Everything You Need To Know About The ICICI Pru Guaranteed Pension Plan
Published On Jun 15, 2021
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Pension plans are efficient and effective to maintain a regular income even after you retire. They help you save up your hard-earned income towards a fruitful future. Once you retire, you may leave work, but life goes on. Subsequently, the expenses required are also ever present and may even increase.
The ICICI Pru Guaranteed Pension Plan is one such retirement plan that helps you have a financially stable future. Before purchasing a plan, it is important to know about it. Here is everything you need to know about the ICICI Pru Guaranteed Pension Plan.
Benefits of ICICI Pru Guaranteed Pension Plan
Lifelong Guaranteed Annuity
This pension plan is effective as soon as you contribute to it. Not only do you get lifelong guarantee of income from this plan, but your income can start as soon as the month after your plan gets approved.
Choice of Annuity Option
Under this pension plan, you can choose the annuity option you want. There are eleven annuity options present, with this plan, and you can choose from them according to your needs and circumstances.
Choice of the Beginning of Income
The ICICI Pru Guaranteed Pension Plan is very flexible when it comes to providing income. You can either start with it immediately or choose to obtain it later. It can be ten years later or even one year later.
Fret not if you do not have the ideal income you think you need for a pension plan currently. As you work up to it, you can contribute accordingly to your retirement plan. Top-ups help you increase the premium amount of your pension plan. This is especially helpful if you purchase the plan at a young age.
Tax benefits are applicable on the ICICI Pru Guaranteed Pension Plan. According to the Income Tax Act of India, it can avail benefits under section 80CCC (on the premium amount) and section 10(10A) (for commutation).
The ICICI Pru Guaranteed Pension Plan comes with added benefits such as online boosters, loyalty boosters and NPS benefits. They are given out quite efficiently. These also provide an advantage for this plan above others.
Eligibility for ICICI Pru Guaranteed Pension Plan
Before you apply for the ICICI Pru Guaranteed Pension Plan, check out the following pointers to see if you are eligible for this pension plan.
- You need to be at least 45-year-old to purchase this retirement plan
- The minimum amount of annual pay-out must be 100 INR
- The annuity can be paid out on a monthly, quarterly, annually and semi-annually basis.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.