A protection and savings-oriented life insurance plan which helps you build a safety net to provide financial protection to your family along with guaranteed benefits¹. With ICICI Pru GIFT Pro, you can achieve your life goals like a PRO

• Life Cover³ for financial security of your family.
• Flexibility of selecting duration of Guaranteed Income¹ as per your needs.
• Option to receive Guaranteed income¹ that either stays level throughout the income  duration or increases every year
• Money back benefit Flexibility to choose:
  • Percentage of MoneyBack Benefit² i.e. sum of total annualized premiums paid: It can be any number from 0% to 100%.
  • When you want to receive MoneyBack Benefit²: It can be paid at the maturity date or at the end of any policy year within the income period
• Option to enhance your Guaranteed Income¹ amount with Low Cover Income Booster⁴
• Option to receive income on date of your choice through Save the Date⁶ option
• Option to withdraw future benefits in advance⁵ by converting into a lump sum
• Tax benefits^ may be applicable on premiums paid and benefits received as per the  prevailing tax laws

Minimum Annual Premium: ₹ 50,000

Maximum Annual Premium: Subject to Board Approved Underwriting Policy (BAUP)

Minimum Sum Assured on Death: ₹ 3,50,000

Maximum Sum Assured on Death: Subject to Board Approved Underwriting Policy (BAUP)

Premium Payment Frequency: Annual, Half-Yearly, Monthly

*Income Period starts at the end of the policy term.

#Goods and Services Tax are applicable on premiums as per the prevailing Tax Laws. The tax laws are subject to amendments from time to time.

You pay premiums for a certain period of time (known as the premium payment term). After the completion of policy term, you will receive Guaranteed Income (GI) at the end of every month/year for a certain period (known as the Income Period). Please go through the details given below to know about the various flexibilities available to you:

1. Flexibility to choose Guaranteed Income option (Level Guaranteed Income¹ or Increasing Guaranteed Income¹)

We all know that future costs are expected to go up. Hence, to plan your expenses better, we also give you the option to select whether you want to receive guaranteed income¹ that either

1. Remains at the same level throughout the Income Period, or
2. Increases every year. 

If you choose to receive income that increases every year, your guaranteed income¹ will increase every year at a simple interest rate of 5% p.a..

2. Flexibility to choose to receive a percentage of your total annualized premiums paid i.e. MoneyBack Benefit

Since your income needs are based on your lifestyle and future goals, we understand that you may want to decide whether you would want some amount of a one-time lump sum benefit coming to you in addition to the Guaranteed Incomes. You can choose to receive any percentage from 0% to 100% of the sum total of all annualized premiums paid by you as this lump sum benefit (known as MoneyBack Benefit). You will need to select the percentage of MoneyBack at inception.

How does the flexibility to select a percentage of MoneyBack Benefit help?

Your quantum of income benefit depends on what percentage of MoneyBack you have chosen to receive. The income amount increases with decreasing percentage of  MoneyBack opted. If you choose to receive no MoneyBack Benefit (percentage chosen is 0%), this will give an option to maximize your regular income benefit. On the other hand, choosing 100% as the percentage, lets you enjoy regular income during the income period and then receive all premiums (annualized) paid back at the end. This lump sum amount can be utilized as a legacy payout for your loved ones. Lest you forget, you have the entire range to choose from!

3. Flexibility to choose when you want to receive MoneyBack Benefit

Further, it also becomes critical to receive this MoneyBack Benefit as per your larger life goals which you have fixed a timeline for, in advance. For the same reason, we also give you the flexibility to choose any year, on or after the maturity date of the policy up to the last income year, to receive the MoneyBack Benefit. The MoneyBack Benefit will be payable at the end of the year, as chosen by you.

Please also note:

In case of death of the Life Assured during the Income Period, the Claimant continues to receive the Guaranteed Income¹ and MoneyBack Benefit (if applicable and not paid earlier), as detailed below under ‘Death Benefit’ section.

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4. Flexibility to choose income on any date of your choice with Save the Date:

As we all want to save for the non-negotiable goals in life, we also want to ensure that our savings are used for the intended cause. For the same, we also let you choose any date like your spouse’s birthdate or your anniversary date or any special date of your choice to receive the Guaranteed Income if you have opted to take Guaranteed Income on an annual basis.

5. Flexibility to receive all future benefits as a lump sum benefit at a discounted value:

We understand that your financial plan needs to align with your goals and hence should enable you to utilize your money whenever you want and exactly the way you want! For ease of access to the fund, you have an option to receive future benefits by converting them in the form of a lump sum at policy maturity or any time during the income period, at a discounted rate. You can choose to convert all future guaranteed income and MoneyBack Benefit (if applicable and not already received) into a lump sum. This flexibility is also available to the Claimant in case of an unfortunate demise of the Life Assured during the Income Period.

The value of lump sum benefit will depend on when you/ the Claimant exercise the option, and is detailed below:

• On the date of policy maturity: equal to ‘Maturity Sum Assured’.
• Any time during the income period after policy maturity date: Future GIs and MoneyBack Benefit (if applicable) discounted at 30 year Government Securities yield + 1.00%, rounded to nearest 0.25%. The yield on 30-year Government Securities will be sourced from www.bloomberg.com. The discount rate, applicable for commutation to lump sum during income period, will be reviewed twice every year on 1st of June and 1st of December.

Further, kindly note that on payment of all due GI and MoneyBack Benefit, if applicable or the discounted value of future GI and MoneyBack Benefit, if applicable, to you/ Claimant (as applicable), the policy will terminate and all rights, benefits and interests under the policy will stand extinguished.

6. Low Cover Income Booster:

Your needs can vary based on your financial plan wherein you may want to enjoy either a higher income or a higher sum assured. Hence, at the inception of the policy, you can choose to opt for “Low Cover Income Booster” wherein you will be able to enjoy increased income for opting a lower life cover. Please refer to the details on the  same as mentioned below under Death Benefit.

Your benefits will vary based on the different flexibilities chosen by you.

Premium, premium payment term, income period, policy term, Guaranteed Income option, percentage and year of MoneyBack Benefit, and Low Cover Income Booster chosen at inception of policy cannot be changed.

In the event the person whose life is covered by this policy (known as the Life Assured) passes away, during the term of the policy, the Death Benefit will be paid out as a lump sum to the person specified (known as the Claimant) in the policy.

Death Benefit is highest of:

1. Sum Assured on Death (defined as Death Benefit multiple X Annualized Premium)
2. 105% of the Total premiums paid up to the date of death
3. Death Benefit Factor X Maturity Sum Assured X {number of months for which premiums are paid up to date of death / (12 X Premium Payment Term)}

Where,

1. Annualized Premium means the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
2. Maturity Sum Assured is the discounted value of future GIs and MoneyBack Benefit (if applicable) computed
3. at discount rate of 8.00% p.a. at the end of the policy term.
4. Total Premiums Paid means the total of all premiums received, excluding any extra premium, any rider premium and taxes

In case Low Cover Income Booster benefit is not chosen, the Death Benefit Multiples (as varying by age at entry of the Life Assured) are specified below:

In case Low Cover Income Booster benefit is not chosen, the Death Benefit Multiples (as varying by age at entry of the Life Assured) are specified below:

On payment of Death Benefit to the claimant, the policy will terminate and all rights, benefits and interests under the policy will stand extinguished.

Death Benefit factors, applicable at the inception of the policy, are guaranteed1 throughout the policy term.

For policies issued on minor’s life, the date of commencement of risk will be the date of commencement of the policy. In case of death of the Life Assured during the Income Period, the claimant will continue to receive the Guaranteed Income1 and MoneyBack Benefit (if applicable and if not paid prior to death). At any time during the Income Period, the Claimant shall have an option to receive the discounted value of future income and MoneyBack Benefit (if applicable and if not already paid) in the form of a lump sum benefit.