Introduction
ICICI Pru Guaranteed Income for Tomorrow (Long-term) is a protection and savings oriented life insurance plan that offers guaranteed income for a long-term period of 15 to 30 years. The plan helps you to achieve your life goals such as buying a dream house, funding your child’s education, or planning for a peaceful retirement. You can choose to pay premiums for 7, 10 or 12 years and receive guaranteed income for 15, 20, 25 or 30 years. You also get a life cover for the entire policy term and tax benefits on the premiums paid and the income received. The plan has two options: Income and Income with 110% ROP. Under the Income option, you get regular guaranteed income every year or every month during the income period. Under the Income with 110% ROP option, you get regular guaranteed income as well as 110% of the total premiums paid at the end of the income period.
What are the Benefit and Features of ICICI Pru Guaranteed Income for Tomorrow (Long-term)
Here are some benefits and features of ICICI Pru Guaranteed Income for Tomorrow (Long-term):
- It is a protection and savings oriented life insurance plan that offers guaranteed income for a long-term period of 15 to 30 years.
- You can choose to pay premiums for 7, 10 or 12 years and receive guaranteed income for 15, 20, 25 or 30 years.
- You also get a life cover for the entire policy term and tax benefits on the premiums paid and the income received.
- The plan has two options: Income and Income with 110% ROP. Under the Income option, you get regular guaranteed income every year or every month during the income period. Under the Income with 110% ROP option, you get regular guaranteed income as well as 110% of the total premiums paid at the end of the income period.
- You can also avail loan against policy to help you in case of financial emergencies.
- You can also enhance your protection with riders such as accidental death benefit, critical illness benefit, etc.
How much guaranteed income can I get from ICICI Pru Guaranteed Income for Tomorrow (Long-term)?
The Assured Income plan option of ICICI Pru Guaranteed Income for Tomorrow (GIFT) plan. This is a protection and savings oriented life insurance plan that offers guaranteed income for a long-term period of 15 to 30 years.
The amount of guaranteed income that you can get from ICICI Pru Guaranteed Income for Tomorrow (Long-term) depends on the following factors:
- Under this plan option, you can choose to pay premiums for 7, 10 or 12 years (PPT) and also choose to receive Guaranteed Income for 15, 20, 25 or 30 years.
- Your policy term is PPT+1 or PPT+2 years and the life cover is available for the entire policy term.
- The Guaranteed Income is a fixed amount that is determined at the inception of the policy based on the premium amount, premium payment term, income period, and frequency of income.
- You can choose to receive the Guaranteed Income either every year or every month during the income period.
- At the end of the income period, you will also receive a maturity benefit which is equal to 110% of the total premiums paid.
The following table shows some examples of the annual premium amount and the annual guaranteed income for different combinations of premium payment term and income period, assuming a sum assured on death of 10 X annualized premium and an age of 35 years.
| Premium Payment Term | Income Period | Annual Premium | Annual Guaranteed Income |
|---|---|---|---|
| 7 years | 15 years | 30,000 | 95,503 |
| 7 years | 20 years | 30,000 | 80,775 |
| 7 years | 25 years | 30,000 | 72,374 |
| 7 years | 30 years | 30,000 | 67,934 |
| 10 years | 15 years | 30,000 | 1,52,450 |
| 10 years | 20 years | 30,000 | 1,29,850 |
| 10 years | 25 years | 30,000 | 1,18,481 |
| 10 years | 30 years | 30,000 | 1,10,253 |
Pros and Cons of ICICI Pru Guaranteed Income for Tomorrow (Long-term)
Here are some pros and cons of ICICI Pru Guaranteed Income for Tomorrow (Long-term):
Pros:
- It is a protection and savings oriented life insurance plan that offers guaranteed income for a long-term period of 15 to 30 years.
- You can choose to pay premiums for 7, 10 or 12 years and receive guaranteed income for 15, 20, 25 or 30 years.
- You also get a life cover for the entire policy term and tax benefits on the premiums paid and the income received.
- The plan has two options: Income and Income with 110% ROP. Under the Income option, you get regular guaranteed income every year or every month during the income period. Under the Income with 110% ROP option, you get regular guaranteed income as well as 110% of the total premiums paid at the end of the income period.
- You can also avail loan against policy to help you in case of financial emergencies.
- You can also enhance your protection with riders such as accidental death benefit, critical illness benefit, etc.
Cons:
- The returns are low compared to other investment options such as ELSS and PPF. The approximate returns are 5.5% + life insurance coverage.
- The plan is suitable only for those who have fixed goals and know the approximate timing of a certain event. This can be related to the long term goals of a child’s education, marriage, or retirement.
- The plan has high surrender charges if you want to exit the policy before the maturity date.
- The plan does not offer any flexibility to change the premium payment term, income period, or frequency of income once chosen.
What is Eligibility Criteria for ICICI Pru Guaranteed Income for Tomorrow (Long-term)
The eligibility criteria for ICICI Pru Guaranteed Income for Tomorrow (Long-term) are as follows:
- You must be a salaried individual.
- You should fall within the age bracket of 18-60 years.
- Your minimum and maximum age at maturity depends on the plan option, premium payment term, and policy term that you choose.
- Your minimum premium amount depends on the plan option and premium payment frequency that you choose.
- Your eligibility also depends on your income, occupation, and educational qualification.
Documents required for ICICI Pru Guaranteed Income for Tomorrow
To buy ICICI Pru Guaranteed Income for Tomorrow (Long-term), you will need to submit the following documents:
Identity proof: You will need to provide a document that verifies your identity and contains your photograph. The following documents can serve this purpose:
- Masked Aadhaar card
- Passport
- Driving license
- Voters ID
- Job card supplied by the National Rural Employment Guarantee Act 2005 (NREGA) signed by a state government officer.
Address proof: You will need to provide a document that verifies your current residential address. The following documents can serve this purpose:
- Masked Aadhaar card
- Passport
- Driving license
- Voters ID
- Utility bill (electricity, telephone, postpaid mobile phone, piped gas, water bill) issued within the last two months.
- Bank account or post office savings bank account statement issued within the last six months.
Income proof: You will need to provide a document that verifies your income and financial status. The documents acceptable as income proof include:
- Past three months’ salary slip
- Last three assessment years’ Income Tax Returns (ITR)
- Last six months’ salary bank statement showing your salary/income
- Most recent Form 16
- Last three assessment years’ audited profit & loss account and balance sheet
You can also download the application form and other relevant forms from the download centre of ICICI Prulife website.
What are the tax benefits of ICICI Pru Guaranteed Income For Tomorrow (Long-term)
The tax benefits of ICICI Pru Guaranteed Income For Tomorrow (Long-term) are as follows:
- You can claim a deduction of up to 1.5 lakh per annum on the premiums paid towards the plan under Section 80C of the Income Tax Act, 1961.
- The amounts you receive from the plan, such as the guaranteed income and the maturity benefit, are also tax-free under Section 10 (10D) of the Income Tax Act, 1961.
These tax benefits are subject to the provisions and conditions of the Income Tax Act, 1961 and may change from time to time. You are advised to consult your tax advisor before investing in the plan.
What is the claim sattlement ratio of ICICI Pru Guaranteed Income for Tomorrow (Long-term)
The claim settlement ratio of ICICI Pru Guaranteed Income for Tomorrow (Long-term) is the percentage of claims that the insurance company has settled out of the total claims received in a financial year. It indicates the reliability and efficiency of the insurer in paying out the claims to the policyholders or their nominees.
According to the IRDAI’s annual report for the financial year 2020-21, ICICI Prudential Life Insurance had a claim settlement ratio of 97.90%. This means that out of every 100 claims received by ICICI Prudential, 97.90 claims were settled within the stipulated time frame. The average claim settlement time for ICICI Prudential was 2.34 days.
ICICI Prudential Life Insurance provides an easy, quick and hassle-free claim settlement process for its customers. You can file a claim online or offline by following some simple steps. You will need to submit some documents such as death certificate, policy document, identity proof, etc. to support your claim. You can also track your claim status online or through SMS alerts.
ICICI Prudential Life Insurance aims to provide faster settlement of claims and financial protection for your loved ones with its various life insurance plans, such as ICICI Pru Guaranteed Income For Tomorrow (Long-term). This is a protection and savings oriented life insurance plan that offers guaranteed income for a long-term period of 15 to 30 years. You can choose from two plan options: Income and Income with 110% ROP. You also get tax benefits on the premiums paid and the income received as per the prevailing tax laws.
Conclusion
ICICI Pru Guaranteed Income For Tomorrow is a protection and savings oriented life insurance plan that offers guaranteed* benefits to help you achieve your life goals. You can choose from various plan options that suit your needs, such as lump sum, income, early income, or single pay income. You can also choose the premium payment term, the policy term, and the income period as per your convenience. You also get a life cover for the entire policy term and tax benefits on the premiums paid and the income received as per the prevailing tax laws. You can also avail loan against policy to help you in case of financial emergencies. You can also enhance your protection with riders such as accidental death benefit, critical illness benefit, etc. ICICI Pru Guaranteed Income For Tomorrow is a plan that gives you the assurance of a guaranteed income for tomorrow.
Frequently Asked Questions (FAQ)
- What is ICICI Pru Guaranteed Income for Tomorrow (Long-term)?
ICICI Pru Guaranteed Income for Tomorrow is a long-term savings and income plan offered by ICICI Prudential Life Insurance. It is designed to provide guaranteed income and financial security for your future.
- How does this plan work?
This plan involves paying premiums for a chosen policy term, and in return, you receive guaranteed income at regular intervals. The income payouts are designed to provide financial stability, and the plan also offers a lump sum maturity benefit at the end of the policy term.
- What is the minimum entry age for this plan?
The minimum entry age for ICICI Pru Guaranteed Income for Tomorrow (Long-term) can vary, but typically, it starts from 0 years and can go up to 70 years, depending on the specific policy variant.
- What is the maximum policy term available?
The maximum policy term typically varies, but it can extend up to 40 years or more. The exact term depends on the specific variant of the plan.
- Can I choose the frequency of income payouts?
Yes, you can typically choose the frequency of income payouts according to your needs. Common options include annual, semi-annual, quarterly, or monthly payouts.
- Is the income received taxable?
The tax implications of the income received under this plan may vary depending on the tax laws in your region. It’s advisable to consult with a tax advisor or financial expert for accurate information about the tax treatment of your income.
- What is the maturity benefit of this plan?
At the end of the policy term, you will receive a lump sum maturity benefit. This is typically a guaranteed sum assured, which can provide a financial cushion or be reinvested to meet your future financial goals.
- Is there a death benefit associated with this plan?
Yes, this plan usually includes a death benefit, which is paid to the nominee in case of the policyholder’s demise during the policy term. The death benefit typically consists of the sum assured and accrued bonuses.
- Can I surrender the policy if needed?
You can typically surrender the policy, but it may result in a lower surrender value. Surrender values are determined based on the policy’s terms and conditions. It’s advisable to check your policy documents for specific surrender details.
- Can I take a loan against this policy?
Some variants of this plan may offer a loan facility, allowing you to take a loan against the policy’s surrender value. The terms and conditions for loans may vary, so it’s essential to review your policy documents for specific details.
- Can I customize this plan to suit my needs?
ICICI Pru Guaranteed Income For Tomorrow (Long-term) often offers various customization options, such as choosing the premium payment frequency, policy term, and income payout frequency. You should explore these options to align the plan with your financial goals.
- How do I apply for this plan?
To apply for this plan, you can visit the ICICI Prudential Life Insurance website, contact their customer support, or get in touch with a financial advisor affiliated with ICICI Prudential to initiate the application process.
Please note that the specifics of ICICI Pru Guaranteed Income for Tomorrow (Long-term) may vary based on the plan variant and updates in the policy terms and conditions, so it’s essential to review the policy documents and consult with an ICICI Prudential representative for accurate and up-to-date information.
With over 15 years of experience in Banking, investment banking, personal finance, or financial planning, Dkush has a knack for breaking down complex financial concepts into actionable, easy-to-understand advice. A MBA finance and a lifelong learner, Dkush is committed to helping readers achieve financial independence through smart budgeting, investing, and wealth-building strategies, Follow Dailyfinancial.in for practical tips and a roadmap to financial success!
