I AM FUTURE-READY

WITH GUARANTEED INCOME FOR LIFE

# *

*Annuity will be payable in arrears. The frequency of annuity payments can be monthly, half-yearly, quarterly or annually as chosen by the annuitant at
the time of purchasing the annuity. The annuity amount chosen at policy inception is guaranteed for life.
Why should you The essence of financial independence is to live, work and retire on your

BUY
own terms. Today, with rising prices, increasing health care costs and
higher life expectancy, you need a concrete plan to keep enjoying your
current lifestyle, even after you retire.

ICICI Pru Guaranteed Pension Plan gives you the financial freedom to
this plan? decide when you want to retire. It guarantees a regular stream of income
throughout your life to ensure that you retire from work and not from life.

Key Benefits

Guaranteed# lifelong annuity: Choose your retirement date:

Pay once (Purchase Price) and Choose to receive your annuity
get guaranteed# regular income for now or after 1 to 10 years
your entire life (Annuity)

Flexibility Option
to receive annuity monthly, to take the plan for
quarterly, half-yearly or yearly single life or joint lives

Wide range of annuity options: Early Return of Purchase Price options:

Choose from 11 annuity options Options to receive purchase price back
to suit your financial needs from age 76 or at age 80

Return of Purchase Price High Purchase Price Benefit

option on death, Critical Illness or gives you additional annuity as per the
Permanent Disability due to accident purchase price slab and annuity option

Top up option
lets you increase your annuity and
benefit from High Purchase Price
#
T&C apply
 Annuity Options available under the plan

Annuity Options With ROP Without ROP

• Single life with Return of • Single life without Return of

Purchase Price Purchase Price
• Joint life with Return of • Joint life without Return of
Purchase Price Purchase Price
• Single Life with Return of Purchase
Price from the Age of 76
Immediate Annuity
• Single Life with 50% Return of
Options
Purchase Price at age 80
• Single Life with Return of Purchase
Price at age 80
• Single life with return of purchase price
on Critical illness (CI) or Permanent
Disability due to accident (PD) or Death

• Deferred Single life with return of purchase price:

• Deferred Joint life with return of purchase price
Deferred Annuity • Deferred single life with return of purchase price
Options on Critical illness (CI) or Permanent Disability
due to accident (PD) or Death

How to start your lifelong income?

• Choose the annuity you wish to receive, or choose the Purchase Price that you wish to pay
• Choose your annuity option, annuity payout frequency and the year from which you would like to receive
the annuity.
• Enter your basic details & of the joint life (if applicable)
• Pay the Purchase Price and receive your guaranteed# annuity payout for life.

T&C apply
#
 Plan at a glance

The minimum age at entry for the annuitants is as follows:

Minimum Maximum
Annuity Options
Age at Entry Age at Entry

Ÿ Single Life with Return of Purchase Price at Age 80 30 65

Ÿ Single Life with Return of Purchase Price from the Age of 76 30 70

Ÿ Single Life with 50% Return of Purchase Price at Age 80
Ÿ Single life with Return of Purchase Price on Critical illness (CI)
Permanent Disability due to accident (PD) or Death
Ÿ Deferred Single Life with Return of Purchase Price on Critical
illness (CI) or Permanent Disability due to accident (PD) or Death

Ÿ For all other Deferred Annuity Options 30 85

Ÿ For all other options 30 100

In case of annuity being purchased from the proceeds arising out of the surrender benefit, maturity benefit
or death benefit payable under Pension accumulation plans minimum age at entry would be 0 years for
Immediate Annuity options and 30 years for Deferred annuity options. If the Annuitant is a minor then the
policy shall not automatically vest on the Annuitant attaining the age of majority.
For policies sold through POS channel:
i. Minimum Age at entry: 40 years last birthday ii. Maximum Age at entry: 70 years last birthday
iii. Only Immediate Annuity Single life with return of purchase price option would be available
For policies under QROPS, the minimum vesting age for the policy would be 55 years last birthday.
In case of Joint life annuity, age restrictions apply to both lives.
This product is also available for online sale.
Minimum annuity payouts shall be in accordance with IRDAI (Minimum limits for Annuities and other benefits)
Regulations, 2015. The minimum annuity per annum is ` 12,000, (` 1,000 per month) but there are no
maximum limits. Maximum Purchase Price would be subject to board approved under writing policy.
Minimum purchase price that will produce the minimum annuity mentioned above will depend on the annuity
rates, as applicable. The minimum annuity amount shall not be applicable for top up annuity.
The purchase price that you will pay will vary depending upon the annuity option chosen by you.
 Annuity options in detail

You can choose to get annuity immediately with Immediate Annuity options or anytime later through
Deferred Annuity options.
Annuity will be payable, in arrears, in monthly, half-yearly, quarterly or annual instalments as chosen by
you at the time of purchasing the annuity. Your purchase price for a given annuity will vary depending
upon the option chosen. The annuity option, frequency and the deferment period once opted cannot be
changed after the free-look period.
You can choose to take annuity for Single Life or Joint Life. In case of Joint Life, the Primary Annuitant will be
the primary person entitled to receive the Annuity Payouts, while the Secondary Annuitant will be entitled
to receive the Annuity Payouts in the event of death of the Primary Annuitant. In case of Joint Life, the
Secondary Annuitant can be the spouse/child/parent or sibling of the Primary Annuitant. For Joint Life
options with Return of Purchase Price, in case the Secondary Annuitant dies before the Primary
Annuitant, the Purchase Price shall be payable to the nominee. In case of Joint Life without Return of
Purchase Price option, no further benefits would be payable.

Immediate Life Annuity options:

1. Single life without Return of Purchase Price: This option pays you Annuity for life. On death of
the Annuitant, policy shall terminate and no further benefits would be payable.

2. Joint life without Return of Purchase Price: This option pays Annuity for life as long as either of
the two Annuitants are alive. On death of both the Annuitants, policy shall terminate and no further
benefits would be payable.

3. Single life with Return of Purchase Price: This option pays you Annuity for life. On death of the
Annuitant, the Purchase Price is paid out to the nominee and thereafter the policy shall terminate
and no further benefits would be payable.

4. Joint life with Return of Purchase Price: This option pays Annuity for life as long as either of the
Annuitants are alive. On death of both the Annuitants, Purchase Price is paid out to the nominee and
thereafter the policy shall terminate and no further benefits would be payable.
5. Single Life with Return of Purchase Price at age 80: This option pays you Annuity for life. The
Purchase Price is paid to the Annuitant on attaining 80 years of age or to the nominee on death of
the Annuitant whichever is earlier. The annuity payable to the Annuitant after the return of Purchase
Price at 80 years of age, would remain unchanged.

6. Single Life with 50% Return of Purchase Price at Age 80: This option pays you annuity for life.
50% of Purchase Price is paid to the annuitant on attaining 80 years of age and the remaining 50%
to the nominee on death of the annuitant and the policy shall terminate with all benefits. The annuity
payable to the Annuitant after the return of 50% of the Purchase Price at 80 years of age, would
remain unchanged. In case of death of the annuitant before attaining the age of 80, 100% of the
Purchase Price would be paid to the nominee and thereafter the policy shall terminate and no further
benefits would be payable.

7. Single Life with Return of Purchase Price from the Age of 76: This option pays you Annuity for
life. In addition, 5% of Purchase Price shall be paid to the Annuitant every year from Age 76 to 95
years as per the annuity payout frequency chosen at inception. On death of the Annuitant, the
balance Purchase Price is paid to the nominee and thereafter the policy shall terminate and with all
benefits. In case the Annuitant dies before attaining the age of 76, the Purchase Price is paid to the
nominee and the policy shall terminate. The annuity payable to the Annuitant during and after the
period in which Purchase Price is being returned would remain unchanged.
Balance Purchase Price is equal to Purchase Price less sum total of the Purchase Price paid by the
Company to the Annuitant from age of 76 years till date of death of the Annuitant.

8. Single life with return of purchase price on Critical illness (CI) or Permanent Disability due to
accident (PD) or Death:
This option pays you annuity for life till first occurrence of the 7 specified CI or PD before the age of
80, or death.
Purchase Price would be payable on the earlier of:
1.Occurrence of any of the 7 Specified CI or PD before the annuitant attains age of 80 years
2.Death of the annuitant
 In case of no occurrence of any of the 7 Specified CI or PD till the annuitant attains age of 80 years,
annuity will continue to be paid till the annuitant survives.
Details of benefits payable are as below:

Annuitant's
Event Benefit payable Recipient of Benefit
age

All For life of the annuitant, Annuity for life Annuitant

provided, no benefits on
specified CI, PD or death
have been claimed

Before the On occurrence of Purchase Price Annuitant;

annuitant attains specified CI or PD The policy terminates after
80 years of age the said payment.
On death Purchase Price Nominee;
The policy terminates after
the said payment.

On or after the On occurrence of Nil Not applicable

annuitant attains specified CI or PD
80 years of age
On death Purchase Price Nominee;
The policy terminates after
the said payment.
Deferred Life Annuity Options: You can choose to defer your pension by 1 to 10 years. You can lock
in the current interest rates for the annuity to be received after the deferment period is over.
The following options are available under deferred annuity:

1. Deferred Single life with return of purchase price: This option pays you annuity for life after the
end of deferment period (as chosen at inception). On the death of the Annuitant, Death Benefit shall
be payable to the nominee as below:
Death Benefit during the deferment period which is higher of:
a. Purchase Price + Accrued Guaranteed Additions
b. 105% of Purchase Price
Death Benefit post the deferment period which is higher of:
a. Purchase Price + Accrued Guaranteed Additions – Total annuity paid out till date of intimation of death
b. Purchase Price
Where, Guaranteed Additions per month = Total Annuity Payable in a policy year/12
Guaranteed Additions accrue at the end of every policy month during the deferment period only.

2. Deferred Joint life with return of purchase price: This option pays annuity for life after the end of
deferment period (as chosen at inception) as long as either of the two annuitants are alive. On the
death of the last survivor, Death Benefit shall be payable to the nominee as below:

Death Benefit during the deferment period is higher of:

a. Purchase Price + Accrued Guaranteed Additions
b. 105% of Purchase Price
Death Benefit post the deferment period is higher of:
a. Purchase Price + Accrued Guaranteed Additions – Total annuity paid out till date of
intimation of death
b. Purchase Price
Where, Guaranteed Additions per month = Total Annuity Payable in a policy year/12
Guaranteed Additions accrue at the end of every policy month during the deferment period only.
3. Deferred single life with return of purchase price on Critical illness (CI) or Permanent Disability
due to accident (PD) or Death:
Annuity is paid to the annuitant post the deferment period chosen at inception. Annuity will continue
till the annuitant survives or is diagnosed with any of the 7 specified CI or PD before the age of 80
years whichever is earlier. Lump sum benefit is payable on death or occurrence of any of the 7
Specified CI or PD in accordance to the age of the annuitant as mentioned in the below table.
The details of the benefits payable are as below:

During deferment period:

Annuitant's
Event Benefit payable Recipient of Benefit
age

Before the On occurrence of Lump sum amount which is Annuitant;

annuitant attains specified CI or PD higher of: The policy terminates
80 years of age 1. Purchase Price + Accrued after the said payment.
Guaranteed Additions
2. 105% of Purchase Price
On death Lump sum amount which is Nominee;
higher of: The policy terminates
1. Purchase Price + Accrued after the said payment.
Guaranteed Additions
2. 105% of Purchase Price
 Post deferment period:

Annuitant's
Event Benefit payable Recipient of Benefit
age

All For life of the annuitant, Annuity for life Annuitant

provided no benefits on
specified CI, PD or death
have been claimed

Before the On occurrence of Lump sum amount which Annuitant;

annuitant attains specified CI or PD is higher of: The policy terminates after
80 years of age 1.Purchase Price + Accrued the said payment.
Guaranteed Additions -
Total annuity paid out till
date of intimation of CI or PD
2. Purchase Price
On death Lump sum amount which Nominee;
is higher of: The policy terminates after
1.Purchase Price + Accrued the said payment.
Guaranteed Additions -
Total annuity paid out till
date of intimation of death
2. Purchase Price

On or after the On occurrence of Nil Not applicable

annuitant attains specified CI or PD
80 years of age
On death Lump sum amount which Nominee;
is higher of: The policy terminates after
1.Purchase Price + Accrued the said payment.
Guaranteed Additions -
Total annuity paid out till
date of intimation of death
2. Purchase Price
Where, Guaranteed Additions per month = Total Annuity Payable in a policy year/12
Guaranteed Additions accrue at the end of every policy month during the deferment period only.
 Other Benefits in detail

a) High Purchase Price Benefit: Benefits in the form of additional annuity as a percentage of the annuity
rates would be paid for Higher Purchase Prices as specified below:

Purchase Price <300,000 <500,000 <1,000,000 <2,500,000 >=2,500,000

All Immediate 0.00% 0.85% 1.50% 2.15% 2.50%

Annuity Options

Deferred Annuity options 0.00% 1.50% 2.25% 2.75% 3.00%

with deferment
of 1 to 5 years

Deferred Annuity options 0.00% 2.75% 3.25% 3.75% 4.00%

with deferment
of 6 to 10 years

b) Online Booster: Annuity will increase by 1% for policies purchased online.

c) Loyalty Booster: Annuity will increase by 1% for policies purchased by an existing ICICI Prudential
Customer.

d) NPS Benefit: Annuity will increase by 1% for policies purchased using proceeds out of NPS.
Customers can opt for only one of either Online Booster, Loyalty Booster or NPS Benefit.

e) Option to top up the annuity amount:

Ÿ You can increase your annuity income at any time by paying an additional premium.
Ÿ The annuity would be as per the then prevailing annuity rate and age.
 Ÿ The top-up Purchase Price will be added to the original Purchase Price for the purpose of giving the
annuitant the benefit of 'High Purchase Price Benefit'. The minimum annuity amount shall not be
applicable for top up annuity.
Ÿ This option can be chosen anytime while the policy is in-force.
Ÿ In case of deferred annuity option, the prevailing annuity rates would be derived so as to match the
timing of the top-up annuity with base annuity. For example, If a policyholder opts for 10 year
deferment period and opts for top-up after 2.5 years, prevailing annuity rates for deferment period
of 7 years and 8 years would be used to derive the annuity rate for 7.5 years.
Ÿ Guaranteed Additions will also apply on top-up annuity for Deferred annuity options. Top-up
purchase price will be considered for benefit payable on Survival, Death, CI/PD or Surrender, as
applicable.
Ÿ The prevailing annuity rate for revised purchase price slab will be applicable for the additional
purchase price.
Ÿ Benefit payable on Death, CI/PD or Surrender would be calculated separately for the original purchase
price and top-up purchase price as per their respective policy years and the total would be payable.

f) Loans:
Ÿ Facility of loan is allowed only for Deferred annuity options and only during the deferment period.
Ÿ Loan amount of up to 80% of the Surrender Value can be availed.
Ÿ The Company shall be entitled to call for repayment of the loan with all due interest by giving three
months’ notice, if the amount outstanding is greater than the surrender value.
Ÿ In the event of failure to repay by the required date, the policy will be foreclosed, the policy will
terminate, and all rights, benefits and interests under the policy will stand extinguished.
Ÿ Loan availed with all due interest would have to be paid before the end of the deferment period. At
the end of deferment period, in case loan with all due interest is not repaid, the excess of surrender
value over loan amount plus accrued interest would be paid to the policyholder and the policy would
be terminated.
Ÿ Applicable interest rate will be equal to 150 basis points in addition to prevailing yield on 10 year
Government Securities. The yield on 10 year Government Securities will be sourced from
www.bloomberg.com. The current loan interest rate for May 2023 is 8.49% p.a. compounded
semi-annually.
Ÿ The basis for computing loan interest will be reviewed from time to time and may be revised subject
to the prior approval of the IRDAI.
 Terms and conditions

1. Free look period

If you are not satisfied with the terms and conditions of this Policy, please return the Policy Document to
us with reasons for cancellation within
Ÿ 15 days from the date you received it
Ÿ 30 days from the date you received it, incase of electronic policies or policies purchased through
Distance Mode
On cancellation of the Policy during the free-look period the treatment will be as below:
i. Policies purchased out of proceeds of a deferred pension plan of ICICI Prudential Life
Insurance Co. Ltd. where Open Market Option is available: Premium paid less stamp duty will
be transferred to the insurer from whom the policyholder wants to purchase annuity, if applicable.
ii. For policies purchased as QROPS (Qualifying Recognized Overseas Pension Scheme), through
transfer of UK tax relieved assets: Premium paid, subject to the deduction of stamp duty under
the Policy shall be transferred back to the fund house from where the money was received.
iii. For policies purchased out of NPS proceeds: Premium paid less stamp duty, will be transferred to
the Central Record keeping Agency (CRA) account from where the money was received.
vi. For other policies: The Company will return the premium paid after deduction of stamp duty under
the policy.
The policy shall terminate on payment of the said amount and all rights, benefits and interests under this
policy will stand extinguished.
In case of policies sourced from NPS or QROPs proceeds, free look provisions shall be further subject to
provisions regarding procedures as per Rules and Regulations of the respective Regulator/Authority
(PFRDA/HMRC).
Cancellation of policy in free-look period is not allowed for policies purchased from the proceeds of a
group superannuation plan of ICICI Prudential Life Insurance Co. Ltd. where Open Market Option is not
available and it is mandatory to annuitize the vesting benefit.

2. Tax Benefits:
Tax benefits under the policy may be as per the prevailing Income Tax laws. We recommend that you
seek professional advice for applicability of tax benefit on premium paid and benefits received. Goods
and Services tax and applicable cesses will be charged extra, as per applicable rates. The tax laws are
subject to amendments from time to time.
3. Nomination:
Nomination in the Policy will be governed by Section 39 of the Insurance Laws (Amendments) Act,
1938, as amended from time to time. For more details on this section, please refer to our website.

4. Assignment:
Assignment in the Policy will be governed by Section 38 of the Insurance Laws (Amendments) Act,
1938, as amended from time to time. For more details on this section, please refer to our website.

5. Alterations:
No alteration can be made after policy has been purchased & policy free-look period is over.

6. Section 41:
In accordance with Section 41 of the Insurance Laws (Amendment) Act, 1938 , as amended from time to
time, no person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to
take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India,
any rebate of the whole or part of the commission payable or any rebate of the premium shown on the
policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such
rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
Any person making default in complying with the provisions of this section shall be punishable with fine
which may extend to ten lakh rupees.

7. Section 45 of the Insurance Act, 1938, as amended from time to time:

1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three
years from the date of the policy, i.e., from the date of issuance of the policy or the date of
commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever
is later.
2) A policy of life insurance may be called in question at any time within three years from the date of
issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date
of the rider to the policy, whichever is later, on the ground of fraud: Provided that the insurer shall have
to communicate in writing to the insured or the legal representatives or nominees or assignees of the
insured the grounds and materials on which such decision is based.
3) Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance
policy on the ground of fraud if the insured can prove that the mis-statement of or suppression of a
 material fact was true to the best of his knowledge and belief or that there was no deliberate intention
to suppress the fact or that such mis-statement of or suppression of a material fact are within the
knowledge of the insurer: Provided that in case of fraud, the onus of disproving lies upon the
beneficiaries, in case the policyholder is not alive.
4) A policy of life insurance may be called in question at any time within three years from the date of
issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date
of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact
material to the expectancy of the life of the insured was incorrectly made in the proposal or other
document on the basis of which the policy was issued or revived or rider issued: Provided that the
insurer shall have to communicate in writing to the insured or the legal representatives or nominees or
assignees of the insured the grounds and materials on which such decision to repudiate the policy of
life insurance is based: Provided further that in case of repudiation of the policy on the ground of
misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected
on the policy till the date of repudiation shall be paid to the insured or the legal representatives or
nominees or assignees of the insured within a period of ninety days from the date of such repudiation.
5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled
to do so, and no policy shall be deemed to be called in question merely because the terms of the policy
are adjusted on subsequent proof that the age of the Life Insured was incorrectly stated in the proposal.

8. Access to benefits/payouts if this product is purchased as QROPS (Qualifying Recognized

Overseas Pension Scheme), through transfer of UK tax relieved assets
a. Minimum age for annuity payment shall be 55 years of age (i.e. under immediate annuity, the minimum
age at entry shall be 55 years of age and under deferred annuity, minimum vesting age shall be 55 years)
b. Overseas transfer charge- In the event of applicable tax charge arising as a result of an overseas
transfer (Her Majesty Revenue and Customs (HMRC) – policy paper - The overseas transfer charge –
guidance, published 8th march 2017) for which the scheme manager i.e. ICICI Prudential Life
Insurance Company may become liable, we shall deduct an amount only to the extent of the applicable
tax charge from the Policy Fund Value and remit the same to HMRC.
c) In case Annuitant is an existing QROPS Policyholder, the Annuitant may buy a non-QROPS policy
without requiring transfer of UK tax relieved assets, however if the non-QROPS policy is listed with
HMRC as a QROPS product, the minimum age of the Annuitant on the Vesting Date for the non-
QROPS Policy will not be less than 55 (Fifty-Five) years as per the prevailing HMRC regulations.
d) In case the Annuitant is an existing Policyholder of non- QROPS Policy (where such policy is listed with
 HMRC as a QROPS product) having age as on the Vesting Date being less than 55 years, the
Annuitant shall not be allowed to purchase a QROPS policy, unless the existing non-QROPS Policy is
modified by Us, in our sole discretion in such a manner that the age of the Annuitant as on the Vesting
Date is not less than 55 (Fifty Five) years.
e) For the purpose of this clause a Non-QROPS policy means a policy bought without the requirement of
transfer of UK tax relieved assets.
f) Top-Up facility would not be available for QROPs customers.
g) Other norms of HMRC shall also be applicable from time to time.

9. Critical Illness & Permanent Disability due to Accident:

The CIs covered under annuity options of Single Life/Deferred Single Life Annuity with Return of
Purchase Price on Critical Illness (CI) or Permanent Disability due to accident (PD) and the definitions,
exclusions thereof are mentioned below:
a) Cancer of Specified Severity
A malignant tumor characterized by the uncontrolled growth and spread of malignant cells with
invasion and destruction of normal tissues. This diagnosis must be supported by histological evidence
of malignancy. The term cancer includes leukemia, lymphoma and sarcoma.
The following are excluded:
i. All tumors which are histologically described as carcinoma in situ, benign, pre-malignant,
borderline malignant, low malignant potential, neoplasm of unknown behavior, or non-
invasive, including but not limited to: Carcinoma in situ of breasts, Cervical dysplasia CIN-1,
CIN - 2 and CIN-3.
ii. Any non-melanoma skin carcinoma unless there is evidence of metastases to lymph nodes or beyond;
iii. Malignant melanoma that has not caused invasion beyond the epidermis;
iv. All tumors of the prostate unless histologically classified as having a Gleason score
greater than 6 or having progressed to at least clinical TNM classification T2N0M0
v. All Thyroid cancers histologically classified as T1N0M0 (TNM Classification) or below;
vi. Chronic lymphocytic leukaemia less than RAI stage 3
vii. Non-invasive papillary cancer of the bladder histologically described as TaN0M0 or of a
lesser classification,
viii. All Gastro-Intestinal Stromal Tumors histologically classified as T1N0M0 ( TNM
Classification) or below and with mitotic count of less than or equal to 5/50 HPFs;
b) First Heart Attack of specified severity (Myocardial Infarction):
The first occurrence of heart attack or myocardial infarction, which means the death of a portion of the
heart muscle as a result of inadequate blood supply to the relevant area. The diagnosis for Myocardial
Infarction should be evidenced by all of the following criteria:
i. A history of typical clinical symptoms consistent with the diagnosis of acute myocardial
infarction (For e.g. typical chest pain)
ii. New characteristic electrocardiogram changes
iii. Elevation of infarction specific enzymes, Troponins or other specific biochemical markers.
The following are excluded:
i. Other acute Coronary Syndromes
ii. Any type of angina pectoris
iii. A rise in cardiac biomarkers or Troponin T or I in absence of overt ischemic heart disease
OR following an intra-arterial cardiac procedure.

c) Open Chest CABG:

The actual undergoing of heart surgery to correct blockage or narrowing in one or more coronary artery(s), by
coronary artery bypass grafting done via a sternotomy (cutting through the breast bone) or minimally invasive
keyhole coronary artery bypass procedures. The diagnosis must be supported by a coronary angiography and
the realization of surgery has to be confirmed by a cardiologist.
The following are excluded:
i. Angioplasty and/or any other intra-arterial procedures

d) Kidney Failure Requiring Regular Dialysis:

End stage renal disease presenting as chronic irreversible failure of both kidneys to function, as a result of
which either regular renal dialysis (haemodialysis or peritoneal dialysis) is instituted or renal transplantation is
carried out. Diagnosis has to be confirmed by a specialist medical practitioner.

e) Stroke Resulting In Permanent Symptoms:

Any cerebrovascular incident producing permanent neurological sequelae. This includes infarction of brain
tissue, thrombosis in an intracranial vessel, haemorrhage and embolisation from an extracranial source.
Diagnosis has to be confirmed by a specialist medical practitioner and evidenced by typical clinical
symptoms as well as typical findings in CT Scan or MRI of the brain. Evidence of permanent neurological
deficit lasting for at least 3 months has to be produced.
 The following are excluded:
i. Transient ischemic attacks (TIA)
ii. Traumatic injury of the brain
iii. Vascular disease affecting only the eye or optic nerve or vestibular functions.

f) Major Organ/ Bone Marrow Transplant:

The actual undergoing of a transplant of:
i. One of the following human organs: heart, lung, liver, kidney, pancreas, that resulted from
irreversible end-stage failure of the relevant organ, or
ii. Human bone marrow using haematopoietic stem cells. The undergoing of a transplant
has to be confirmed by a specialist medical practitioner.
The following are excluded:
i. Other stem-cell transplants
ii. Where only islets of langerhans are transplanted
g) Permanent Paralysis of limbs:
Total and irreversible loss of use of two or more limbs as a result of injury or disease of the
brain or spinal cord. A specialist medical practitioner must be of the opinion that the paralysis
will be permanent with no hope of recovery and must be present for more than 3 months.

Permanent Disability due to accident:

Permanent Disability will be established if the life assured is unable to perform 3 out of the 6 following
activities of daily work:
i. Mobility: The ability to walk a distance of 200 meters on flat ground.
ii. Bending: The ability to bend or kneel to touch the floor and straighten up again and the
ability to get into a standard saloon car, and out again.
iii. Climbing: The ability to climb up a flight of 12 stairs and down again, using the handrail if needed.
iv. Lifting: The ability to pick up an object weighing 2kg at table height and hold for 60
seconds before replacing the object on the table.
v. Writing: The manual dexterity to write legibly using a pen or pencil, or type using a
desktop personal computer keyboard.
vi. Blindness – permanent and irreversible - Permanent and irreversible loss of sight to the
 extent that even when tested with the use of visual aids, vision is measured at 3/60 or
worse in the better eye using a Snellen eye chart.
For the purpose of PD to apply, the disability should have lasted for at least 180 days without interruption
from the date of disability and must be deemed permanent by a Company empanelled medical
practitioner.

10. Annuity option and frequency cannot be changed after the free-look period.

11. Surrender Benefit

Surrender value will be payable only for the following annuity options:
1. Single life with Return of Purchase Price
2. Single life with Return of Purchase Price on Critical illness (CI) or Permanent Disability due to accident
(PD) or Death
3. Single Life with Return of Purchase Price at Age 80
4. Single Life with Return of Purchase Price from the Age of 76
5. Single Life with 50% Return of Purchase Price at Age 80
6. Joint Life with Return of Purchase Price
7. Deferred Single Life with Return of Purchase Price
8. Deferred Joint Life with Return of Purchase price
9. Deferred Single Life with Return of Purchase Price on Critical illness (CI) or Permanent Disability due to
accident (PD) or Death

For Immediate annuity options (Option 1 to 6 as described above), the Surrender value will be the Special
Surrender value (SSV).
For Deferred annuity options (Option 7 to 9 as described above), the Surrender value will be higher of
Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
GSV is as given below:
Ÿ 75% of the single premium paid less any survival benefits already paid, if surrendered any time
within third policy year
Ÿ 90% of the single premium paid less any survival benefits already paid, if surrendered on or after
the fourth policy year

SSV is calculated as Present value of expected future benefits discounted at prevailing interest
rate + 2%.The prevailing interest rate used will be the yield on 10 year Government securities.
The yield on 10 year Government Securities will be sourced from www.bloomberg.com. The
current yield on 10 year Government Securities is 6.05% p.a. and the current discount rate used
to compute SSV is 8.05% p.a. SSV factors have been given under Annexure VIII. The basis for
computing the Special Surrender value factors will be reviewed from time to time and the factors
applicable to existing business may be revised subject to the prior approval of the IRDAI.
Surrender Value will be payable if the annuitant voluntarily terminates the policy and on receipt of the said
termination by the company.

Policies sourced as QROPS through transfer of UK tax relieved assets cannot be surrendered.

12. NPS

In case "Joint Life with Return of Purchase Price" or "Single Life with Return of Purchase Price" is
purchased as a default option by government sector NPS subscriber through funds accumulated in
his/her NPS scheme, the utilization of Death Benefit shall be as per Pension Fund Regulatory and
Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015
amended from time to time.

13. Policies sourced through POS channel will not have any medical examination.

14. If the Policyholder and the Annuitant are different, then in the event of death of the Policyholder and
upon subsequent intimation of the death with the Company:

a. If the Annuitant is a minor: the policy shall vest on the guardian of the minor annuitant till he/she
attains the age of majority. Upon attaining the age of majority the ownership of the policy shall be
transferred to the annuitant.

b. If the Life Assured is major: the policy shall vest on the Annuitant. Thereafter, the Annuitant shall
become the Policyholder and will be entitled to all benefits and subject to all liabilities as per the terms
and conditions of the policy.

15. If the Annuitant is minor at inception of the policy and is different from the Policyholder, on attaining
the age of majority i.e. 18 years, the policy will vest on him/her. Thereafter, the Life Assured shall become
the policyholder who will then be entitled to all the benefits and subject to all liabilities as per the terms and
conditions of the policy.
 About ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company Limited is a joint venture between ICICI Bank Limited and
Prudential Corporation Holdings Limited, a part of the Prudential group. ICICI Prudential began its
operations in Fiscal 2001 after receiving approval from Insurance Regulatory Development Authority
of India (IRDAI) in November 2000.
ICICI Prudential Life Insurance has maintained its focus on offering a wide range of savings and
protection products that meet the different life stage requirements of customers.

For More Information:

Customers calling from anywhere in India, please dial 1860 266 7766
Do not prefix this number with “+” or “91” or “00” (local charges apply)
Call Centre Timings: 10.00 am to 7.00 pm
Monday to Saturday, except National Holidays.
To know more, please visit www.iciciprulife.com

© ICICI Prudential Life Insurance Co. Ltd. All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI)
as Life Insurance Company. Regn. No. 105. CIN: L66010MH2000PLC127837.
Reg. Off.: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600. Customer helpline number -
1860 266 7766. Timings – 10:00 A.M. to 7:00 P.M., Monday to Saturday (except national holidays). Member of the Life Insurance Council. For
more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale. Trade Logo
displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license.
ICICI Pru Guaranteed Pension Plan Form No.:I13, I14, I15, UIN: 105N181V03, Advt. No.:L/II/0194/2023-24.

BEWARE OF SUSPICIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.
Public receiving such phone calls are requested to lodge a police complaint.