Overview
You always want to ensure the well-being of your loved ones, even if you are not around. At the same time, you want to enjoy life to the fullest and ensure that all non-negotiable goals are taken care of.
Features of Life Insurance Plan
- Life insurance cover for your family’s financial security: Get the assurance of a life cover to protect your loved ones in case of any uncertainties
- Guaranteed income for 15/20/25/30 years: to help you save for your life goals like marriage, parenthood, children’s education or a peaceful retirement
- Two plan options: Income and Income with 110% Return of Premium to give you an added advantage
- A safety-net: with an option to take a loan against your policy for financial emergencies
- Additional savings with tax benefits: on premiums paid and benefits received
How the plan works
With this policy, you can choose any of the 2 following options:
- Pay premiums for a certain period of time (known as the premium payment term)
- One year after the completion of the premium payment term, you get Guaranteed Income at the end of every month / year for a certain period (known as the Income Period)
You can choose the premium payment term and the Income Period as per the table below:
| You can choose to pay premiums for | You can choose to get Guaranteed Income for | You get Guaranteed Income from |
|---|---|---|
| 7 years | 15 or 20 or 25 or 30 years | End of 9 year (for example, if your last premium is paid on Jan 15, 2028, your Guaranteed Income will start from Jan 15, 2031) |
| 10 years | End of 12 year (for example, if your last premium is paid on Jan 15, 2031, your Guaranteed Income will start from Jan 15, 2034) |
In the above examples, the frequency of premium payment and Guaranteed Income is annual.
Guaranteed Income benefit (Survival Benefit):
Once you pay all your premiums, depending on the premium payment term and the Income Period selected by you, you will receive a Guaranteed Income upon survival on the date of each income payment. To understand this benefit in greater detail, let us take an example.
Illustration:
Smita is a 35-year-old, paying an annual premium of ₹1lakh in ICICI Pru Guaranteed Income For Tomorrow (Long-term). She wants to create an a second income for herself so that she can retire early.
The table below shows the Guaranteed Income that Smita will receive, for different combinations of premium payment term and Income Period.
| Pay for | Income Period | |||
|---|---|---|---|---|
| 15 years | 20 years | 25 years | 30 years | |
| 7 years | Rs. 89,868 | Rs. 75,011 | Rs. 66,505 | Rs. 60,729 |
| 10 years | Rs. 1,42,566 | Rs. 1,21,398 | Rs. 1,07,758 | Rs. 96,878 |
Smita also has the flexibility to receive this Guaranteed Income on a monthly basis.
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.
- With this option, you will receive Guaranteed Income for a certain period in arrears/ at the end of every month/year similar to plan option 1 as defined above in Table 1.
- Additionally, along with the last income instalment, you will get 110% of Total Premiums paid by you (Maturity Benefit) at the end of the policy term.
- To understand this benefit in greater detail, let us take an example.
Illustration:
Let's say Smita from the earlier example now invests in Income with 110% ROP plan option. The table below shows the Guaranteed Income and the benefit on maturity benefit that Smita will receive, for different combinations of premium payment term and Income Period.
| Pay for | Income Period | Benefit on maturity | |||
|---|---|---|---|---|---|
| 15 years | 20 years | 25 years | 30 years | ||
| 7 years | Rs. 57,342 | Rs. 55,408 | Rs. 54,820 | Rs. 51,853 | Rs. 7,70,000 |
| 10 years | Rs. 96,783 | Rs. 92,153 | Rs. 92,603 | Rs. 91,923 | Rs. 11,00,000 |
Just like the Income plan option, the following flexibilities are available with Smita in this plan option too:
a. Taking income in annual or monthly mode
b. Choosing Save the Date to receive Guaranteed Income on any special date.
Disclaimer of ICICI PRU Guaranteed Income For Tomorrow(Long Term)
The plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance. INDUSIND Bank Limited (CA Registration No:CA0001) is the Corporate Agent of ICICI Prudential Life Insurance Company Limited and does not underwrite the risk or act as an insurer. INDUSIND Bank Limited, 2401, Gen. Thimmayya Rd., (Cantonment), Pune – 411001. Participation by the Bank’s clients in the insurance products is purely on voluntary basis. Call us on: 1860 267 7777.
© ICICI Prudential Life Insurance Co. Ltd. All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Regn. No. 105. CIN: L66010MH2000PLC127837
Reg. Off.: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600. Customer helpline number - 1860 266 7766. Timings – 10:00 A.M. to 7:00 P.M., Monday to Saturday (except national holidays). Member of the Life Insurance Council. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license. ICICI Pru Guaranteed Income for Tomorrow (Long-term) UIN:UIN: 105N185V12. ADVT No.: L/II/0101/2023-24
BEWARE OF SPURIOUS /FRAUD PHONE CALLS!
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
IRDAI CAUTIONS PUBLIC AGAINST SPURIOUS CALLS AND FICTITIOUS OFFERS