100% Tax-free* returns
Wouldn’t it be perfect if you were guaranteed a fixed amount of regular income and a life cover that protects your loved ones? The assured income could allow you to enjoy your life to the fullest, fulfil your needs and secure your retirement. Additionally, the life cover could protect your loved ones' financial interests in your absence.
You can achieve such financial certainty with guaranteed monthly income plans.
What is a guaranteed income plan?
A guaranteed income plan is a type of life insurance that gives you a guaranteed, steady and predictable income for a fixed period, provided that all due premiums are paid. You can choose for how long you wish to receive the income and align the plan with your financial goals and needs. You can also decide on the payment options that best suit your requirements and select the frequency of payments.
Guaranteed income plans can be suitable for various long-term goals, like retirement, purchasing a home or property, establishing a college fund for children and more.
Let’s learn more about the guaranteed income insurance plans in detail.
Features and benefits of guaranteed income plans
Below are some benefits of a guaranteed income plan:
Guaranteed income
Guaranteed income plans offer a regular stream of guaranteed income for a specific period, ensuring you receive a fixed amount of money in the future. This certainty allows you to plan your finances with confidence, knowing exactly how much money you’ll get and for how long. By removing financial uncertainty, these plans help you manage your money more effectively.
Financial security
Life cover
Enhanced protection with riders
Income when you want
Maturity and death benefits
Tax* benefits
Guaranteed income plans offered by ICICI Pru Life
ICICI Prudential Life offers attractive options under its guaranteed return plan category. The ICICI Pru GIFT Pro plan offers flexibility in choosing the income duration# and payment structure. You can opt for steady or increasing payouts and enhance your income with the Low Cover Income Booster$. This plan also allows you to select payout dates through the Save the Date feature^ and includes tax* benefits.
How does a guaranteed income insurance plan work?
A guaranteed# income plan provides a regular income stream for a specific period while offering life cover`. Once you pay the premiums as scheduled, the plan guarantees# a fixed payout. You can decide how often you wish to receive payments - monthly, quarterly or annually based on your financial needs.
The policy begins with your premium payments, which can be made as a single lump sum or over a chosen period. The payout phase usually starts after the premium term, where you will receive guaranteed# income according to the duration you opt for. In some plans, guaranteed income can start as early as the second year after paying the premium.
Additionally, the life cover` provides financial security to your family in case of an unforeseen event. Using tools like online guaranteed income plan calculator can help estimate your returns and help you make a choice when it comes to selecting the best guaranteed income plan suited to your needs.
How to choose the right guaranteed income plan?
Below are some factors to evaluate when choosing the right guaranteed income insurance plan:
Financial goals
Choosing the right guaranteed income plan begins with assessing your financial goals and needs. Determine the amount of income required to cover your essential expenses and desired lifestyle. Consider your current savings, other sources of income, and any financial obligation to decide the tenure of the policy, the frequency of payments and the value of the savings you want to build.
Evaluate returns
Premium payments
Policy tenure
Consider tax* benefits
Who should buy guaranteed income plans?
A guaranteed income plan is ideal for you if:
You want a fixed additional income for a fixed period
The plan offers guaranteed income that eliminates uncertainty and offers assurance for your future needs. If you want to create an income stream for a fixed period, a guaranteed income plan can be ideal.
You wish to safeguard your investments from market fluctuations
The plan ensures that your money is not exposed to market fluctuations. It offers financial stability and carries minimal risk. It is suitable if you have a low-risk appetite and do not wish to be bothered by market highs and lows.
You are looking for financial freedom in your retirement years
A guaranteed income plan can be ideal for retirement savings. These plans substitute your income during retirement and help you live your golden years with adequate financial liquidity. It can also be used for other long-term goals, like a child or grandchild’s college fund, healthcare needs in old age and more.
How to buy guaranteed income plans online?
Buying a guaranteed# income plan online is quick and straight forward.
Frequently asked questions about guaranteed income plans
Are returns guaranteed?
Yes, returns in a guaranteed income# plan are fixed and assured, provided all premiums are paid on time. These plans eliminate uncertainties by offering predictable payouts over a specific period.
Are guaranteed income insurance plans tax free?
Guaranteed income# insurance plans may offer tax benefits under Sections 80C* and 10(10D)* of the Income Tax Act, 1961. Premiums paid and payouts received may be eligible for deduction and exemption, subject to prevailing tax laws.
Who should buy a guaranteed income insurance plan?
A guaranteed income# insurance plan is ideal for individuals seeking stable, low-risk financial solutions. It is perfect for those planning retirement, securing family income, or achieving long-term goals like education or property investments. These plans suit people looking to avoid market fluctuations while ensuring financial stability with predictable payouts.
Are guaranteed income plans risk free?
Guaranteed income# plans are considered low risk as they offer fixed returns and are not influenced by market volatility. The payouts are assured if premiums are paid on time, making them a reliable choice for those with low-risk appetites. They combine income stability with life cover` for financial security.
How to calculate guaranteed income plan returns?
To calculate returns from a guaranteed income# plan, you will need to use a calculator available online. You will have to input your premium amount, payment term and payout duration in the calculator. The tool shows your fixed income and maturity benefits.
How to calculate guaranteed income plan premium?
You can calculate your guaranteed income# plan premium using the calculator. Input your preferred coverage, payout frequency, and income duration to determine the premium amount.
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Disclaimer
`Life cover is the benefit payable on the death of the Life Assured during the policy term.
# Guaranteed benefits are payable depending on the plan option chosen, subject to all due premiums being paid.
$ If you opt for “Low Cover Income Booster” the sum assured on death will be lower and your guaranteed income will be increased
^ You have an option to receive GI every year on a Special Date of your choice preceding the due date of first GI pay-out during the Income Period. The Special date can be chosen to coincide with any date such as, Date of Maturity, birth date or anniversary date etc. Payment of GI will commence from this Special Date and all further GIs will be paid every year on this Special Date chosen. In case You opt for a Special Date, the GI payable each year would be adjusted by multiplying the GI amount with a discount loading factor, varying by the policy month in which the Special Date falls
* Tax benefits under the policy are subject to conditions under Sections 80C, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any will be charged extra as per applicable rates. Tax laws are subject to amendments from time to time. Please consult your tax advisor for more details.
ICICI Pru GIFT Pro UIN: 105N201V05 (A Non-Participating Non-Linked Individual Savings Life Insurance Plan)
ICICI GIFT Pro:
1You can choose to receive any percentage from 0% to 100% of the sum total of all annualized premiums payable by you as MoneyBack Benefit. This will be paid as a Lump sum amount. Additionally, you also have the flexibility to choose any year, on or after the maturity date of the policy up to the last income year, to receive this MoneyBack Benefit. Your Guaranteed Income amount will be adjusted based on the MoneyBack Benefit % and payout year selected by you.
~ Additional Benefit is offered for online sales: For both Level Income/Increasing Income Plan option, Extra 3% of Guaranteed Income and Moneyback Benefit is applicable.
^Guaranteed Benefits will be payable subject to all due premiums being paid.
* 100% Tax free Returns are subject to satisfaction of conditions prescribed u/s 10(10D) of the Income Tax Act, 1961. Policies issued on or after April 01, 2023 where aggregate premium(including top-up premiums and rider premiums) payable during the term of the policy/policies in respect of Non-unit linked life insurance policies more than Rs 5 lakh per year per person is not exempt u/s 10(10D). Tax benefits/Tax-free returns under the policy are subject to conditions under Sections 80C, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any will be charged extra as per applicable rates. Tax laws are subject to amendments from time to time. Please consult your tax advisor for more details
ICICI Pru GIFT Pro UIN: 105N201V05
COMP/DOC/Aug/2024/308/7037
W/II/0277/2025-26
~^*1Conditions Apply
