ICICI Pru Easy Retirement
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| Launch Date | UIN | Status |
| 31/5/2016 | 105L133V03 | Active |
About ICICI Pru Easy Retirement
The ICICI Pru Easy Retirement plan is a unit-linked pension plan that offers post-retirement financial security. The benefits of the plan depend on the policyholder’s risk appetite; however, the plan offers an assured benefit to eliminate worries about market volatility. The plan has various vesting age options and offers two funds for investments.
Let’s understand this plan in brief before getting into its details:
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Modes of Payment |
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Claim Settlement Ratio of the Insurer |
97.88% |
| USPs of the Policy |
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Illustration |
Age at entry: 35 years Accumulated savings on maturity (pre-vesting) of fund is INR 49,35,964 with an assumed 8% rate of return and INR 18,73,711 with an assumed 4% rate of return. Expected yearly annuity on maturity (pre-vesting) of fund is INR 4,85,328 with an assumed 8% rate of return and INR 1,23,331 with an assumed 4% rate of return. |
How Does the Plan Work?
The plan has two phases, an accumulation phase and an income phase. Firstly, an individual is required to select a policy term and premium-paying term. Options for policy terms are 10, 15, 20, 25, and 30 years and options for a premium-paying term are 5 years, 10 years, or until the policy term lasts.
After the funds are accumulated, it can be invested in the following income options:
- Regular Income – Funds can be utilized to purchase an annuity plan that will pay out regular income
- Commutation plus Regular Income – 1/3rd of the accumulated fund can be opted for and the balance can be used to buy an annuity
- Postponement of Vesting Age – If the insured is below 55 years of age, the vesting age can be postponed as many times as needed
- Invest in a Single Premium Deferred Pension Product – The accumulated amount can be invested in a single premium deferred pension product
Premiums will be invested and can be switched between the following two funds:
A) Easy Retirement Balanced Fund
- Equity and equity-related securities: Min 0% | Max 50%
- Debt: Min 20% | Max 70%
- Money and market cash: Min 0% | Max 50%
- Risk: Moderate
B) Easy Retirement Secure Fund
- Debt: Min 40% | Max 100%
- Money and market cash: Min 0% | Max 60%
- Risk: Low
Death Benefits
In the event of death, the nominee is offered the highest of the following:
- Guaranteed death benefits = 105% of the sum of all premiums paid + top-ups
- Total fund value at time of the insured’s death
Maturity Benefits
Maturity benefits are offered according to the selected income option
Why Should I Buy This Plan?
The ICICI Pru Easy Retirement plan provides the following benefits in addition to all the ones mentioned earlier:
- On completion of the 5th and 10th policy year, a guaranteed pension booster is added to the corpus
- The vesting age can be extended if the policyholder is aged 55 or less
- The plan offers various annuity options
- The first four switches between funds are free of cost
COMPARE & BUY SIMILAR PLANS
Who Should Buy This Plan?
The plan can be purchased by citizens of India with a minimum age of 35 and maximum age of 70. The plan is a perfect combo of a guaranteed pension provision fund, life cover, and investment option for profits.
Company Overview
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc, a leading player in financial services sector based in UK. ICICI Prudential Life began operations in 2000 and was one of the first private sector companies, in India, to get IRDA’s approval. Along with its 7 other bancassurance partners and large distribution network, ICICI Prudential has turned into a formidable player in Indian life insurance sector.
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