ICICI Pru Gold
Benefits
Gold plan provides the protection of life cover along with a regular income for whole of life that can be used to meet your long-term recurring financial needs through participation in bonus. There are many benefits to the Gold Plan, including
ICICI Pru Gold provides regular income up to 99 years of age, ensuring a steady flow of funds during your retirement years. Start receiving a regular income at the end of every policy year/month, starting from the first policy year till the end of the policy term followed by a lump sum on maturity.
Upon maturity, you receive a lump sum payment, providing you with a substantial corpus for future needs.
You can choose to receive income immediately from the end of the 1st policy year/month or defer it for a few years as per your need. This flexibility allows you to tailor the plan to your specific financial requirements.
The plan offers life cover till up to 99 years of age, providing financial security for your loved ones in case of an unfortunate event.
ICICI Pru Gold offers tax benefits under Section 80C of the Income Tax Act, 1961, This means that you can save tax on your premiums and your returns are also tax-free.
Questions and Answers
Gold plan : Common Questions and Answers.
Choice of 3 plan options customised as per your savings needs:
Immediate Income: Start receiving a regular income at the end of every policy year/month, starting from the first policy year till the end of the policy term followed by a lump sum on maturity
Immediate Income with booster: Start receiving a regular income at the end of every policy year/month, starting from the first policy year till the end of the policy term. Along with the regular income, you will also receive a benefit (known as Guaranteed Booster) every 5th policy year followed by a lump sum on maturity
Deferred Income: Start receiving a regular income after a few years (known as the deferment period) instead of starting immediately, as per your income requirements. You can start this income as early as 2nd policy year or as late as Premium Payment Term plus 1 year. Also, get a lump sum on maturity of the policy
Get additional flexibilities in the form of :
Savings Wallet
Income accumulation: You have an option to accumulate Survival benefits, instead of taking as payment during the policy term
Income withdrawal: You can choose to withdraw, completely or partially, the balance in the wallet anytime during the Income Term
Premium Offset: You also have the option to utilise the balance in the Savings Wallet to offset any premiums due to be paid during the premium payment term. If the amount available for offset is not sufficient to adjust the due premium, the balance due premium shall remain payable as on the premium due date.
In case the balance in the wallet is not withdrawn completely during the income term, such balance will be paid to the claimant in the event of death, surrender or maturity, whichever is earlier along with other benefit payments (if any)
Save the Date: You can choose to receive the Survival Benefits on any one ‘Special Date’, during the policy year prior to the policy anniversary, as per your choice and the benefit will be paid on this chosen date every year through the income term till policy termination
Immediate Income: Start receiving a regular income at the end of every policy year/month, starting from the first policy year till the end of the policy term followed by a lump sum on maturity
Immediate Income with booster: Start receiving a regular income at the end of every policy year/month, starting from the first policy year till the end of the policy term. Along with the regular income, you will also receive a benefit (known as Guaranteed Booster) every 5th policy year followed by a lump sum on maturity
Deferred Income: Start receiving a regular income after a few years (known as the deferment period) instead of starting immediately, as per your income requirements. You can start this income as early as 2nd policy year or as late as Premium Payment Term plus 1 year. Also, get a lump sum on maturity of the policy
Get additional flexibilities in the form of :
Savings Wallet
Income accumulation: You have an option to accumulate Survival benefits, instead of taking as payment during the policy term
Income withdrawal: You can choose to withdraw, completely or partially, the balance in the wallet anytime during the Income Term
Premium Offset: You also have the option to utilise the balance in the Savings Wallet to offset any premiums due to be paid during the premium payment term. If the amount available for offset is not sufficient to adjust the due premium, the balance due premium shall remain payable as on the premium due date.
In case the balance in the wallet is not withdrawn completely during the income term, such balance will be paid to the claimant in the event of death, surrender or maturity, whichever is earlier along with other benefit payments (if any)
Save the Date: You can choose to receive the Survival Benefits on any one ‘Special Date’, during the policy year prior to the policy anniversary, as per your choice and the benefit will be paid on this chosen date every year through the income term till policy termination
Regular income: The life assured will receive a regular income at the end of every policy year/month, starting from the first policy year till the end of the policy term. This income will comprise of:
1. Guaranteed Income (GI) and
2. Income which will be linked to Bonus, if declared; referred to as Cash Bonus (CB) You will receive this income till the date of maturity, death, surrender or lapse of the policy, whichever happens first.
Lump sum on maturity: On survival of the life assured till the end of the policy term for a fully paid policy, a Maturity Benefit will be payable which will be equal to the sum of:
1. Sum Assured on Maturity (i.e. equal to sum of all Annualised Premiums payable), plus
2. Balance in Savings Wallet (if any), plus
3. Terminal Bonus (if declared)
1. Guaranteed Income (GI) and
2. Income which will be linked to Bonus, if declared; referred to as Cash Bonus (CB) You will receive this income till the date of maturity, death, surrender or lapse of the policy, whichever happens first.
Lump sum on maturity: On survival of the life assured till the end of the policy term for a fully paid policy, a Maturity Benefit will be payable which will be equal to the sum of:
1. Sum Assured on Maturity (i.e. equal to sum of all Annualised Premiums payable), plus
2. Balance in Savings Wallet (if any), plus
3. Terminal Bonus (if declared)
Regular income and Guaranteed Booster: The life assured will receive a regular income at the end of every policy year/month, starting from the first policy year till the end of the policy term. Along with the regular income, you will also receive a benefit (known as Guaranteed Booster) every 5th policy year, provided the policy is in-force. This Guaranteed Booster will be equal to 100% of the Guaranteed Income, as applicable for the year of payment
To sum it up, you will receive the sum of:
1. Guaranteed Income (GI)
2. Guaranteed Booster (GB), and
3. Cash Bonus, if declared (CB) You will receive this income till the date of maturity, death, surrender or lapse of the policy, whichever happens first
Lump sum on maturity: On survival of the life assured till the end of the policy term for a fully paid policy, a Maturity Benefit will be payable which will be equal to the sum of:
1. Sum Assured on Maturity (i.e. equal to sum of all Annualised Premiums payable), plus
2. Balance in Savings Wallet8 (if any), plus
3. Terminal Bonus (if declared)
To sum it up, you will receive the sum of:
1. Guaranteed Income (GI)
2. Guaranteed Booster (GB), and
3. Cash Bonus, if declared (CB) You will receive this income till the date of maturity, death, surrender or lapse of the policy, whichever happens first
Lump sum on maturity: On survival of the life assured till the end of the policy term for a fully paid policy, a Maturity Benefit will be payable which will be equal to the sum of:
1. Sum Assured on Maturity (i.e. equal to sum of all Annualised Premiums payable), plus
2. Balance in Savings Wallet8 (if any), plus
3. Terminal Bonus (if declared)
Regular income: The life assured will receive a regular income1 at the end of every policy year/month. You can choose to start receiving the income after a few years (known as the deferment period) instead of starting immediately, as per your income requirements. You can start this income as early as 2nd policy year or as late as Premium Payment Term plus 1 year
To sum it up, you will receive the sum of:
1. Guaranteed Income (GI) and
2. Income which will be linked to Bonus, if declared; referred to as Cash Bonus (CB)
You will receive this income till the date of maturity, death, surrender or lapse of the policy, whichever happens first.
Lump sum on maturity: On survival of the life assured till the end of the policy term for a fully paid policy, a Maturity Benefit will be payable which will be equal to the sum of:
1. Sum Assured on Maturity (i.e. equal to sum of all Annualised Premiums payable), plus
2. Balance in Savings Wallet (if any), plus
3. Terminal Bonus (if declared)
To sum it up, you will receive the sum of:
1. Guaranteed Income (GI) and
2. Income which will be linked to Bonus, if declared; referred to as Cash Bonus (CB)
You will receive this income till the date of maturity, death, surrender or lapse of the policy, whichever happens first.
Lump sum on maturity: On survival of the life assured till the end of the policy term for a fully paid policy, a Maturity Benefit will be payable which will be equal to the sum of:
1. Sum Assured on Maturity (i.e. equal to sum of all Annualised Premiums payable), plus
2. Balance in Savings Wallet (if any), plus
3. Terminal Bonus (if declared)
You can choose to receive the Income in either monthly or annual mode. The frequency needs to be chosen at policy inception which cannot be changed later during the policy term. The income payout will begin from end of each month/year from 1st policy year.
The income in a policy starts from end of year/month starting from the 1st policy year. Ex: If the policy issue date is January 2023,
1. If income frequency is monthly, then the income start date will be February 2023
2. If guaranteed income frequency is yearly, then the income start date will be January 2024.
1. If income frequency is monthly, then the income start date will be February 2023
2. If guaranteed income frequency is yearly, then the income start date will be January 2024.
Savings Wallet gives you the following flexibilities:
1. You have an option to accumulate Survival Benefit, instead of taking as payment during the policy term. The money within the wallet will be accumulated daily at an interest rate linked to the Reverse Repo Rate published by Reserve Bank of India (RBI). The interest rate used for accumulation under this feature will be reviewed twice every year on 1st of June and 1st of December, and will be set equal to Reverse Repo Rate published on RBI’s website as on the review date
2. You also have an option to withdraw, completely or partially, the balance in the wallet anytime during the Income Term
3. The balance in the wallet can also be used to offset any premiums due to be paid during the premium payment term. If the amount available for offset is not sufficient to adjust the due premium, the balance due premium shall remain payable as on the premium due date. We shall recognise the settlement of due premium only after receipt of the same in full
1. You have an option to accumulate Survival Benefit, instead of taking as payment during the policy term. The money within the wallet will be accumulated daily at an interest rate linked to the Reverse Repo Rate published by Reserve Bank of India (RBI). The interest rate used for accumulation under this feature will be reviewed twice every year on 1st of June and 1st of December, and will be set equal to Reverse Repo Rate published on RBI’s website as on the review date
2. You also have an option to withdraw, completely or partially, the balance in the wallet anytime during the Income Term
3. The balance in the wallet can also be used to offset any premiums due to be paid during the premium payment term. If the amount available for offset is not sufficient to adjust the due premium, the balance due premium shall remain payable as on the premium due date. We shall recognise the settlement of due premium only after receipt of the same in full
Guaranteed Booster shall be adjusted by multiplying the amount with the Save the Date factors, varying by the policy month in which the Special Date.
With ‘Save the date’, you have the option to receive income on any one date, to coincide with any special date like birth date or anniversary date. This option is available only if you have chosen annual mode of income payout.
Yes, change in mode of premium payment is allowed during the Premium Payment Term, but only on policy anniversary.
