ICICI Pru Guaranteed Income for Tomorrow (GIFT)

ICICI Pru Guaranteed Income for Tomorrow is a savings and protection based life insurance plan along with guaranteed benefits that helps achieve your different life objectives such as marriage, children’s education or a comfortable retirement.

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What is ICICI Pru Guaranteed Income for Tomorrow (GIFT)?

ICICI Pru GIFT full form is ICICI Prudential Guaranteed Income for Tomorrow (GIFT). It is a non-linked, non-participating, individual life insurance and investment plan with guaranteed income. The plan offers guaranteed returns, life cover, and tax benefits.

It is a unique plan that combines the benefits of life insurance coverage with a guaranteed income for the future. GIFT provides policyholders with a lump sum or regular stream of income over a specific period, helping them meet their financial goals and secure their family's future.

What are the Features of ICICI GIFT Plan?

  • Life cover for your family’s financial security

  • This plan offer guaranteed benefits in the form of a regular or lump sum income to suit your needs.

  • High benefits for females

  • Option to get guaranteed income from second year

  • Receive guaranteed income with Save the Date option

  • Option of opting a loan against plan that helps you in case of financial requirements

  • Get tax benefits as per the prevailing laws of ITA, 1961.

What is the Eligibility Criteria of the ICICI GIFT Plan?

The key benefits of the ICICI Pru guaranteed Income Plan are listed in the table mentioned below:

Particulars Details
Plan Type Non-Linked, Non-Participating, Individual Savings Plan
Plan Options
  • Lump Sum
  • Regular Income
  • Early Income
  • Single Pay Income 
Premium Payment Term One-time payment/ 5 years/ 6 years/ 7 years/ 10 years 
Policy Term Lump Sum Option Regular Income Option Early Income Option Lump Sum Income Option
5-year PPT: 10/ 12 years 5-year PPT: 6 years 7-year PPT: 8 years Single Pay PPT: 10 years
6-year PPT: 12 years 7-year PPT: 8 years 10-year PPT: 11 years
7-year PPT: 12/ 15 years 10-year PPT: 11 years
10-year PPT: 15/ 20 years
Single Pay PPT: 5/ 10/ 15 years
Minimum Entry Age 18 years - PT 18 years - PT 18 years - PT 18 years - PT
Maximum Entry Age 5/ 6/ 7/ 10 years PPT: 60 years 60 years 60 years For 10X Sum Assured on Death - 45 years
Single Pay PPT: 
  • For 10X Sum Assured on Death- 45 years
  • For 1.25X Sum Assured on Death - 60 years
For 1.25X Sum Assured on Death - 60 years
Maturity Age 5/ 6/ 7/ 10 years PPT: 18 to 60 years 18 to 71 years 18 to 71 years
  • For 10X Sum Assured on Death - 18 to 55 years
Single Pay PPT: 
  • For 10X Sum Assured on Death - 18 to 60 years
  • For 1.25X Sum Assured on Death - 18 to 75 years 
  • For 1.25X Sum Assured on Death - 18 to 70 years
Premium Amount 5/ 6/ 7/ 10 years PPT: Rs. 6,000 - No Limit Rs. 30,000 – No Limit Rs. 30,000 – No Limit Rs. 1 lakh – No Limit
Single Pay PPT: Rs. 50,000 - No Limit
Premium Payment Frequency Lump Sum/ Yearly/ Half-Yearly/ Monthly

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What are the Benefits of ICICI Pru Guaranteed Income for Tomorrow Plan

The ICICI Pru Guaranteed Income Plan comes up with four different options. Read below to understand the guaranteed return plan benefits within each of these options:

  1. Lump Sum Plan Option

    This plan choice requires you to pay premiums for a predetermined amount of time; at the end, you will get a guaranteed single payment.

    Here are the benefits provided under the One-time investment option of the ICICI GIFT Plan:

    Benefits Details
    Maturity Benefit
    • The policyholder is guaranteed to receive a lump sum amount at the end of the policy term
    • This amount is guaranteed, regardless of the performance of the underlying investments
    Death Benefit The policyholder receives a life cover as per the following:For Single Pay (Higher of) -
      • 10X or 1.25X of Single Premium (as per the plan of your choice)
      • Sum Assured on Maturity X Death Benefit factor
    For 5/ 6/ 7/ 10 years PPT (Higher of) –
    • 10X of Annualised Premium
    • 105% of Total Premium Payment till Death
    • Sum Assured on Maturity X Death Benefit factor of this option
    Tax Benefits
    • The premiums paid are eligible for tax deductions u/ Sec 80C of the Income Tax Act, 1961
    • The benefits received are also eligible for tax benefits u/ Sec 10(10D) of the IT Act, 1961
  2. Regular Income Plan Option

    As per this option, you must pay premiums for a predetermined amount of time, after which you will receive a Guaranteed Income for a predetermined amount.

    The regular income option of the ICICI Pru Guaranteed Income Plan offers the following benefits:

    Benefits Details
    Maturity Benefit You can be sure you will receive a regular income for a specified period, regardless of market fluctuations.
    Death Benefit A guaranteed life cover is provided as per the higher of the following:
    • Sum Assured as 10X of Annualised Premium
    • 105% of Total Premium Payment till Death
    • Sum Assured on Maturity X Death Benefit factor of this option
    Tax Benefits The premiums paid are eligible for tax deductions u/ Sec 80C of the Income Tax Act, 1961
  3. Early Income Plan Option

    Like the Regular Income option, in this option as well you receive the policy benefit in the form of a consistent income. The primary difference is that with this option, you will begin receiving a regular payment as early as the 2nd policy year.

    Here are some of the specific benefits of the regular income option of the ICICI Pru Guaranteed Income For Tomorrow Plan:

    Benefits Details
    Survival Benefit
    • You get a fixed proportion of your annual premiums as a guaranteed early income
    • The ratio is decided as per the Premium Payment Term:
    • 7-year PPT: 20% of Annualised Premium
    • 10-year PPT: 25% of Annualised Premium
    Maturity Benefit You can be sure that you will receive a regular income for a specified period, regardless of market fluctuations.
    Death Benefit A guaranteed life cover is provided as per the higher of the following:
    • Sum Assured as 10X of Annualised Premium
    • 105% of Total Premium Payment till Death
    • Sum Assured on Maturity X Death Benefit factor of this option
    Tax Benefits The premiums paid are eligible for tax deductions u/ Sec 80C of the Income Tax Act, 1961
  4. Single Pay Income Option

    In accordance with this plan choice, you will only need to make one premium payment in order to get a predetermined amount of guaranteed regular income (also known as the Guaranteed Early Income) from the end of the 2nd year to 10th policy year.

    The Single Pay Income option of ICICI Pru Guaranteed Income For Tomorrow Plan offers the following benefits:

    Benefits Details
    Survival Benefit You start receiving a guaranteed yearly income from the end of 2nd policy year
    Death Benefit Sum Assured (on Death): 10X or 1.25X of Single Premium (as per the plan of your choice)
    Tax Benefits The premiums paid are eligible for tax deductions u/ Sec 80C of the Income Tax Act, 1961

What are the Policy Details of ICICI Pru Guaranteed Income For Tomorrow (GIFT)?

  1. In Case You Stop Premium Payment:

    When the premium payment of all the options (except the Single Pay option) of the ICICI GIFT Plan is stopped at any stage, the following conditions will be applicable:

    • No benefits of the plan will be payable when the premium is not paid in the initial 2 years

    • If you stop paying premiums after completing premium payments in the initial 2 years, the policy will continue, however, with reduced benefits

    • The reduced benefits will simply be calculated by multiplying the original benefits as mentioned in the section 'Benefits in Detail' to the extent premiums paid proportion

  2. Policy Revival:

    You can revive the policy along with all the benefits within 5 years from the initial due date of the unpaid premium. You can do this by paying all the due premiums and interest together before the policy's termination date.

    Any type of changes in the revival conditions will be subject to beforehand approval from the IRDAI and has to be disclosed to the policyholders. Once the premium payments are started again, the benefits reduced will be restored to their complete value

  3. Free Look Period:

    If you do not agree with the T&Cs of the plan, insurer can return the plan documents with reasons for cancellation within 30 days from the date of receiving plan in case of electronic plans and 15 days for distance marketing. In case of cancelling the plan during the free look time, insurer will return the premium payment.

  4. Surrender Benefit:

    If at any time after paying your premium for 2 complete years, and you are not able to continue the plan, then a surrender amount will be paid. In  case of single pay, surrender amount will be provided on single premium payment.

    On the surrendering of plan, you will receive higher of:

    • Special Surrender Value (SSV)

    • Guaranteed Surrender Value (GSV)

Exclusions of ICICI Pru Guaranteed Income For Tomorrow (GIFT)

Suicide: In case of policyholder’s death because of suicide within an year (12 months) from the commencement risk date under the plan or from the revival date of the plan, the claimant shall be eligible for around 80 percent of the total premium amount paid till death date or the surrender amount valid as on the death date (whichever is more).

FAQ's

  • What is ICICI Guaranteed Income for Tomorrow plan?

    ICICI Guaranteed Income for Tomorrow (GIFT) is a non-linked, participating, non-participating, with-profit, guaranteed income plan offered by ICICI Prudential Life Insurance. It is a long-term plan that provides guaranteed income for a fixed period or for life, depending on the chosen plan option.
  • Is ICICI Guaranteed Income Plan worth it?

    Here are some factors to consider whether or not the ICICI Guaranteed Income Plan is worth it for you or not:
    • Your financial goals

    • Your risk tolerance

    • Your investment time horizon

    Pros of ICICI GIFT Plan:

    • Guaranteed income

    • Flexibility to choose the income period

    • Tax benefits under Section 80C of the Income Tax Act, 1961

    • Life cover for the entire policy term

  • What is the maturity benefit of a guaranteed income plan?

    The maturity benefit in Guaranteed Income Plan is the lump sum or regular income in instalments (as per your choice of plan option) you will receive at the end of the policy term. It is required that all due premiums have been paid. The maturity benefit is usually equal to the sum assured, but it may be higher or lower, depending on the policy terms.
  • Is the guaranteed income plan tax-free?

    Yes, the ICICI Pru guaranteed income plan is tax-free under certain conditions. The premiums paid under the policy are allowed as a deduction of up to Rs. 1.5 lakhs per annum under Section 80C of the Income Tax Act, 1961. The proceeds received under the policy are exempt and subject to conditions under Section 10(10D).

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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