ICICI Pru GIFT pro
Benefits
Get Guaranteed income every year on a special day like an anniversary or birthday . There are many benefits to the GIFT Pro plan, including
The ICICI Pru GIFT(Guaranteed Income For Tomorrow) PRO plan offers guaranteed income for both short-term and long-term needs.
This means that you know exactly how much money you will receive each year, regardless of market conditions.
This means that you know exactly how much money you will receive each year, regardless of market conditions.
You can choose to receive your guaranteed income in a lump sum at the end of the policy term, or you can choose to receive it in equal installments over the policy term.
You can also choose to receive your guaranteed income in increasing installments, which means that your income will increase each year.
Flexibility to choose percentage of Money Back benefit. You can also choose to receive your Money Back benefit in equal installments over the policy term.
The ICICI Pru GIFT PRO plan also offers life cover. This means that your loved ones will receive a lump sum benefit if you pass away during the policy term.
The ICICI Pru GIFT PRO plan offers tax benefits under Section 80C of the Income Tax Act. This means that you can save tax on your premiums and your returns are also tax-free, which can be a major advantage for investors.
Questions and Answers
GIFT Pro plan : Common Questions and Answers.
GIFT Pro will help you to fulfill short-term as well as long-term income needs. You will also have an option of receiving a MoneyBack Benefit (one time lumpsum amount)
Level Income option is an income option which will provide you a constant income (does not increase or decrease) throughout the income period.
Increasing Income option is an income option which will provide you an increasing income throughout the income period. Your income will increase by 5% p.a simple interest.
Example: If your Guaranteed Income if Rs. 100,000 p.a in the first year, in second year you will receive an income of Rs. 105,000, third year your income will be Rs. 110,000 and so on.
Example: If your Guaranteed Income if Rs. 100,000 p.a in the first year, in second year you will receive an income of Rs. 105,000, third year your income will be Rs. 110,000 and so on.
You can choose to receive income for a period of 5/7/10/12/15/20/25/30. This is known as Guaranteed Income period for both Increasing and level income options.
You can take Guaranteed Income only in monthly or annual frequency. There is no option to take it half-yearly.
You can choose to receive any percentage from 0% to 100% of the sum total of all annualized premiums payable by you as a one time lump sum benefit (known as MoneyBack Benefit). You will need to select the percentage of MoneyBack at inception.
Example: If sum total of all annualized premiums payable is Rs. 10 Lacs and you have selected a MoneyBack Benefit of 50%, your MoneyBack Benefit amount will be Rs. 5 Lacs (Rs. 10 Lacs x 50%).
Example: If sum total of all annualized premiums payable is Rs. 10 Lacs and you have selected a MoneyBack Benefit of 50%, your MoneyBack Benefit amount will be Rs. 5 Lacs (Rs. 10 Lacs x 50%).
You have 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.
Example: If you have opted to receive MoneyBack Benefit in 6th income year, you will receive MoneyBack Benefit at the end of 6th income year.
Example: If you have opted to receive MoneyBack Benefit in 6th income year, you will receive MoneyBack Benefit at the end of 6th income year.
A higher MoneyBack Benefit will mean a lower Guaranteed Income. Also, MoneyBack year will have an impact on the Guaranteed Income amount. Later the MoneyBack Benefit year, higher will be the income.
No. MoneyBack Benefit % and year has to chosen at the inception of the policy. This cannot be changed later.
Low Cover Income Booster is a flexibility that provides you an option to opt for a lower Life Insurance Cover and enjoy additional (higher) Guaranteed Income.
Nominee will continue to receive Guaranteed income for the entire income period, in case of death of the Life Assured after the Policy Term.
You have an option to receive GI(Guaranteed income) every year on a Special Date of your choice preceding the due date of first GI pay-out during the Income Period. The Special date can be chosen to coincide with any date such as, Date of Maturity, birth date or anniversary date etc.
Payment of GI will commence from this Special Date and all further GIs will be paid every year on this Special Date chosen. You can select the Special Date at policy inception or any time before two months of the completion of the policy term.
Payment of GI will commence from this Special Date and all further GIs will be paid every year on this Special Date chosen. You can select the Special Date at policy inception or any time before two months of the completion of the policy term.
In case of a policy taken on a minor life assured, once the life assured turns major (i.e. age 18 years), the ownership of the policy transfers to the life assured.
