MARKET LINKED PLANS

ICICI Pru has launched various pension plans, suitable for all income groups. Let us explore them and find out the perfect retirement plan for you. ICICI PRU LIFETIME PENSION POLICY ICICI Pru Life Time Pension policy is a market linked total protection plan, which provides complete financial security to the family coupled with the benefits of regular returns after a certain age. The plan, apart from offering protection for life, also allows the policyholder to get market-linked returns. The product combines the benefits of both an investment product and an insurance plan. Along with this, the product offers a lot of flexibility. BENEFITS UNDER THE POLICY Death Benefit: In case of the unfortunate death of the policyholder the beneficiary gets the higher of the death benefit chosen by the policyholder or the value of the units as on that particular date. Withdrawal Benefit: There is no maturity date. Anytime after 3 years of commencement (provided policyholder has paid premium for 3 full years), the policyholder can make withdrawals through partial or complete surrender of units. Annuity Benefit: On the date of vesting (retirement), the policyholder starts receiving a regular income for life. This amount depends upon the annuity option chosen by him and the value of units as on the vesting date. At vesting, he has the option of taking up to 25% of the value of units (at the time of vesting) as lump sum. The remaining will be used to provide a regular stream of income for life. Choice of Retirement Date Benefit: This Plan provides flexibility to start annuity at a desired age and desired time period, which allows the policyholder to make the best of the market conditions. Under this plan annuity could be started when market conditions are positive and could be postponed to 70 years of age. Tax Benefit: A tax benefit up to Rs 10,000 deducted from the policyholders’ taxable income under section 80CCC(1) is available. ELIGIBILITY CRITERIA One can apply for this plan only if one is between 20 and 60 years of age. ICICI PRU LIFE LINK PENSION POLICY ICICI Pru Life Link allows one to enjoy both the benefits. It is a unique plan, that combines the security of a life insurance policy with the opportunity of enjoying high returns on investments. It provides death benefit security to the family of plan-holder, brings additional income on funds that might have languished in ones savings account. Enables one to enjoy the upside of market returns, while protecting family from the downsides. This pension plan provides the benefit to you to invest your money in market-linked funds. During the deferment period when, a part of the premium is used to pay for the initial charges and the rest would be invested in the plan of your choice. The returns under the plan depend on the plan chosen. BENEFITS UNDER THE POLICY Death Benefit: You have the flexibility of choosing a zero death benefit or a death benefit of 105% of the premium. In case of the unfortunate event of death, the spouse would get the higher of the death benefit (105% or 0% of the premiums paid) chosen by you or the value of your units as on that date. Your spouse would have the option to either take the higher of the death benefit or the value of units or opt for an annuity. Annuity Benefit: On the date of vesting (retirement), you start receiving a regular income for life. This amount would depend upon the annuity option chosen by you and the value of units as on the vesting date. . The annuity would also depend upon the annuity rates offered by the company as on that date. At vesting, you will have the option of taking up to 25% of the value of units at the time of vesting as lumpsum. The remaining will be used to provide with a regular stream of income for life. Withdrawal Benefit: There is no specific maturity date. Anytime after 1 year one can choose to withdraw money through partial or complete surrender of units. The death benefit would be reduced by the 1.05 times amount withdrawn. ELIGIBILITY CRITERIA You can apply for this plan if you are between 18 and 62 years of age. Types Of Plans (common for both policies) Income Plan: If your priority is steady returns, you can opt for an Income Plan. Here you can accumulate a income at a low risk across a medium to long term period. Balanced Plan: If you prefer a balance of growth and steady returns choose the Balanced Plan policy. This would ensure that your portfolio is invested in equity and equity-linked securities as well as in fixed income securities. Growth Plan: If high growth is your priority, this is the optimum plan for you. You can enjoy long-term capital appreciation from a portfolio that is invested primarily in equity and equity-related securities.