ICICI Pru Guaranteed Income For Tomorrow

ICICI Pru Guaranteed Income For Tomorrow

Life Insurance cover for financial security of your family.
Option to receive guaranteed income from 2nd year onwards.
Option of taking Loan Against Policy to help you in case of financial emergencies.
Guaranteed Benefits in the form of a Lump sum or Regular Income to help you save for your Goals.
Tax Benefits may be Applicable on premiums paid and benefits received as per the prevailing tax laws.

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When you have a life plan, each day becomes a GIFT!

Life is all about sharing and creating moments of happiness with those you care about. To fully enjoy these moments, you must obtain life insurance to safeguard your loved ones in the event of an unexpected event and also prepare for major life goals such as marriage, parenting, children’s education, or a calm retirement. A financial strategy that offers you a sense of security is essential for achieving these sacred objectives.  

with this consideration in mind we present ICICI Pru Guaranteed Income For Tomorrow. A life insurance policy that focuses on both protection and savings while also providing guaranteed benefits to assist you in achieving your life objectives. 

 

What qualifies ICICI Pru Guaranteed Income For Tomorrow as an appropriate investment for you?

Guaranteed Benefits

Option  to  obtain  guaranteed  income  from  2nd  year  onwards.

Guaranteed Benefits

Option  to  obtain  guaranteed  income  from  2nd  year  onwards.

Higher

Enhanced  benefits  for  women.

Higher

Enhanced  benefits  for women.

Life Insurance Cover

the  Life  insurance  cover  for  Financial  security  of  your  loved  ones.

Life Insurance Cover

the  Life  insurance  cover  for  Financial  security  of  your  loved  ones.

Tax benefits

Premiums  paid  and  benefits  received  may  be  eligible  for  TAX  benefits  in  accordance  with  the  current  tax  regulations..

Tax benefits

Premiums  paid  and  benefits  received  may  be  eligible  for  TAX  benefits  in  accordance  with  the  current  tax  regulations..

Option of taking Loan

To  assist  you  in  times  of  need,  you  have  the  option  of  getting  a  loan  against  your  insurance  coverage.

Option of taking Loan

To  assist  you  in  times  of  need,  you  have  the  option  of  getting  a  loan  against  your  insurance  coverage.

Early Income Plan Option

You  may  choose  to  pay  premiums  for  a  period  of  6, 7, 8, 10,  or  12 years  (PPT)  under  this  option,  and  you  will  begin  receiving  a  regular  income  from  second  year.

The  life  insurance  is  offered  for  the  whole  policy  term,  which  is  PPT+1. Your  Guaranteed  Early  income  is  Earnings  that  begins  from  second  year  onwards  and  continues  until  the  rest  of  the  policy  term.

GUARANTEED  INCOME  refers  to  benefits  that  you  will  get  after  the  policy  period  has  ended. For  instance,  Mr. Dhani,  a  35-year- old  man,  is  paying  ₹1 lakh  as  a  premium  for ICICI  Pru’s  Guaranteed  Income  For  Tomorrow  Plan every  year. In  order  to  be  able  to  retire  earlier,  he  intends  to  develop  a  second  source  of  income.

In  addition,  he  wants  income  to  spend  for  his  son’s  school  tuition  starting  from  the  next  year. Mr. Dhani regular  income  is  shown  in  the  table  below,  depending  on  the  premium  payment  period  and  policy  duration.

Pay for Income from 2nd year till 7th year Income from 7th year till 12th year
6 years Rs.15,000 Rs.1,16,461
Pay for Income from 2nd year till 8th year Income from 8th year till 14th year
7 years Rs.20,000 Rs.1,20,722
Pay for Income from 2nd year till 9th year Income from 9th year till 16th year
8 years Rs.20,000 Rs.1,23,882
Pay for Income from 2nd year till 11th year Income from 11th year till 20th year
10 years Rs.25,000 Rs.1,36,952
Pay for Income from 2nd year till 13th year Income from 13th year till 24th year
12 years Rs.25,000 Rs.1,53,951

During the Income Period, Mr. Dhani may flexibly choose to receive his Guaranteed Income either annually or monthly.  

For 10 years of premium payment term, the yearly Guaranteed Income is ₹1,36,952.  

If he wants to get this income every month, he will get ₹1,41,061 for the whole year, that sums to ₹11,755 (₹1,41,061/12) every month for 10 years. 

Mr. Dhani also has the option of taking all future guaranteed income as a one-time lump sum amount.

if an emergency arises at the time of maturity or even during the Income Period.  

Life Insurance Benefit (Death Benefit):

Under the event of the death of the person whose life is insured by this policy (known as the Life Assured), the insurance cover amount will be paid out as a lump sum payment to the person designated (known as the Claimant) in the policy.  

The benefit under this life insurance policy is following (Whichever is higher): 

  1. Sum Assured in the Event of Death
  2. 105% of the total premiums collected Until the day of death.
  3. Annual Guaranteed Income x Death Benefit Factor for Early Income Plan option, where the Sum Assured on Death is 10 X Annualized Premium.

Life insurance benefits will continue to be paid to claiment even if the insured dies during the term of the policy. There will be a choice for the claimant to receive the future income in a lump amount or as a monthly payment.  

Income plan option 

You may choose to pay premiums for a period of 5,6, 7, 8, 10, or 12 years (PPT) under this option, and you may choose to receive Guaranteed Income for 5, 7, or 10 years (PPT). The life insurance is offered for the whole policy term, which is PPT+1.  

Pragati, a 35-year-old woman, pays an annual premium of ₹1 lakh into the ICICI Pru Guaranteed Income for Tomorrow plan. As a way to prepare for early retirement, she wants to set up an alternative source of income.  

Pragati’s regular income is shown in the table below, depending on the premium payment period and policy duration. 

Pay for Income Period
5 years 7 years 10 years
5 years Rs.1,42,457 Rs.1,08,166 Rs.83,266
6 years Rs.1,70,115 Rs.1,28,556 Rs.99,326
7 years Rs.2,14,053 Rs.1,62,200 Rs.1,23,676
8 years Rs.2,40,254 Rs.1,84,438 Rs.1,38,839
10 years Rs.3,40,541 Rs.2,58,028 Rs.1,97,884
12 years Rs.4,31,450 Rs.3,27,920 Rs.2,51,792

Additionally, Pragati has the flexible option of receiving her Guaranteed Income either annually or monthly. 

For a premium payment term of 10 years and an income duration of 10 years, the yearly guaranteed income is ‘₹1,97,884.’ 

If She wants to get this income every month, she will get ₹2,03,821 for the whole year, that sums to ₹16,985 (₹2,03,821/12) every month for 10 years. 

Pragati also has the option of taking all future guaranteed income as a one-time lump sum amount, if an emergency arises at the time of maturity or even during the Income Period.  

Life Insurance Benefit (Death Benefit):

Under the event of the death of the person whose life is insured by this policy (known as the Life Assured), the insurance cover amount will be paid out as a lump sum payment to the person designated (known as the Claimant) in the policy.  

The benefit under this life insurance policy is following (Whichever is higher): 

  1. Sum Assured in the Event of Death
  2. 105% of the total premiums collected Until the day of death.
  3. Annual Guaranteed Income x Death Benefit Factor for Early Income Plan option, where the Sum Assured on Death is 10 X Annualized Premium.

Life insurance benefits will continue to be paid to claimant even if the insured dies during the term of the policy. There will be a choice for the claimant to receive the future income in a lump amount or as a monthly payment.  

Lump sum plan option 

When you choose this plan option, you will be required to pay premiums over a certain amount of time, after which you will be paid a guaranteed lump sum at the conclusion of the policy term.  

Premium payment term i.e. how long you have to pay premiums and policy term i.e. how long you want to get the guaranteed lump amount may be selected. 

Here are the details of your premium payment and insurance term: 

You can choose to pay premiums for You can choose to get guaranteed lump sum at the end of
1 year (Pay just once) 5 or 10 or 15 years
5 years 10 or 12 years
6 years 12 years
7 years 12 or 15 years
8 years 15 or 16 years
10 years 15 or 20 years
12 years 20 years

Illustration:

Mr. Shreshth, a 35-year-old man, purchases ICICI Pru Guaranteed Income For Tomorrow for an annual premium of ₹1 lakh. He wants to build a fund to help pay for his son’s college education. 

Following is a breakdown of the guaranteed lump sum payment that Mr. Shreshth will get based on a variety of premium payment terms and policy terms. 

Anmol pays premium for Anmol will receive lump sum at the end of Anmol will receive a guaranteed lump-sum of
5 years 10 years Rs.7,42,363
7 years 15 years Rs.13,35,715
8 years 15 years Rs.15,36,384
10 years 20 years Rs.23,40,465
12 years 20 years Rs.27,04,796

NOTE: This table only illustrates only a few of the possible premium payment and insurance term options that you may choose from. All of the possible variations are listed in “Table 1” above. 

Life Insurance Benefit (Death Benefit):

Under the event of the death of the person whose life is insured by this policy (known as the Life Assured), the insurance cover amount will be paid out as a lump sum payment to the person designated (known as the Claimant) in the policy.  

The benefit under this life insurance policy is following (Whichever is higher): 

  1. Sum Assured in the Event of Death
  2. 105% of the total premiums collected Until the day of death.
  3. Annual Guaranteed Income x Death Benefit Factor for Early Income Plan option, where the Sum Assured on Death is 10 X Annualized Premium.

Life insurance benefits will continue to be paid to claimant even if the insured dies during the term of the policy. There will be a choice for the claimant to receive the future income in a lump amount or as a monthly payment.  

The Death Benefit is equal to 10 times the annual premium. 

Plan at a Glance

Plan Option Premium Payment Term Policy Term
(in years)
Minimum Age at Entry
(in years)
Maximum Age at Entry
(in years)
Min/Max Age at Maturity
(in years)
Lump sum One Time
(Single Pay)
5, 10 or 15 18 minus Policy Term For Sum Assured on Death:
10X: 45
1.25X: 60
18/75
5 years 10, 12 60 18/80
6 years 12
7 years 12, 15
8 years 15, 16
10 years 15, 20
12 years 20
Income 5 years 6 60 18/73
6 years 7
7 years 8
8 years 9
10 years 11
12 years 13
Early Income 6 years 7 60 18/73
7 years 8
8 years 9
10 years 11
12 years 13

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Disclaimers

1) Depending on the plan choice chosen, either a guaranteed lump payment or regular income will be paid. 

2) This benefit will only be available with the Early Income plan. 

3) For a female life insured, the premiums will be the same as those for a male life insured two years younger. 

4) The benefit payable upon the death of the person (known as life assured) is called life insurance coverage. 

5) Save the DATE: You may opt to get revenue on any date after the due date of the first income to match with any special date. 

6) Sections 80C, 10(10D), 115BAC, and other sections of the Income Tax Act, 1961, govern the tax advantages of the insurance policy. Depending on the applicable rates, additional goods and service taxe and cesses (if any) may be applied. The tax rules are subject to change over time. Before taking any action, please visit your tax professional for further information. 

Guaranteed Early Income is paid on the same frequency as your premiums paid.  

The premium, premium payment period, and policy term, all of which were selected at the time of purchase, cannot be amended. The frequency with which premiums are paid may be altered at your discretion. 

The following table shows the percentage of relevant Sum Assured on Maturity or Guaranteed Income due for monthly and half-yearly premium payment options, represented as a percentage of the annual premium.