Best investment policies at lowest premiums.
Top performing investment plans, better than mutual funds
Plans with zero commissions
and lowest charges in the market.
tax-free returns
Benefits for 80C, 10(10D) and no LTCG.

ICICI Pru Immediate Annuity Retirement Plan

ICICI Pru Immediate Annuity is a non-linked retirement plan. It provides guaranteed income for one's entire life. Additionally, the plan offers a wide range of annuity options that can provide a secure future for the annuitant, his or her spouse and even grandchildren.

About ICICI Prudential Life Insurance Company - ICICI Pru Life is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. The insurer commenced its operations in fiscal 2001, after receiving approval from the IRDAI in November 2000. ICICI Prudential Life offers a range of products that meet the needs of customers at every step.

(Note - All the information contained in this page has been sourced from the official website of ICICI Prudential Life Insurance.)

Features of ICICI Pru Immediate Annuity Retirement Plan

The features of ICICI Pru Immediate Annuity Retirement Plan are as under:

  • Guaranteed lifelong income
  • Flexibility to receive income monthly, quarterly, half-yearly or yearly
  • Return of purchase price option on demise, critical ailment or permanent disability due to accident
  • 0.5% discount on purchase price for NPS subscribers
  • Higher annuity rates for large purchase price and deferred pension plans
  • Choice of 12 annuity options

Benefits of ICICI Pru Immediate Annuity Retirement Plan

Annuity options available:

  • Life Annuity
  • Life Annuity with Return of Purchase Price
  • Life Annuity with Return of 50% Purchase Price
  • Life Annuity with Return of 75% Purchase Price
  • Life Annuity with Return of Balance Purchase Price
  • Life Annuity with an annual increase of 5%
  • Joint Life, Last Survivor without Return of Purchase Price
  • Joint Life, Last Survivor with Return of Purchase Price
  • Joint Life, Last Survivor with Return of Purchase Price in parts
  • NPS – Family Income
  • Annuity guaranteed for a period of 5 years, 10 years or 15 years and thereafter for life
  • Life Annuity with return of Purchase Price on Critical illness or Permanent Disability due to accident or Death

Critical Illnesses covered:

The following critical ailments are covered under the plan:

  • Cancer of Specified Severity
  • Heart Attack
  • Coronary Artery Bypass Graft Surgery (CABGS)
  • Kidney Failure
  • Stroke
  • Major Organ Transplant (as Recipient)
  • Permanent Paralysis of limbs

Source: ICICI Prudential Life Insurance website

Eligibility Criteria

The minimum age at entry for the annuitants is as follows:

AnnuityAnnuitantNominee of a deferred pension plan
Group Superannuation
30 Years last birthday in case of single life annuity
30 Years last birthday in case of joint life annuity
0 Years last birthday
Individual Standalone
30 Years last birthday;
20 years last birthday for nominee of National Pension Scheme (NPS);
55 Years last birthday if the policy is purchased as QROPS through transfer of UK tax relieved assets
0 Years last birthday

Source: ICICI Prudential Life Insurance website

Documents Required to Buy ICICI Immediate Annuity Retirement Plan

To avail a retirement plan, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are usually acceptable include:

ID Proof - PAN card, Passport, Voter ID card, etc.

Address Proof - Passport, Driving License, Voter ID card, etc.

Reviews of ICICI Pru Immediate Annuity Retirement Plan

Once an individual has availed ICICI Pru Immediate Annuity Retirement Plan, he or she can opt to receive regular income from the following month. The annuitant gets the freedom to pick from a range of annuity options, to suit specific needs. The annuity is guaranteed for life.

FAQs on ICICI Pru Immediate Annuity Retirement Plan

Who all can buy ICICI Pru Immediate Annuity Retirement Plan?

Individual and group superannuation customers can avail ICICI Pru Immediate Annuity Retirement Plan.

What is the maximum and minimum annuity per annum?

The minimum annuity per annum is Rs. 12,000. There is no maximum limit.

What are the tax benefits that can be claimed on ICICI Pru Immediate Annuity-Retirement Plan?

An entity can claim tax benefits on premium paid under Section 80CCC and commutation under Section 10(10A) of the Income Tax Act, 1961.

Close