ICICI Pru Guaranteed Income For Tomorrow (GIFT)

  1. NRI
  2. Insurance
  3. ICICI PRU Guaranteed Income For Tomorrow(Long Term)

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:

  1. Pay premiums for a certain period of time (known as the premium payment term)
  2. 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.

  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.
  2. 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.