ICICI Pru GIFT Pro Plan

What is the ICICI Pru GIFT Pro Plan?

ICICI Pru GIFT Pro is a life insurance plan designed to help you achieve your financial goals with confidence. It combines the security of life insurance with the potential for growth, making it a well-rounded savings plan. ICICI Pru GIFT Pro can be a valuable tool for those seeking a combination of protection, savings, and guaranteed benefits.

Features of ICICI Pru GIFT Pro Plan

Here are the key features of the ICICI Pru GIFT Pro Plan:

• Guaranteed Income Options: Choose between Level Income for a consistent income stream throughout your chosen income period or Increasing Income to receive income that grows every year, helping you stay ahead of inflation.

• Low Cover Income Booster: Opt for the Low Cover Income Booster to get a bigger payout while accepting a lower life cover benefit.

• Customize Your Money Back Benefit: Decide how much of your total premiums you want to receive back as a lump sum amount (0% to 100%) and choose the year during the income period (or after maturity) that best suits your goals.

• Plan Your Income Stream:  Select your preferred Policy Payment Term (PPT), Premium Payment Term (PT), and Income Period from a range of options to best fit your financial situation and goals.

• Life Cover for Peace of Mind:  The plan provides a life insurance benefit to protect your family financially in case of an unfortunate event.

• Potential Tax Benefits:  Premiums paid and benefits received may be eligible for tax deductions under prevailing tax laws (subject to change).

• Loan Assistance:  During times of need, you can avail of a loan against your policy to meet your financial emergencies.

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Eligibility Criteria for the ICICI Pru GIFT Pro Plan

Benefits of the ICICI Pru GIFT Pro Plan

Below are the benefits of the ICICI Pru GIFT Pro Plan: 

• Save the Date: Choose a special date, like a birthday or anniversary, to receive your guaranteed income annually. This adds a personal touch to your financial planning.

• Lump Sum Benefit: Access your future guaranteed income and money-back benefit at any time during the income period or at policy maturity. This flexibility allows you to address unexpected needs or take advantage of opportunities. Investors compare funds to find the best SIP investment.

• Death Benefit: Provides financial security for your loved ones in case of your unfortunate passing. The benefit amount is the highest of the three options, ensuring your beneficiary receives a significant payout. 

The benefit amount is calculated as the highest of:

• Sum Assured on Death: This is a multiple of your annual premium.

• 105% of Total Paid Premiums: This guarantees a minimum payout even if other options fall short.

• Death Benefit Factor x Maturity Sum Assured x (Months of Paid Premiums / Total Premium Payment Term): This option considers the policy term and paid premiums for a potentially higher payout.

Exclusions Under the ICICI Pru GIFT Pro Plan

If suicide occurs within 12 months from the policy's start or revival, the beneficiary will receive at least 80% of the total premiums paid up to the death date or the surrender value, whichever is higher, provided the policy is active. This payment terminates the policy, and all associated rights, benefits, and interests cease.

Policy Details of ICICI Pru GIFT Pro Plan

• Revival: Revive your lapsed policy within 5 years from the first unpaid premium by paying dues and interest.

• Policy Loan: Get a loan up to 80% of the surrender value after your policy acquires one.

• Termination: Policy terminates on events like non-payment of premium, end of income period, or death of the life assured.

• Free Look Period: Cancel your policy within 15 days (or 30 days for electronic policies/distance marketing) if unhappy with the terms.

  

• Grace Period: Pay your premium within 15 days (monthly) or 30 days (other frequencies) of the due date to avoid lapse.

• Flexibility: Change the frequency of premium payment on the policy anniversary and guaranteed income frequency anytime before two months of policy term completion.

• Advance Premium: Pay premium in advance within the same financial year or a maximum of three months before the due date in the next financial year.

• Minor Life Assured: On attaining majority (18 years), the minor becomes the policyholder and can nominate a beneficiary.

• Policyholder and Life Assured Different: On the policyholder's death, the life assured (if alive) can continue the policy.

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