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ICICI Pru Immediate Annuity is a non-linked insurance plan that helps you to build a retirement corpus that enables you to receive an annuity for life at a frequency chosen by you. It also provides 5 immediate annuity options that are designed to meet your needs.
Get QuotesLife Annuity: Under this option, you will receive annuity for the entire life.
Life Annuity with Return of Premium: This option pays you annuity for life and upon death of annuitant, the initial purchase price is returned back to the nominee or legal heir.
Joint Life Last Survivor: Under this option, the annuity is first paid to the primary annuitant. Upon death of the primary annuitant, the named spouse receives the annuity till his/her survival. Where the named spouse has pre-deceased or he/she is no longer a legal spouse at the time of death of the annuitant, no benefits are payable on and from the death of the annuitant.
Joint Life Last Survivor with Return of Purchase Price: The annuity is paid to the annuitant. Upon death of the annuitant, the named spouse receives the annuity. On the death of the named spouse, the purchase price (premium) is returned to the nominee/legal heir. In case, the named spouse has pre-deceased or he/she is no longer a legal spouse at the time of death of the annuitant, no benefits are payable on and from the death of the annuitant.
Annuity guaranteed for 5, 10, 15 years and Payable for Life Thereafter: The guaranteed annuity is payable for the chosen term of 5/10/15 years and after that till the annuitant is alive. In the event of death of annuitant during the chosen term, the nominee will receive the annuity for the remaining guaranteed term.
Immediate Annuities are offered to both individual and group customers.
With ‘Life Annuity with Return of Premium, annuity option, upon death of annuitant, the initial purchase price is returned back to the nominee or legal heir.
With ‘Joint Life Last Survivor’ annuity option, the named spouse receives the annuity till his/her survival.
With ‘Joint Life Last Survivor with Return of Purchase Price’ annuity option, the named spouse receives the annuity. On the death of the named spouse, the purchase price (premium) is returned to the nominee/legal heir.
With ‘Annuity guaranteed for 5, 10, 15 years and payable for life thereafter’ annuity option, in the event of death of annuitant during the chosen term, the nominee will receive the annuity for the remaining guaranteed term.
An annuitant who has availed an immediate annuity, can then make an additional annuity purchase to increase the annuity payout.
No bonuses are applicable.
No loan benefit is available under this plan.
No surrender value is payable under this plan.
| Factor | Minimum | Maximum |
| Age (as on last birthday)* | 45 Years | 100 Years |
| Annuity Payout Amount | Rs 12,000 Per Annum | No Limit |
| Annuity Payout Frequency | Annually, Semi Annually, Quarterly & Monthly | - |
| Premium Paying Term | Single | - |
| Purchase Price/Premium Amount | Depends On The Annuity Income Chosen | - |
| Freelook Period | 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy | - |
| Grace Period | Nil | - |
| Plan Type | Online/Offline | - |
No rider can be opted under this plan.
The premiums paid are eligible for tax benefits under the Income Tax Act, 1961.
Ashwin Rai at 45 years of age is looking to buy a plan that can provide immediate annuity for life. He thus opts to buy ICICI Pru Immediate Annuity chooses ‘Life Annuity with Return of Premium’ annuity option with the annuity payout of Rs 1 Lac per annum.
Scenario I: On survival of Ashwin
In case of survival of Ashwin, the annuity amount of Rs 1 Lac (annual) is payable for life. It helps him take care of his expenses.
Scenario II: On demise of Ashwin
On the demise of Ashwin, the purchase price is returned back to the nominee/legal heir.
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