We all wish to pursue a good life after the retirement. This we look forward to purchased such a pension plan which can help us spend a financially sound life even after we stop working. Choosing a better retirement plan or pension plan may be a perplexing job as there are a number of insurance companies offering retirement plans and each retirement plan has its own set of pros.
Today we bring you the review of one such retirement plan by ICICI. This review will help you in selecting the right retirement insurance plan for yourself. Let’s begin.
Some of Prominent Pension orRetirement plans are
- ICICI Prudential,
- LIC’s JeevanAkshay-VI, New JeevanNidhi, and Varishtha Pension BimaYojna
- HDFC Life Personal pension plus, HDFC Life Pension Super Plus, HDFC Life Single Premium Pension, HDFC Life Guaranteed Pension Plan; and,
- SBI Life Saral Pension, SBI Life Retire Smart, and SBI Life Annuity Plus.
ICICI Prudential
ICICI Prudential Easy Retirement Insurance Plan is the second pension plan linked to market after the Subh Retirement plan that is not available from October until it goes through the some modifications making it conform to the new product regulations.
Benefits &Features
This plan offers the minimum guaranteed maturity advantage that is 101 percent of total premium paid.
- At the time of the Maturity, you are benefited with either the minimum guaranteed maturity benefit or the fund value, whichever is greater.
- In case of Death, the minimum death benefit is offered at 105 percent of total amount of all paid premium until the time of death.
- Thus nominee is provided either the minimum death benefit or the fund value, whichever is calculated greater.
After completing the 10 years, and thereupon after every five years, additional loyalty boosting pension is also provided. This loyalty is 5% of the average daily fund value of last 12 months.Ifyou have not paid the premium for five years, you won’t be able to obtain this advantage.
Allocation and Administration Charges
The premium allocation charges and the policy administration charges are calculated on the basis of the amount and the frequency of the premium.
ICICI VS Other Retirement Plans
- LIC’s New JeevanNidhi Plan is based on the conventional pension plan that offers protection as well as saving features.
- In case of Death during fist five-year, Basic Sum Assured and acquired Guaranteed Addition are provided to the nominee. If Death occurred after 5 years, Basic Sum Assured, accrued Guaranteed Addition, Simple Reversionary, and final extra bonus if any is paid to nominee.
- HDFC Life Guaranteed Pension Plan is also a plan that keeps your money saves from the market downturns. It also promises to pay limited premium paying term as well as assured benefit on death or at vesting. 6 percent annual compound interest is paid on total amount of all paid premiums.
- SBI Life Saral Pension is also a sort of traditional pension plan and it keeps your money secure from the market volatility. AsDeath benefit, Nominee gets 0.25 percent compound annual interest on total premium, vested reversionary bonus, and terminal bonus or 105 percent of total paid premium.
- LIC’s Pension plan offers death cover at the time of the deferment period, as well as it also provides annuity on the survival to the date of the vesting.
- HDFI’s plan offers guaranteed addition of 3% of Sum Assured; it is accrued on each completed year.
- SBI’s plan offers flexibility in which you can put off vesting date 70 years of age, and you can also increase the accumulation as well as deferment period of your policy.
Final Word
The Retirement plan from ICICI is such that it assists you to manage your retirement corpus easily in a cost effective way. The plan offers you capital guarantee feature that keeps your capital safe from the market downturns. The plan also lets you decide your equity exposure as per your risk bearing capacity. However, the guaranteed benefits offered in this plan are much less than the benefits offered by the other plans; it is thought that it should have changed into lesser guaranteed cost. But, you choose a balanced fund, you get free from such terms. If you wish some equity exposure, you need to seek a cheaper product.