ICICI Prudential Life Insurance has unveiled Golden Years ? a retirement solution.

One has to be between 18 and 65 years to take the policy and can choose a premium paying term of three, five, seven or 10 years.

However, the total accumulation period should be such that your age at the start of payout is at least 45 years and the minimum policy term is five years.

The minimum annual premium is Rs 60,000 for five, seven and 10-year premium payment terms, and Rs 1 lakh for the three-year term.

During your accumulation phase, you can choose a specified level of protection or sum assured.

Part of the contribution is adjusted towards mortality charges and administrative charges, while the rest is invested among the four available investment options according to your choice. You can switch between the funds, with four free switches a year and also top up your policy during the accumulation period.

One has the option of deferring the vesting age, subject to a maximum of 75 years. On vesting, you can get your accumulated money in any of the five options. You can take the total value of units as a lump sum payment.

You can opt for a structured benefit payment, whereby you get payments on a quarterly basis for a specified period. The number of outstanding units is divided equally over quarters for the entire period and every quarter, payments are made according to the NAV on that date.

You can choose to buy an annuity for the whole value and a separate contract will be issued for annuity at the point of vesting, without any charges, at the annuity rates prevailing at that time.

You can also choose to take 50 per cent as lump sum payment and 50 per cent as structured benefits or even opt for 50 per cent as lump sum payment and 50 per cent as annuity.