With increasing life expectancy, your retired years will be longer than your working years. You will also have to cope with a much higher rate of inflation, declining interest rates and rising costs of medical expenses. That's why it is critical to plan for your retirement, and the earlier you do so, the better. 

We can help you do just that. ICICI Prudential Life Insurance presents LifeTime Pension - a complete solution which gives you the power to plan your retirement the way you want. 

This plan gives you the power to
- choose from 3 plans to save for your pension.
- start your pension when you are ready.
- take a break from premium payment.
- receive pension in 4 different ways.
- opt for additional health and life cover while you save for your pension.

What is LifeTime Pension Policy?
It provides regular income for your life from a date, which can be chosen by you. The amount you receive would depend upon the premiums you pay, the market value of your investment and the option of the annuity chosen.

How does LifeTime Pension Policy work for you?
It is a pension plan that provides the benefit to you to invest your money in market-linked funds. During the deferment period when you pay the premiums, a part of the premium is used to pay for the death benefit (if any) opted by you and the rest would be invested in the plan of your choice. Entry into the plan will be based on the Unit Value¹ applicable on the date of issuance.

What benefits does this plan offer you?
Death Benefit In case of the unfortunate event of death, your spouse would get the higher of the death benefit 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 and are not guaranteed.

At vesting, you will have the option of taking upto 25% of the value of units at the time of vesting as lump sum. The remaining will be used to provide with a regular stream of income for life.

What tax benefits are available with LifeTime Pension?
Tax benefit u/s 80CCC(1):upto Rs10, 000 deducted from your taxable income.

What are your flexibility options?
Choice of Retirement Date: You have the flexibility to start your pension whenever you want after a stipulated age. A choice that lets you make the best of the market conditions by timing the start of your pension.

Choice of Plans: You have the option to choose between our Growth Plan, Income Plan or Balanced Plan

• Maximiser (Growth) Plan: This plan offers you the benefit of long-term capital appreciation from a portfolio that is primarily invested in equity and equity linked securities.

• Protector (Income) Plan: This plan offers you steady returns with a portfolio that primarily invested in debt and debt related securities.

• Balancer (Balanced) Plan: This plan offers you the flexibility of growth and steady returns with the portfolio being invested in a mix of equity and fixed income securities.

Increase/Decrease Death Benefit: You have the option of opting for a zero death benefit so as to make this a pure accumulation product. In case you opt for a death benefit you have the option of increasing or decreasing the cover during the deferment period depending upon your needs. The increase is @ 25% of the original death benefit subject to a maximum of Rs1,00,000 upto a maximum of three times.²

Switch between funds: During the deferment period you can switch between the various plan options to take advantage of the prevailing market conditions or with the change in your priorities. You can do one free switch every year.

Top-up of Investments: During the deferment period you have the option of increasing your investment with top-ups (minimum amount of Rs10, 000).

Annuity Options: You have the flexibility to choose from four different annuity options

• Life Annuity: Annuity for Life.

• Life Annuity with Return of Purchase Price: Life Annuity for the annuitant with the return of the purchase price to the beneficiary.

• Life Annuity Guaranteed for 5, 10, 15 years: Guaranteed Annuity is paid for the chosen term (5/10/15) and after that the annuity continues if at that time annuitant is alive.

• Joint Life, Last Survivor with Return of Purchase Price: In this case the annuity is first paid to the annuitant, after the death of the annuitant the spouse starts getting a pension which is equal in amount of the annuity paid to the annuitant. After the death of the last survivor the purchase price is returned back to the beneficiary.
  

Open Market Option: This option gives you the flexibility to buy a pension from any other insurer of your choice, at the time of vesting. So you have the freedom to take the best from the market.

What additional features does this plan offer you?
For protection to your family against any unfortunate health hazards or eventuality we offer you the following add-on benefits/riders with this plan

• Critical Illness Benefit - in this rider, in the event of the life assured contracting a critical illness an additional payment equivalent of the sum assured under the rider would be made. The advantage of this is that it is a standalone rider and the cover is available upto a maximum of 65 years of age. Claims for critical illness is not admitted for the first 6 months of the policy. This benefit is payable on the life assured surviving 28 days from such diagnosis.

• Major Surgical Benefit - this is a cover available against the Major Surgical Procedures. Depending upon the surgery 50%, 30% or 20% of the Sum Assured under the rider is been paid. This provides the cover for the term subject to a maximum of 65 years. Claim for this rider is not admitted for the first 6 months of the policy.

•  - on death due to accident the nominee gets additional sum assured under the rider. In case of accident death while traveling by mass surface transport, the nominee will get twice the sum assured under the rider. Accidents can also temporarily impair one’s capacity to earn, in such an event of total and permanent disability 10% of the sum assured is paid out every year for 10 years. Also the premiums for the base policy are waived to the extent of the rider cover.

How much you have to pay?
The minimum premium in this plan is Rs10, 000. However you have the flexibility of paying yearly (Rs10, 000), half-yearly (Rs5, 000) and monthly (Rs 833)

What are your entry conditions?
You can apply for this plan if you are between 18 and 60 years of age. The minimum age of vesting is 50 years. You have the flexibility of choosing the vesting age between 50 and 70 years of age. Minimum Term of the product is 10 years.

What would be the charges on your policy?

• The initial administrative charges in the 1st year would be 20% of the premium, for premium amounts less than Rs.50,000/-. For premiums equal to or more  than Rs.50,000/-, it is 18% of the premium. In case you have opted for Zero Death Benefit it is 18% and 15% for the same premium bands. However, in all the cases charges would be 7.5% in the 2nd year and 4%  from 3rd year onwards.

• Other Charges: Annual administrative charges of 1.00% p.a. of net assets for protector (Income) and 1.25% p.a. for Maximiser (Growth) and Balancer (Balanced) options. Annual investment charge of 0.5% p.a. of the net assets for Protector and 1% p.a. of the net assets for Maximiser and Balanced.

What is your exit option?
Your policy acquires a paid up value and surrender value after premiums for 3 full years have been paid. A surrender value equivalent to the value of units would be paid, if you decide to surrender the policy.

1. The Unit Value is calculated bi-weekly on a forward pricing basis.
   

   Unit Value =

   Market/Fair value of the Plan’s investments +Current Assets- Current Liabilities Number of Units Outstanding under the relevant Plan.

    

2. You have the option of increasing your death benefits beyond the 3 times with underwriting. However any increase in the death benefit after the age of 45 years would be subject to underwriting. Once having decreased the death benefit any increase in the same would be subject to underwriting.

• The Company reserves the right to change the investment charges with prior approval from the Insurance Regulatory and Development Authority upto a maximum of 1.50% per annum of the net assets for each of the plans.

• The company reserves the right to change the annual administrative charge with prior approval from the Insurance Regulatory and Development Authority upto a maximum of 2% per annum of the net assets for each of the plans.

• The Company reserves the right to modify the Insurance charges and the Processing charge with prospective effect after giving a notice of three months to the policyholder.

• The Life Assured who does not agree with the modified charges shall be allowed to withdraw the units in the plans at the then prevailing unit value and terminate the policy.
  

The Life Assured is aware that the investment in the Units is subject to the following risks

1. LifeTime Pension Policy is only the name of the policy and does not in any way indicate the quality of the Policy, its future prospects or returns.

2. Maximiser (Growth) Plan, Protector (Income) Plan and Balancer (Balanced) plan are the names of the Plans and do not in any manner indicate the quality of the Plan, their future returns or returns.

3. The investments in the Units are subject to market and other risks and there can be no assurance that the objectives of any of the Plans will be achieved.

4. The Unit Value of the Units of each of the Plans can go up or down depending on the factors and forces affecting the financial and debt markets from time to time and may also be affected by changes in the general level of interest rates.

5. The past performance of other Plans of the Company is not necessarily indicative of the future performance of any of these Plans.

6. The plans do not offer a guaranteed or assured return.

7. All benefits payable under the Policy are subject to the tax laws and other financial enactments as they exist from time to time.

In case the Unit Value is inadequate to cover charges, the policy will terminate.

Free Look period
Under the free look period, you now have the flexibility to review your policy. If, during this period, you wish to return your policy after reviewing the terms and conditions, you may do the same, by returning the original policy certificate, the policy document and a letter stating the reasons for the return. Please note that these must reach our  Customer Service Desk  within 45 days from the date of receipt of the policy at your end. 
We shall refund the premium paid by you, after deducting certain charges. These charges include a proportionate risk premium for the period of cover, the stamp duty on the policy and/ or any expenses borne by the Company on the medical examination.

In case of a market linked policy, your units will be repurchased by us at the unit value determined on the Valuation Date following the date of cancellation after deducting the charges mentioned above.

Find out if the LifeTime Pension policy suits you

For more FREE queries and detailed information, do call our ICICI Pru Advisor. That way, you can learn how best to cover your life!  Phone at Chennai :  9884001588