ICICI Pru Guaranteed Income For Tomorrow

Life is simply not about enjoying but at the same time creating the best of memories with the family. However, life is uncertain and any eventuality never comes with prior notice. Thus, to safeguard family members against any eventuality the assurance of life cover is needed. At the same time, it is of utmost importance to plan for different life objectives such as the wedding, child education, retirement, and so forth.

Such goals are sacrosanct and one would need a financial plan that reassures guarantee. Adhering to the same, the ICICI Pru Guaranteed Income For Tomorrow assures protection and savings along with guaranteed benefits and helps to achieve the different life objectives. 

Why ICICI Pru Guaranteed Income For Tomorrow?

It becomes of utmost importance to choose the right investment option for a secured future. Anyone who is wondering the need of the ICICI Pru Guaranteed Income For Tomorrow should take a look below and understand the following:

  • The life insurance cover for the financial safety of the family.
  • Guaranteed benefits in the form of regular income or a lump sum and enable one to save for the life objectives.
  • In case of any financial emergencies, the ICICI Pru Guaranteed Income For Tomorrow offers the option to take a loan.
  • With ‘Save the Date’ feature, avail the guaranteed income when needed.
  • From the second year onwards, an option to receive the guaranteed income.
  • The plan also offers higher benefits for women.
  • The tax benefits will apply to the paid premiums and the benefits received as per the existing tax laws.

ICICI Pru Guaranteed Income For Tomorrow Plan at a Glance

Plan Option

Entry Age (Minimum)

Entry Age (Maximum)

Maturity Age (Minimum/ Maximum)

Premium Payment Term

Policy Term

Income

18 minus the Policy Tenure

60

 

18/71

05 years

06

07 years

08

10 years

11

Lump-sum

60

18/80

05 years

10, 12

06 years

12

07 years

12, 15

10 years

15, 20

For the Sum Assured on Demise:

10X: 45

1.25X: 60

18/ For the Sum Assured on Demise:

10X: 60

1.25X: 75

One-time

(Single Pay)

05, 10 or 15

Single Pay Income

For the Sum Assured on Demise:

10X: 45

1.25X: 60

18/ For the Sum Assured on Demise:

10X: 55

1.25X: 70

One Time

10

Early Income

60

18/ 71

07  years

08

10 years

11

Note: For all the lives including the minor lives, the beginning of risk will be from the date the policy is accepted or issued, whichever is later. In case the life assured is minor the policy will not vest in the life assured’s name and when the person turns major within the policy tenure the benefits will continue to be paid to the policyholder. In case of demise of the policyholder, the legal heir will continue the policy.

The Premium Payment Frequency: Monthly, Single Pay, Half-yearly and Yearly

Minimum Premium

  • For the Option of Single Pay Income: Rs 1 lakh
  • For the Lump-sum Plan Options Single Pay: Rs 50,000
  • Other than the Single Pay: Rs 6,000 per annum
  • For the Option of Income and Early Income Plan: Rs 30,000 per annum

Maximum Premium: Unlimited

Boundary Conditions For the Policies Sourced Via POS Channels

Plan Option

Entry Age (Minimum)

 

Entry Age (Maximum)

Maturity Age (Minimum/ Maximum)

Premium Payment Term

Policy Term

(In years)

Income

12 years

59 years

18/ 65

05 years

06

10 years

57 years

07 years

08

07 years

54 years

10 years

11

Lump-sum

13 years

For the Sum Assured on Demise:

10X: 45

1.25X: 60

18/ 65

One Time

05

08 years

For the Sum Assured on Demise:

10X: 45

1.25X: 55

10

03 years

For the Sum Assured on Demise:

10X: 45

1.25X: 50

15

08 years

55 years

05 years

10

06 years

53 years

12

06 years

53 years

06 years

12

06 years

53 years

07 years

12

03 years

50 years

15

03 years

50 years

10 years

15

0 year

45 years

20

Single Pay Income

08 years

For the Sum Assured on Demise:

10X: 45

1.25X: 55

18/ 65

One Time

10

Early Income

10 years

57 years

18/ 65

07 years

08

07 years

54 years

10 years

11

Note: The benefits and premium will differ upon the options chosen from the ICICI Pru Guaranteed Income For Tomorrow.

Maximum Sum Assured on Demise: Rs 10 lakh

Maximum Annual Premium: Rs 1 lakh

ICICI Pru Guaranteed Income For Tomorrow Benefits

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

Income

Within this plan option, one needs to pay the premium for a specified period and towards the end of the policy period, a guaranteed income for the specified time will be received. One can select the premium payment term that is the number of years for, which the premium needs to be paid and an income period that is the years for, which the guaranteed income is needed.

The table below shows the details of the premium payment term and period for, which one would receive the guaranteed income:

Choose to Pay Premiums

Get Guaranteed Income

Choose to Obtain Guaranteed Income For

05 years

From the end of the seventh year. For instance, if anyone paid the last premium in 2025, January 15 then the guaranteed income will commence in 2028, January 15

05, 07 or 10 years

07 years

From the end of the ninth year. For instance, if anyone paid the last premium in 2027, January 15 then the guaranteed income will commence in 2030, January 15

10 years

From the end of the twelfth year. For instance, if anyone paid the last premium in 2030, January 15 then the guaranteed income will commence in 2033, January 15

Maturity Benefit (Guaranteed Income Benefit)

Once all the premiums have been paid thereafter on the premise of the premium payment term and the chosen income period guaranteed income will be received.

Death Benefit (Life Insurance Benefit)

When the person whose life is covered by ICICI Pru Guaranteed Income For Tomorrow referred to as the life assured is no more within the policy term, the insurance cover sum will be paid out as the lump sum to the specified person in the policy known as the claimant.

The life insurance benefit is the highest of:

  • Sum assured on the demise
  • 105 per cent of the complete premiums paid up to the demise date
  • An annual guaranteed income X demise benefit factor for the income plan wherein the sum assured upon demise is 10X AP

In case the life assured passes away within the income period, the income will continue to be received by the nominee. The claimant has the option to obtain future income as a lump sum that will be the present value of the discounted future income at the rate of 9 per cent per annum.

Lump-sum

Within this plan option, one needs to pay the premiums for a specified time and towards the end of the policy tenure, a guaranteed lump sum will be received. One can also select the premium payment term and the policy term after, which the guaranteed lump sum will be received.

The table below shows the premium payment term and policy terms details:

Choose to pay Premium For

Choose to Get Guaranteed Lump-sum Towards the End of

01 year (Pay Simply once)

05, 10 or 15 years

05 years

10 or 12 years

06 years

12 years

07 years

12 or 15 years

10 years

15 or 20 years

Maturity Benefit (Guaranteed Lump Sum Benefit)

Once all the premiums are paid towards the end of the policy tenure, a guaranteed lump sum also known as the sum assured on maturity will be received.

Death Benefit (Life Insurance Benefit)

In case the life assured passes away while the policy is active, the insurance cover sum will be paid out as the lump sum to the specified person in the policy also known as the claimant.

For the Single Pay

The life insurance benefit is higher of:

  • Sum assured on the demise
  • Sum assured on maturity X demise benefit factor for the lump sum plan wherein the sum assured on demise is 10 X single premium or the 1.25 X single premium as chosen

Other than Single Pay

The life insurance benefit is the highest of:

  • Sum assured on the demise
  • 105 per cent of the complete premiums paid up to the demise date
  • The sum assured on maturity X demise benefit factor for the lump sum plan wherein the sum assured on demise is 10 X AP

Single Pay Income

Within this plan option, the premiums will be paid once and one will receive the guaranteed regular income also known as guaranteed early income for a certain period initiating from the second year-end until tenth year-end.

Survival Benefit (Guaranteed Early Income)

This offers a regular flow of income each year initiating from the second year-end.

Death Benefit (Life Insurance Benefit)

In case the life assured passes away while the policy is active, the insurance cover sum will be paid out as the lump sum to the specified person in the policy also known as the claimant.

  • Life insurance benefit is the sum assured on the demise
  • Sum assured on demise is 10 X 1.25 X single premium as chosen

Early Income

Within this option, avail the policy benefit in the form of regular income just like in plan option ‘Income’.  The prime difference is that within this option, the regular income will be availed initiating from the early two years of the policy.

The income that will be received from the second year during the policy tenure is known as ‘Guaranteed Early Income’. Guaranteed income is the income that will be received from the policy term-end.

The table below shows the details of the premium payment term, the term for, which the guaranteed income and guaranteed early income will be received:

Pay the Premiums For

Get Guaranteed Income

Get Guaranteed Early Income

07 years

From the end of the eighth year. For instance, if anyone paid the last premium in 2027, January 15 then the guaranteed income will commence in 2029, January 15

From the second year until the eighth year. For instance, if anyone buys the policy 2021, January 15 then the income will commence in 2022, January 15 and go on until 2028, January 15

10 years

From the end of the eleventh year. For instance, if anyone paid the last premium in 2030, January 15 then the guaranteed income will commence in 2032, January 15

From the second year until the eleventh year. For instance, if anyone buys the policy 2021, January 15 then the income will commence in 2022, January 15 and go on until 2031, January 15

Note: For the above instances the premium payment term is yearly.

Survival Benefit (Guaranteed Early Income)

The guaranteed early income is the fixed percentage of premium that is paid in the year and is on the premise of the number of years that you choose to pay premiums in the table below:

Pay Premiums For

Get Guaranteed Early Income Equivalent to

07 years

20 per cent of the AP

10 years

25 per cent of the AP

Maturity Benefit (Guaranteed Income Benefit)

Once all the premiums have been paid, at the end of the policy period a guaranteed income for the fixed period will be received.

Death Benefit (Life Insurance Benefit)

In case the life assured passes away while the policy is active, the insurance cover sum will be paid out as the lump sum to the specified person in the policy also known as the claimant.

  • Sum assured on the demise
  • 105 per cent of the complete premiums paid up to the demise date
  • Annual guaranteed income X demise benefit factor for the early income plan wherein the sum assured on demise is 10X AP

In case the life assured passes away within the income period, the income will continue to be received by the claimant. The claimant has the option to obtain future income as a lump sum that will be the present value of the discounted future income at the rate of 9 per cent per annum.

What If ICICI Pru Guaranteed Income For Tomorrow Premiums are Not Paid?

It is highly recommended to pay the ICICI Pru Guaranteed Income For Tomorrow premiums for the selected period to enjoy all the benefits of the policy. At any stage, when the ICICI Pru Guaranteed Income For Tomorrow premiums are stopped being paid the following will be applicable apart from the single pay policies:

  • No ICICI Pru Guaranteed Income For Tomorrow benefits will be payable when the premium is not paid in the initial two years.
  • If the premium is stopped being paid to post the completion of premium payment for the two-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.

Restoring the ICICI Pru Guaranteed Income For Tomorrow Benefits

One can revive the policy benefits for their complete value within 5-years from the date of due of the initial unpaid premium by simply paying all the due premiums together along with the interest before the policy’s termination date.

Any sort 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.

Understanding the Surrender Benefit

To avail the ICICI Pru Guaranteed Income For Tomorrow benefits it is of utmost importance to continue with the policy. At any point, after the payment of two complete year’s premium, one is unable to continue the policy, the surrender value will be then payable. For the single pay policies, the surrender value is acquired right upon the single premium payment.

Upon policy surrender, the higher of the following will be obtained:

  • Special Surrender Value
  • Guaranteed Surrender Value

Is it Possible to Take a Loan Against ICICI Pru Guaranteed Income For Tomorrow Policy?

One can take the policy loan only when the policy has acquired a surrender value. The loan sum up to 80 per cent of the surrender value can be accessed.

Exclusion of ICICI Pru Guaranteed Income For Tomorrow

Suicide Clause

In case of demise due to suicide within a year from the beginning date of risk within the policy or the revival date of the policy, the claimant will be eligible to minimum 80 per cent of the paid total premiums until the demise date or the surrender value accessible as on the demise date whatever is higher and the policy is active. The policy will terminate upon making any such payments and the rights, interests and benefits under this will stand extinguished.

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