Overview
This is a combination of ICICI Pru Lakshya Lifelong Income (a Non-linked Participating Life Insurance Plan) and ICICI Pru Guaranteed Income For Tomorrow (a Non-linked, Non-participating Life Insurance Savings Product) that provides tax-free* lifelong income along with complete financial protection for your loved ones through life cover
Feature of ICICI Pru Llifelong GIFT
- Get early liquidity from 2nd policy year itself
- Get regular tax-free* income till you turn 99 years of age
- Get guaranteed capital protection in the form of ‘Sum Assured on Maturity’
- Grow your wealth with the help of bonuses
- Life cover protection to secure your family’s future in your absence
- Tax* benefit on premiums paid and benefits received as per prevailing tax laws
How this plan works
Aman is a 40 year old male who purchased ICICI Pru Lifelong GIFT’s early income variant. Aman decided to pay ₹1,00,000 yearly as a premium for 10 years towards the plan (₹ 49,000 for 7 years in ICICI Pru Guaranteed Income For Tomorrow and ₹ 51,000 for 10 years in ICICI Pru Lakshya Lifelong Income)
- Yearly Premium: ₹ 1,00,000
- Premium payment term: 10 years
- Policy term: 59 years
- Life cover: ₹ 10,00,000 for 1st 8 years and ₹ 5,10,000 for rest of the years till 99 years
From the beginning of 2nd policy year till the beginning of 8th policy year, Aman will receive a guaranteed early income of ₹9,800.
From the beginning of 9th policy year till the beginning of 15th policy year, Aman will receive a guaranteed regular income of ₹55,295. In the beginning of 16th policy year, he will receive a lump sum of ₹76,500 at 8% ARR and there will be no lump sum at 4% ARR.
From the beginning of 17th policy year onwards till the age of 99, Aman will receive a regular tax- free* income of ₹55,860 and ₹22,965 at 8% and 4% ARR respectively.
At the end of 99 years of age, Aman will get a maturity benefit of ₹6,12,000 at 8% ARR and ₹5,10,000 at 4% ARR.
ARR stands for Assumed Rate of Return. Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed benefits then these will be clearly marked "guaranteed" in the Benefit Illustration. If your policy offers variable benefits then the illustrations will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including actual future investment performance.
Disclaimer of ICICI Pru Llifelong GIFT
Guaranteed early Income is a fixed percentage of the premiums you pay in a year and is based on the number of years for which you pay the premiums.
Sum Assured on Maturity: Sum Assured on Maturity is equal to Premium payment term X annualized premium.
Life Cover: Life cover for the 1st 8 years is a combination of ICICI Pru Lakshya Lifelong Income and ICICI Pru Guaranteed Income For Tomorrow. From 9th year, the life cover is only of ICICI Pru Lakshya Lifelong Income.
ICICI Pru Guaranteed Income For Tomorrow: Death Benefit is the highest of a) Sum assured on Death b)105% of total premiums paid upto the date of death c) Annual Guaranteed income X Death Benefit factor for Early Income Plan, where Sum Assured on Death is 10X Annualized Premium
ICICI Pru Lakshya Lifelong Income: Death Benefit is higher of a) Sum assured on Death plus Accrued Regular Additions net of encashment (if any), plus interim regular Additions (if any), plus Terminal bonus (if any) b) 105% of Total premiums paid as on the date of death, where Sum Assured on Death is higher of 10X Annualized Premium and Premium Payment Term X Annualized Premium
Bonus: Bonus may be declared annually from the first year as ‘Regular Additions’ and will be a percentage of the ‘Sum Assured on Maturity’. Cash Bonus is a proportion of Sum Assured on Maturity. Terminal Bonus may be declared by the Company and will be payable at policy maturity or on death.
*Tax benefits under the policy are subject to conditions and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
© ICICI Prudential Life Insurance Co. Ltd. All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Regn. No. 105. CIN: L66010MH2000PLC127837. Reg. Off.: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600. Customer helpline number - 1860 266 7766. Timings – 10:00 A.M. to 7:00 P.M., Monday to Saturday (except national
holidays). Member of the Life Insurance Council. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license. ICICI Pru Lakshya (a non-linked participating life insurance plan) UIN: 105N179V01 and ICICI Pru Guaranteed Income for
Tomorrow (a non-linked non-participating life insurance savings product) UIN: 105N182V02.Advt: W/II/4163/2021-22
The plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance. INDUSIND Bank Limited (1749817) is the Corporate Agent of ICICI Prudential Life Insurance Company Limited and does not underwrite the risk or act as an insurer. INDUSIND Bank Limited, 2401, Gen. Thimmayya Rd., (Cantonment), Pune – 411001. Participation by the Bank’s clients in the insurance products is purely on voluntary basis. Call us on: 1860 267 7777.
BEWARE OF SUSPICIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.
Public receiving such phone calls are requested to lodge a police complaint.