An endowment plan is a life insurance plan that offers a life cover^* and helps you grow your money. It provides returns that are fixed at the time of the purchase of the policy. It can be used to save for various goals like buying a house, your child’s education or marriage, starting a new venture and more.

Below is an understanding of what endowment insurance is and how it can help you.

Who should consider buying an endowment plan?

An endowment plan can be ideal for creating an alternative source of income. It can offer you a lump sum income in the future. In addition, the plan provides your loved ones with financial protection in case of an unfortunate event. This type of life insurance can be suitable if you want to build savings at low risk while securing your loved ones financially.

ICICI Pru Guaranteed Income For Tomorrow (Long-Term) is one such Endowment plan that can help you achieve your financial goals.

Benefits of ICICI Pru Guaranteed Income For Tomorrow (Long-Term)

a) Life cover^*

ICICI Pru Guaranteed Income For Tomorrow (Long-Term) provides life cover^* that secures your loved ones financially in case of an unfortunate event

b) Guaranteed^{^} Income

The plan provides a guaranteed^{^} income for a period of up to 30 years. This enables you to fulfil your goals without any worries

^{^}T&Cs apply

c) Flexibility in paying premiums

You can choose to pay your premiums monthly, half-yearly or yearly, as per your convenience

d) Flexibility in receiving payouts

You can choose to receive your money from the plan monthly or yearly, as per your requirements

e) ‘Save the Date’ feature²

With this feature, you can choose the date on which you want receive your income. You can choose this date to coincide with special days, such as your anniversary, birthday of your loved ones, and more, or with the date of the payment of your dues, such as your loan EMIs, tuition fees of your child, and more.

f) Plan options

The plan provides the below two plan options to choose from as per your requirement:

i. Income – In this option, you receive your income for a duration chosen by you after you have paid all your premiums

ii. Income with 110% return of premium – In this option, you receive your income for a duration chosen by you after you have paid all your premiums. Additionally, you get back 110% of your total premium at the end of the policy term.

g) Tax benefits¹

The tax benefits¹ provided by the plan add to the overall returns from the plan. The plan provides the below tax benefits¹ as per The Income Tax Act, 1961:

i. The premiums paid towards the plan are eligible for tax deduction¹ of up to ₹ 1.5 lakh per annum under Section 80C

ii. The payouts received from the plan are also tax-free¹ under Section 10(10D)