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
Guaranteed Benefits
Higher
Higher
Life Insurance Cover
Life Insurance Cover
Tax benefits
Tax benefits
Option of taking Loan
Option of taking Loan
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):
- Sum Assured in the Event of Death
- 105% of the total premiums collected Until the day of death.
- 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):
- Sum Assured in the Event of Death
- 105% of the total premiums collected Until the day of death.
- 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):
- Sum Assured in the Event of Death
- 105% of the total premiums collected Until the day of death.
- 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.
