | 4.50% |
| 8 - 10 years | 0% | 3.75% | 5.50% | 6% | 6.25% | 6.50% |
| 11 - 15 years | 0% | 6.25% | 7.50% | 8% | 8.25% | 8.50% |
Documents Required to Buy ICICI Guaranteed Pension Plan Flexi Scheme
To purchase the ICICI Pru Guaranteed Pension Plan Flexi, you will need to provide several essential documents. These documents not only ensure adherence to regulatory requirements but also streamline the application process. Below is a comprehensive list of the necessary documentation:
| Document | Detail |
|---|---|
| Application Form | A fully completed application or proposal form that includes essential personal information such as the applicant’s name, age and contact details |
| Identification Proof | Accepted forms of government-issued photo identification include the Aadhar card, passport, voter ID and driver’s license |
| Address Proof | Documents that confirm the applicant’s residential address may include utility bills (such as water and electricity), bank statements and rental agreements |
| Age Proof | Documents verifying the applicant’s age include the birth certificate, school leaving certificate and passport |
| Income Proof | Proof of income may be necessary to evaluate the financial ability to cover premiums. This can encompass salary slips, income tax returns and bank statements that reflect regular income |
| KYC Documents | Know Your Customer (KYC) documentation is crucial for meeting regulatory compliance requirements. This generally encompasses the identification and proof of address previously mentioned |
| Medical History | Depending on the applicant’s age and the amount of coverage sought a declaration of their medical history may be necessary. In certain situations, a medical examination could also be required |
| Photographs | Updated passport-sized photographs of the applicant might be required |
Policy Details of ICICI Guaranteed Pension Plan Flexi
The points presented provide a comprehensive overview of the key features, benefits and conditions associated with the Guaranteed Pension Plan Flexi, as detailed in the informative brochure.
1. Plan Overview:
- A retirement-centric annuity plan that provides options for regular or limited premium payments, ensuring a reliable income stream after retirement.
- An annuity is guaranteed for a lifetime, with the added flexibility to receive the premiums you have paid.
2. Key Features:
- Lifetime guaranteed annuity with a premium return option.
- A diverse selection of annuity options designed to cater to a variety of retirement needs.
- Consider joint-life annuity options to ensure financial security for your loved ones.
- Options for annuities that include healthcare benefits.
- The “Save the Date” feature lets you select your preferred annuity payment date.
- Choose from flexible monthly, quarterly, semi-annual, or annual payment options.
- An option to “Top-Up” the plan is available, allowing you to add extra funds.
- A range of options is available concerning the duration of premium payments and the timing for commencing annuity payments.
3. Annuity Options:
- Single Life with Return of Premium (ROP): It provides financial protection in the event of critical illness, permanent disability or death.
- Single Life with Accelerated Health Boosters: It provides increased annuity payments in the event of health concerns.
- Single Life with Booster Payouts: You can enjoy periodic payments alongside your annuity.
- Single Life without Return of Premium: It provides a guaranteed lifetime income with the possibility of receiving the premium back.
- Joint Life with Return of Premium: It offers advantages for both the primary and secondary annuitants.
- Joint Life without Return of Premium: It provides coverage for both annuitants without the option to return premiums.
4. Guaranteed Additions (GA) Options:
- GA - I: Represents 1/12th of the total annuity due in a given policy year.
- GA - II: 1/12th of 6% of the total premiums paid to date.
5. Plan Parameters:
- Minimum Age at Entry: The minimum entry age is set at 40 years for the primary annuitant and 30 years for the secondary annuitant.
- Maximum Age at Entry: 70 years for all options except (Single Life with Accelerated Health Boosters”. For the “Single Life with Accelerated Health Boosters” option, the age limit is the lower of 70 years or (80 years minus the deferment period minus 1 year).
- Premium Payment Term: 5 to 15 years.
- Deferment Period: 5 to 15 years (in multiples of 1 year).
- Premium Payment Frequency: Annual, Half-Yearly, Monthly.
- Minimum Annuity: ₹12,000 per annum (₹1,000 per month).
- Maximum Annuity: As per the underwriting policy approved by the board.
6. Benefits in Detail:
- Single Life without Return of Premium: This option offers a lifelong annuity benefit to the annuitant, ensuring financial support for the duration of their life.
- Joint Life without Return of Premium: The annuity persists for the secondary annuitant following the passing of the primary annuitant.
- Single Life with Return of Premium: A lifetime annuity that ensures benefits will be provided to the nominee upon the annuitant’s passing.
- Joint Life with Return of Premium: This arrangement provides payouts to the primary annuitant while ensuring ongoing benefits for the secondary annuitant. Additionally, nominees will receive benefits once both annuitants have passed away.
- Single Life with Return of Premium (ROP) on Critical Illness, Permanent Disability, or Death: It provides lifelong annuity or benefits until a specified health event takes place.
- Single Life with Booster Payouts: Offers both an annuity and periodic additional funds for enhanced financial support.
- Single Life with Accelerated Health Boosters: Elevates annuity payouts if support for daily living becomes necessary due to health challenges.
7. Other Benefits:
- Waiver of Premium Benefit: If the primary annuitant passes away during the premium payment period, the future premiums will be waived.
- Top-up Option: Making additional premium payments can enhance the annuity amount.
- Save the Date Feature: This enables users to choose a particular date for annuity payments.
8. Policy Loan:
- Options are available for all selections except for “Single Life without Return of Premium” and “Joint Life without Return of Premium”.
- The maximum loan amount can reach up to 75% of the surrender value.
9. Policy Status upon Non-Payment of Premiums:
- The policy attains a “paid-up” status if premiums have been paid for a minimum of two years, even if payments are subsequently halted.
- Reduced benefits apply in a paid-up policy.
10. Surrender Value:
- The policy attains a surrender value after the completion of two full years of premium payments.
- The conditions for surrender value vary depending on the selected annuity option.
11. Tax Benefits:
- Tax advantages are accessible as per the current tax regulations.
How to File ICICI Guaranteed Pension Plan Flexi Claim?
Filing a claim for Guaranteed Pension Plan Flexi is a quick and straightforward procedure that consists of just 3 easy steps -
Moreover, you can also raise your claim by visiting the nearest branch of ICICI Life Insurance.
Step 1: Claim intimation
To claim insurance, complete the claim intimation form and submit it with the required documents at ICICI’s branch or central claim care centre.
Step 2: Claim processing
Their dedicated ClaimCare team meticulously reviews your claim details and provides personalized guidance throughout the entire process. If any documents are outstanding, the team will notify you and issue a requirement within 8 calendar days. Their claim experts are readily available to assist and ensure that you receive the support you need.
Step 3: Claim settlement
After approval and receipt of necessary documents, they settle your claims within 12 days, if no investigation is needed. To simplify the process, reduce paperwork and ensure convenience, they use electronic transfer methods for disbursing the settlement amount.
Key Inclusions and Exclusions of the Plan
What's Included
What's Not Included
ICICI Guaranteed Pension Plan Flexi Contact Details
You can contact ICICI Prudential Life Insurance by using the below-mentioned contact details.
- Registered Office Address ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025
- Customer Helpline Number 1860-266-7766
Frequently Asked Questions (FAQs)
A.
The ICICI Pru Guaranteed Pension Plan Flexi is an exceptional retirement solution provided by ICICI Prudential Life Insurance. This unique plan allows you to systematically grow your retirement savings and ensures a secured source of lifelong income post your retirement.
A.
This plan is perfect for individuals seeking a safe and secure method to create a retirement corpus while enjoying a guaranteed income stream post-retirement. It is designed for those who value stability and reliability in their retirement finances.
A.
Your pension amount will be influenced by several factors, including your initial investment amount, the annuity option you select and the interest rates in effect when you purchase the plan. Importantly, the guaranteed pension amount will remain constant for the duration of your life.
A.
The tax advantages associated with the ICICI Pru Guaranteed Pension Plan flexi vary based on your personal tax circumstances. It is advisable to seek guidance from a tax expert for tailored advice.
A.
Yes, you can make partial withdrawals from your plan, but there are specific conditions to keep in mind. It is important to note that these withdrawals could affect the total amount of your pension. To fully grasp the consequences of making partial withdrawals, it is highly recommended to seek guidance from an insurance advisor.
A.
Yes, you have the flexibility to raise your premium payments following the initial purchase, which can significantly enhance your pension benefits. Keep in mind though that there may be specific restrictions or conditions related to these premium increases.
A.
Under specific circumstances, you might have the ability to alter your annuity option. However, be aware that there could be restrictions or associated fees for these changes. It is best to seek guidance from an insurance advisor to fully comprehend the options at your disposal.
A.
Should you decide to move to another country, it is essential to notify ICICI Prudential Life Insurance. Your plan’s terms and conditions could be impacted, particularly if you relocate to a country where the company lacks a presence.
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