ICICI Annuity Deposit Scheme

An Annuity deposit scheme is a financial product that is similar to a monthly income scheme. With it, you can make a one-time payment and get regular income for your lifetime after retirement. You can secure your retirement plans by investing in the ICICI annuity deposit scheme. It is the best way to convert your savings into a lifetime income. The scheme offers guaranteed regular income post retirement for life with either monthly, quarterly, half-yearly, or annual payout.

With the ICICI Pru Guaranteed Pension Plan, you can secure your spouse’s retirement and also get 100% of the purchase price returned to your nominee in case of demise.

The ICICI Annuity Deposit Scheme provides tax benefits under Sections 80C, 80CCC, and 80CCD of the Income Tax Act. This allows individuals to claim deductions on contributions made towards annuity deposits.

ICICI Annuity Plan Interest Rates

The ICICI Pru Guaranteed Pension Plan stands out not just for its security but also for its high return rates, which can reach up to 12.3% p.a. This plan ensures that individuals not only enjoy a regular stream of income and financial stability post-retirement but also have the opportunity to earn impressive returns on their investments. With such attractive rates, this plan becomes an appealing option for those looking to secure their future.

Besides, ICICI Monthly Income Plan you can also check & compare the ICICI Fixed Despoit Rates. You can compare them while considering FD investments with ICICI Bank.

For ICICI Fixed Deposit return calculation, you can use the online FD Calculator. This will simplify your financial calculations, helping you plan your finances with ease.

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ICICI Bank Annuity Deposit Scheme Eligibility Criteria

To invest in the annuity deposit scheme ICICI, you will need to understand and meet certain conditions that the bank offers. These are:

Minimum age of entry 40 years for primary annuitants and 30 years for secondary annuitants.
Maximum age of entry For Single Life with Accelerated Health boosters option: Lower of 70, 80 years with a Deferment period of 1 year.
Other options: 70 years
Premium payment term 5 to 15 years
Deferment period 5 to 15 years (in multiples of 1 year)
(The deferment period is the time between starting the policy and when the annuity payments begin. Customers can select this period when they start the policy.)
Premium payment frequency Annual, Half-yearly, and Monthly
Minimum annuity ₹12,000 per year

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The deferment period is the time between when the annuity deposit policy is purchased and when the payments begin.

An annuitant is the individual who receives payments from an annuity. They are the person on whose life the annuity is based, and they typically receive periodic payments from the annuity contract, either for a specified period or for the rest of their life.

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Types of Annuity Deposit Scheme ICICI

Having the flexibility to choose the right annuity plan is crucial. With ICICI Pru Guaranteed Pension Plan, you have a range of options to fit the plan according to your needs. From selecting the annuity frequency to deciding when you can start receiving payments, and even customising the type of guaranteed additions during the deferment period, these plans offer flexibility and control. The different types of ICICI bank annuity deposit scheme are:

  • Single Life Without Return of Premium: Under this option, the annuity begins after the deferment period chosen by you. Ensuring regular payments throughout the Annuitant's lifetime.
  • In the unfortunate event of the Annuitant's demise, during the deferment period, a death benefit amount will be provided to the nominee. However, if the Annuitant passes away after the deferment period, no death benefit will be relieved, and the policy will cease.
  • Joint Life Without Return of Premium: This plan offers the annuity to be paid not only for the entire life of the primary annuitant but also after the primary annuitant's demise, the annuity amount is also paid to the secondary annuitant chosen by you. The secondary annuitant can be the primary annuitant's spouse, child, parent, or sibling. However, upon the secondary annuitant's death, no further benefits will be payable, and the policy will terminate.
  • If both the primary and secondary annuitants pass away during the deferment period, a death benefit amount will be provided to the nominee. Subsequently, no additional benefits will be relieved, and the policy will terminate. If either the primary or secondary annuitant dies after the deferment period, no death benefit will be relieved
  • If you choose the premium waiver benefit, the total premiums paid will include the waived premiums.
  • Single Life with Return of Premium: Just like the first plan option, in this one as well, the annuity begins at the end of the deferment period you choose, lasting for the annuitant's lifetime. If the annuitant passes away, the nominee receives the death benefit, and the policy ends.
  • Joint Life with Return of Premium: In this option, the annuity starts after the chosen deferment period and lasts for the Primary Annuitant's life. After the Primary Annuitant's death, it continues for the Secondary Annuitant. If the Secondary Annuitant passes away, the nominee receives the death benefit, and the policy ends. If you choose the waiver of premium benefit option, it will include waived premiums.
  • Single Life with Return of Premium (ROP) on Critical Illness (CI) or Permanent Disability due to Accident (PD) or Death: In this option, the annuity is paid to the Annuitant after the deferment period ends. The annuity will continue for life until the Annuitant is diagnosed with any of the specified critical illnesses (CI) or permanent disabilities (PD) before the age of 80, or in case of death, whichever happens first. If the Annuitant passes away or is diagnosed with any of the specified CI or PD, the death benefit will be paid based on the Annuitant's age. Please refer to the product brochure from the website for further information.
  • Single Life with Booster Payouts: This policy offers access to extra funds for unexpected expenses alongside regular income. With this ICICI-guaranteed pension plan option, the Annuitant receives annuity payments for life after the chosen deferment period, along with Booster payouts.

Some key features of the Booster payouts are:

  • The first Booster payout occurs on the 5th policy anniversary after the deferment period ends. Subsequently, Booster payouts are made every 5 years on policy anniversaries.
  • The Annuitant can receive a maximum of 5 Booster payouts.
  • Each Booster payout amounts to 10% of the Total Premiums Paid (excluding top-up premiums).

Please note that Booster payouts are not additional and will reduce the Death Benefit payable to the nominee in case of the Annuitant's death. After that, no further benefits are paid, and the policy ends.

Single Life with Accelerated Health Boosters: This policy is great for individuals who may require assistance with daily activities later in life. This annuity option offers annuity payments for life after the deferment period ends. Whereby if the Annuitant is diagnosed with an inability to perform at least 3 of the 6 specific Activities of Daily Living, the annuity amount increases with "Accelerated Health Boosters."

The features of this policy are as follows:

  • Upon diagnosis of the inability to perform specified activities, the annual annuity increases by an additional 10% of the Total Premiums Paid. This enhanced annuity is payable for 10 years or until the Annuitant's death, whichever is earlier. The base annuity continues for the Annuitant's lifetime.
  • The additional amount does not affect the base annuity's lifelong payment.
  • This benefit begins after the deferment period or when the Annuitant turns 60, whichever is earlier , and is available until age 80.

In the event of the Annuitant's death, the nominee will receive the Death Benefit, after which the policy terminates.

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Features & Benefits of Annuity Deposit Scheme in ICICI Bank

The features and benefits of the ICICI annuity deposit scheme are:

  • Enjoy the flexibility of making regular contributions that fit your budget.
  • Choose a payment period that aligns with your financial goals.
  • You can delay your income (Deferred Annuity) and decide when you want your annuity payments to begin.
  • Receive your income monthly, quarterly, half-yearly, or yearly, whichever best suits your needs.
  • Choose from 7 various plans designed to address your specific retirement goals.
  • Secure the well-being of your spouse with joint life annuity options, including a Waiver of Premium feature to ensure their financial security even after you're gone.
  • Consider annuity options that can help you manage healthcare costs and maintain your desired lifestyle in your golden years.
  • ICICI Annuity Deposit Scheme offers an additional layer of protection through its death benefit feature. Where, in the event of your passing, a designated beneficiary will receive a lump sum payout.
  • Receive your annuity payments on a specific date of your choosing (subject to plan options).
  • Increase your investment over time by adding additional funds whenever you have them available.
  • ICICI annuity deposit scheme also offers tax benefits under Section 80C, 80CCC, and 80CCD.

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Frequently Asked Questions

Anyone who is 40 years of age is eligible for the ICICI bank annuity deposit scheme. However, for a secondary annuitant, the minimum age can be 30 years.

The minimum payout offered by annuity deposit scheme ICICI is ₹12,000 which is also ₹1000 every month. The maximum amount however depends on the board-approved policy.

The interest rate offered by the ICICI annuity deposit scheme is up to 12.3%.

The option to surrender the policy is available for some plans.

Yes, you can enjoy tax benefits under Section 80C, 80CCC and 80CCD

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