You can use your lump sum savings to purchase an ICICI Pru Immediate Annuity plan. This payment has to be made only once at the beginning. So by paying once, you have the opportunity to get pay-outs for the rest of your life.

How does ICICI Pru Immediate Annuity plan work?

After you purchase this plan by making a one-time payment, you have to choose the number of times you will get your pay-outs, also called the pay-out mode. You can receive your pay-outs either monthly, quarterly, half-yearly or yearly as per your need.

Once you choose the mode to receive your pay-outs, you have to choose a pay-out option. This allows you to choose a nominee* who will receive the pay-out in your absence.

How does the pay-out option work?

Through a lump sum investment, you start getting a regular income, also called the annuity. The actual amount of annuity chosen by you will depend upon the annuity rate applicable at the time of purchasing the plan. These rates are guaranteed throughout your life.

What are the pay-out options available?

• 1. Life Annuity: You will receive pay-outs for life under this option.

• 2. Life Annuity with Return of Purchase Price: You will receive pay-outs for life in this option. In your absence, the purchase price of this plan will be returned to your nominee*.

• 3. Joint Life, Last Survivor without Return of Purchase Price: Similar to the Life annuity option, the company gives you the pay-outs for life first. In your absence, your spouse will continue to receive the same pay-out amount as pension for life.

• 4. Joint Life, Last Survivor with Return of Purchase Price: In this option, you will receive the pay-out amount for life. In case of an unfortunate event, your spouse will continue to receive the same amount as pension for life. In the absence of both you and your spouse, the purchase price of this plan will be returned to the nominee chosen by you.

• 5. Life Annuity guaranteed for 5/10/15 years and thereafter: In this pay-out option, the regular pay-outs will be provided (to you or your spouse) for a chosen term (i.e. 5, 10 or 15 years), in both, your presence and absence. If you complete this term, the pay-outs will still continue for the rest of your life. However, your spouse will not receive pay-outs in your absence after the completion of the chosen term.
  

*Nominee is the person you appoint at the time of purchase for receiving the benefits of your insurance policy in your absence.

You would be further eligible for a discount on the Purchase Price, depending upon the annual payout amount under the plan chosen by you.