Can you tell me details about ICICI Pru immediate annuity plan? Is the plan good?
Since every individual is unique and has unique retirement goals one must pick the right plan that covers for sufficient funds for all financial requirements and emergencies. ICICI Prudential Immediate Annuity plan as the name suggests offers the policyholder a benefit of lifetime income with an annuity starting immediately after paying the premium. So if you are looking at any pension plans which offer immediate annuity, you can surely take a close look at ICICI Pru immediate annuity plan. At time of maturity the policyholder gets the total sum assured along with a guaranteed addition and bonus. The minimum age calculated at the time of entry for ICICI Prudential Immediate Annuity plan is 45 years while the maximum age of entry is fixed at 100 years.
Yes, insurance policies can now be held in a digitized form. Insurance Regulatory and Development Authority or IRDA has issued guidelines relating to insurance repositories to issue electronic format. As per the IRDA guidelines, a policyholder can choose between paper and electronic format and cannot hold a single insurance policy in both the formats.
The insurance policies in electronic format must be held in electronic insurance account or EIA account which can be opened with any of the approved insurance repository. As a priority, all insurance companies are offering digitization of life insurance policies first and would then move on to other insurance policies.
What is the internal rate of return when it comes to insurance policy?
Internal Rate of Return or IRR is the barometer of checking returns offered by an insurance policy. IRR calculates the percentage return over a specific period of an investment. While calculating IRR, any investment or premium paid is entered as a negative value while any gains from the insurance policy including maturity value or inflow of any percentage of money in case of a money back policy is listed as a positive quantity. IRR can calculate returns depending on the amount invested in the insurance policy after every fixed tenure period.