ICICI Pension Plans – Review, Types, Features, Criteria & more
Last Updated Date: Nov 17, 2022Retirement is the period of rest, keeping intact the way of life with a deduction of income source. Expenses would be on a rise, with add on medical bills, and the income doesn’t stay constant as such. The ICICI Pension Plan is incorporated to specifically meet all the expenses, the ones arise out of old age as well.
Responsibilities can’t be gotten rid of and they tend to hike, and being self sufficient is the key. It is while one has a constant source of income, that he/she must begin the planning process and thus contribute to the after work time. The funding should be constant, and investing in the ICICI Retirement Plans would be your go to plan.
If you plan before, and keep funding your retirement life, you will be at peace with all the increasing responsibilities as well as the financial obligations.
About ICICI Pension Plans
Consistency in quality services and highly competitive plans makes up the ICICI Prudential Pension Plan. The company goes by the name, ICICI Prudential Life Insurance Company. It gained up on the name, on account of the merger in between ICICI Bank Ltd. and Prudential Private Limited Company.
Prudential is a strong market player, with its headquarters in United Kingdom, giving the company an international recognition. This company marked its incorporation in the year 2000, and is one of the first private companies, to have earned the license of providing life insurance plans, from IRDAI.
Hence, this marks the company with almost 20 years of experience in the domain of providing some great and competitive products and services from the insurance sector. This company is the hub to insurance needs of people, and is the go to place people opt for, with diverse needs.
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Types of ICICI Pension Plans
You may visit the company with your specific need for a retirement plan, and the company would offer you a plan which would suit you well. We have put up all the plans the company provides here, along with its eligibility criteria.
For starters, you will be benefited in numerous ways by ICICI National Pension Funds. You will have steady income after retirement, and also security for your children, when you are no longer in their life.
ICICI Prudential offers two types of ICICI Retirement Plans for the purpose. Here is what they are referred to as:
- Easy Retirement Plans
- Immediate Annuity Plans
Find out other NPS Scheme in India
ICICI Pru Easy Retirement Plans – By ICICI Pension Plans
With this ICICI Prudential Pension Plan, your need for a unit linked plan will find means. Check out the features of this ICICI NPS, in order to draw an idea of the benefits you shall be entitled to.
- When the ICICI Pension Plan matures, the fund value paid would be higher than its value on that day. On the contrary, 101% of all the premiums paid can as well provided on maturity.
- If the policy holder is below the age threshold of 55 years, he/she can opt for postpone in vesting age.
- Diverse set of options are available for the holder, to claim for the amount in this ICICI National Pension Funds.
- Annuity for life
- For life, along with return of the price of price of purchase
- Guaranteed annuity payout till 5 or 10 or 15 years and further, for life.
- Joint life with no return of price of purchase
- Joint life, with return of price of purchase
- Choices to avail for the maturity amount are diverse. One may choose to get annuity for the entire amount. Next option is of withdrawal of 1/3rd amount and the rest in annuity payment. The amount can as well be used to avail for the single premium deferred annuity.
More Features of ICICI Pru Easy Retirement Plans
- In case of holder’s death, higher than the fund value along with the death benefits are provided to the nominee. Option of avail the amount is as well provided, i.e. withdrawal of entire amount or choice of annuity payouts.
- To increase the fund value, the holder can keep paying premium top ups, which are minimum of Rs.2,000 and go above.
- Funds can be switched and each year, 4 free switches are provided.
- Funds can be redirected with every new payment of premium, and they need not be similar to the ones chose at the time of initiation.
- You get to choose from 2 types of funds, which are Easy retirement balanced fund and easy retirement secure fund.
- This ICICI Prudential National Pension Scheme provides pension boosters. They are added at the end of 10th year of premium payment, and will again be added by 5 years following it.
- As per the states norms, the holders can choose to modify the premium payment term, in this ICICI Prudential NPS Scheme.
- Tax benefits are only applied on the paid premiums as per the section 80CCC for this ICICI Prudential NPS. It is also applicable on the 1/3 of withdrawn part, if opted for.
Eligibility Criteria for ICICI Pru Easy Retirement Plans
- Age criteria: 35 to 75 years
- Vesting age: 45 to 80 years.
- Period: 10 to 30 years
- Premium to be paid per year: Rs.48,000 with no maximum limit
- Payment term: Just as the opted policy term or limited pay for 5 or 10 years
ICICI Pru Immediate Annuity Plans – By ICICI Prudential Pension Plans
The focus on the name says a lot of this ICICI National Pension Scheme, an immediate annuity plan basically. Focus on the features, to know how it would benefit you, if you opt for it.
- At the end of a single premium payment, the holder can choose for a frequency of payment, and the annuity payment will immediately start rolling out. The frequency is half yearly, quarterly, monthly or even annually for this ICICI Pension Plan.
- ICICI Retirement Plan is considerate to fulfill a group’s need or even an individual’s need.
- Annuity options are many and here is the list.
- Annuity for life
- Premium returned, along with lifetime annuity
- Frequency of 5/10 or 15 years guaranteed payout and then for life.
- Joint life option
- Joint life options, with the return on purchase price
- Annuity amounts can be increased, by increase in premium payments.
- Based on the annuity amount chosen and the way the holder wants to pay it back will be subject to special discounts.
- From the Income Tax Act, Section 80CCC and Section 10(10A) are applied, on the premium amount paid and the withdrawn amount simultaneously.
Eligibility Criteria for ICICI Pru Immediate Annuity Plans
- Age criteria: 45 to 100 years
- Price of Purchase: Rs.1 lakh with no upper limit
- Annual payment entitlement: Rs.100 with no maximum limit.
- Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually.
Check out more Pension Plans available for Investment
ICICI Prudential Pension Plans / Retirement Plans – Conclusion
The brand in context is well known and trusted across the country, and this is the assurance for the ICICI Prudential NPS plan’s quality. Sparing you the hassle of going round the internet, in search of the details, we brought them to you in one place.
We highly recommend the ICICI Prudential NPS Scheme, based on the benefits it contains. Avail for any plan, and you shall highly benefit you.
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