Gold Pension Savings Plan

What this product is

A participating pension savings plan where you build a bonus-linked retirement corpus over years, with flexibility to withdraw for emergencies before you retire.

You might need this if…

• You might need this if you're still years away from retirement and want to build a corpus gradually rather than hand over a lump sum today.
• You might need this if you want some access to your money before retirement — e.g. for a child's education, medical needs, or a first home — without fully cashing out.
• You might need this if you value bonus-driven growth potential over a plan with fixed, guaranteed-only returns.
• You might need this if you may want to push back your retirement (vesting) date rather than being forced to annuitise on a fixed schedule.

How it actually works

• Entry age is 18–70 (55 for overseas pension transfers); vesting (retirement) age can be anywhere from 40 to 90 depending on the term chosen.
• Premiums start at ₹50,000/year (or as a single payment); you can pay for as little as 2 years (limited pay) or as long as 40 years (regular pay).
• At vesting, the guaranteed base is 105% of total premiums paid, topped up by non-guaranteed accumulating cash bonus and any terminal bonus.
• At retirement you can commute up to 60% as a lump sum and must annuitise the rest — either with ICICI Pru or, for up to 50%, with another insurer.
• A special withdrawal facility lets you take out up to 25% of premiums paid (after 3 years, up to 3 times) for things like education, home purchase, or critical illness.
• You can defer vesting up to age 75, with a policy loan (up to 80% of surrender value) available once the plan has built cash value.

Worked example

Worth knowing before you decide

• Bonuses (regular, terminal, and contingent terminal) are not guaranteed and depend on the insurer's discretion each year.
• If you lapse after the first year, the policy goes 'paid-up' with proportionally reduced benefits; some bonus features may stop.
• Surrender in the first 3 years pays only 75% of the guaranteed surrender factor base; it rises to 90% from year 4 onward.
• If you die within 12 months of taking the policy, the death payout is capped at the higher of 80% of premiums paid or the surrender value.

Official source

⌟ Official product brochure

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