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ICICI Prudential Easy Life Retirement Plan

ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is one of the leading insurance providers based in India. It is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. In 2015, the insurer became the first insurer to hold assets of over Rs. 1,00,000 crore. The Assets Under Management (AUM) stood at Rs. 1,601.10 billion on 31st March 2019.

ICICI Prudential Easy Retirement is a unit linked pension plan which offers equity linked growth along with a safety net of capital protection. This plan comes with the dual benefit of equity participation and capital guarantee.

Features of ICICI Pru Easy Life Retirement Plan

The features of this plan are:

  • This plan offers capital guarantee on the investment amount.
  • On maturity, the policyholder will be entitled to the Assured Benefit or Fund Value, whichever is higher.
  • Option to invest your money in equity or debt funds.
  • Entitled to pension boosters on completion of 10th policy year.
  • Multiple payout options - Regular Income Option, Lump sum + Regular Income, Postpone your Retirement Date or Single Premium Deferred Pension Product.

Benefits of ICICI Pru Easy Life Retirement Plan

The benefits of this plan are:

  • This plan helps you build a retirement corpus as per your risk appetite.
  • Beat inflation through Assured Benefit.
  • Option to pay premiums for 5 years, 10 years or throughout the policy term.
  • Option to invest extra money through top-ups. The minimum amount of Top up is Rs. 2,000.
  • Avail tax benefits on premiums paid and receive up to one-third of the accumulated value on retirement date as a tax-free lump sum.
  • Assured Benefit - On maturity, the assured benefit or fund value (whichever higher) will be paid to the policyholder. Assured benefit is 101% of the (sum of all premiums paid and Top-ups, if any).
  • Choice to invest in two fund options - Easy Retirement Balanced Fund or Easy Retirement Secure Fund.
  • Option to switch units between Easy Retirement Balanced Fund and Easy Retirement Secure Fund. The minimum switch amount is Rs. 2,000.
  • Option to increase or decrease the premium payment term provided all due premiums have been paid.
  • Pension Boosters - Guaranteed pension booster on completion of the tenth policy year and on completion of every fifth policy year.
  • In case of death of the Life Assured, the nominee will receive Guaranteed Death Benefit or the Fund Value, whichever is higher, unless monies are in the PDP Fund. Guaranteed Death Benefit i.e. 105% of the sum of all premiums paid and Top-ups, (if any).

Eligibility Criteria

The eligibility criteria for this plan is:

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Min/Max premium
Premium payment modes
Min/Max age at entry
Min/Max age at vesting
Premium payment term (PPT)
Policy Term

Documents Required to buy ICICI Prudential Easy Life Retirement plan

The documents required for this plan are:

  • Proof of ID - KYC
  • Proof of Address - KYC
  • Proof of Income
  • Proof of Age
  • Medical check-up, if required
  • Application/Proposal Form

Exclusions under ICICI Pru Easy Life Retirement Plan

This plan has the following exclusions:

  • If the Life Assured, whether sane or insane, commits suicide within one year from date of issuance of this policy, only the Fund Value, as available on the date of death, will be payable.

  • If the Life Assured, whether sane or insane, commits suicide within one year from date of revival of policy, only the Fund Value, as available on the date of death, will be payable.

Review of ICICI Pru Easy Life Retirement Plan

The ICICI Pru Easy Life Retirement plan is an excellent investment option. This plan offers better returns by investing in a combination of equity and debt. This helps you counter inflation during those retirement years. Also, this plan provides capital guarantee on the money that you invest.

FAQs on ICICI Prudential Life Easy Retirement Plan

What is an annuity

Annuity is a fixed sum of money paid to a policyholder/nominee, typically for the rest of their life. The payment is made in equated monthly installments.

What are the annuity options available?

There are five annuity options available under this plan, namely Life Annuity, Life Annuity with Return of Purchase Price, Joint Life, Last Survivor without Return of Purchase Price, Joint Life, Last Survivor with Return of Purchase Price or Life Annuity guaranteed for 5/10/15 years and thereafter.

When does the pension start?

The pension can start from the minimum age of 45 years. The maximum age does not exceed 80 years.

How long does this policy last?

You have the option to select the length of the policy term: 10, 15, 20, 25 or 30 years.