LifeStage Pension policy

ICICI Prudential Life Insurance Company offers a policy mentioned above in the title line.
Under it the policy holder is required to pay an annual premium of fixed amount for ten years.
The premium is invested each year by the company in two market linked funds in a proportion depending on the age of the policy holder. One of the funds is equity oriented, while the other is a debt fund.
I would like to know what is the maturity benefit of such a policy.
Is it like ULIP of LIC ?
One time lump sum payment of the market value of the portfolio comprising number of units of the two funds or not?
If not, then what benefit will accrue?

Best way to start to know about the policy is read the policy Broucher - http://www.iciciprulife.com/public/B...n_Broucher.pdf

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Originally Posted by Cygnus_A

I would like to know what is the maturity benefit of such a policy.

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This policy has two stages:
1- Accumulation Phase - In this your money will be accumulated in the fund you wanted to invest.
2- Annuity or Pension Phase - Once the accumulation phase is over then you will need to buy an annuity and that annuity will give you monthly/or annual pension.

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Is it like ULIP of LIC ?

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Yes, it is an ULIP. But you can choose which fund (from the below list) you wanted to invest you money in.
1- Pension Flexi Growth
2- Pension Flexi Balanced
3- Pension Protector
4- Pension Maximiser
5- Pension Balancer
6- Pension Preserver
7- Pension Multiplier
8- Pension R.I.C.H.
9- Pension Return Guarantee Fund (PRGF)

Read more about the above funds - Link.

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One time lump sum payment of the market value of the portfolio comprising number of units of the two funds or not?
If not, then what benefit will accrue?

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No lumpsum of portfolio. You will only receive tax-free commutation up to one-third of the accumulated value on vesting (retirement) date. And for remaining amount, you will need to buy annuity or pension policy.