When you have planned for life, everyday become a GIFT!

Life is all about enjoying and creating moments of joy with your loved ones. To live these moments to the fullest you need to have assurance of a life cover to protect your loved ones in case of any uncertainties and also plan for various life goals like marriage, parenthood, children’s education or a peaceful retirement. These are sacrosanct goals, for which you would need a financial plan that gives you the reassurance of a guarantee.

Keeping this in mind, we present ICICI Pru Guaranteed Income For Tomorrow. A protection and savings oriented life insurance plan with guaranteed benefits to help you achieve your life goals.

What makes ICICI Pru Guaranteed Income For Tomorrow suitable for you?
  • Guaranteed Benefits1 in the form of a lump sum or regular income to match your needs
  • Option to receive guaranteed income2 from 2nd year onwards
  • Higher Benefits for women3
  • Life Insurance Cover4 for financial security of your family
  • Get Guaranteed Income when you want it with Save the Date5 feature
  • Tax benefits6 may be applicable on premiums paid and benefits received as per the prevailing tax laws
  • Option of taking Loan against policy to help you in case of financial emergencies
Early Income plan option

Under this plan option, you can choose to pay premiums for 7 or 10 years (PPT) and you will receive regular income from 2nd year onwards.

Your policy term is PPT+1 and the life cover is available for the entire policy term.

The income that you receive from 2nd year onwards till the end of the policy term is known as Guaranteed Early Income. The income that you receive after the policy term is known as Guaranteed Income.

Saurav is a 35 year old male, paying an annual premium of `1 lakh in ICICI Pru Guaranteed Income For Tomorrow. He wants to create an alternate source of income for himself so that he can plan to retire early. Moreover, he wants some income to start off from the very next year to take care of his son’s school fees.

The table below shows the regular income that Saurav will receive, for different combinations of premium payment term and policy term.

Pay for Income from 2nd year till 8th year Income from 8th year till 14th year
7 years `20,000 `1,20,722
Pay for `Income from 2nd year till 11th year `Income from 11th year till 20th year
10 years `25,000 `1,36,952

Saurav also has the flexibility to receive the Guaranteed Income either every year or every month during the Income Period.

Guaranteed Income on an annual basis for a premium payment term of 10 years is `1,36,952.

If he chooses to receive this income every month, the amount will be `1,41,061 for the whole year i.e. he will receive `1,41,061/12 = `11,755 every month for 10 years.

In case of an emergency that comes his way at the time of maturity or during the Income Period, Saurav also has an option to take all future Guaranteed Income as a one-time lump sum.

Life Insurance Benefit (Death Benefit):

If the person whose life is covered by this policy (known as the Life Assured) passes away, during the term of the policy, the insurance cover amount will be paid out as a lump sum to the person specified (known as the Claimant) in the policy.

Life Insurance Benefit is highest of:

  1. Sum Assured on Death
  2. 105% of Total Premiums Paid up to the date of death
  3. Annual Guaranteed Income X Death Benefit factor for Early Income plan option, where,

Sum Assured on Death is 10 X Annualised Premium
In case of death of the Life Assured during the Income Period, the Claimant will continue to receive the income. The Claimant shall have an option to receive the future income as a lump sum.

Income plan option

Under this plan option, you can choose to pay premiums for 5, 7 or 10 years (PPT) and also choose to receive Guaranteed Income for 5, 7 or 10 years. Your policy term is PPT+1 and the life cover is available for the entire policy term.

Smita is a 35 year old female, paying an annual premium of `1 lakh in ICICI Pru Guaranteed Income For Tomorrow. She wants to create an alternate source of income for herself so that she can plan to retire early.

The table below shows the Guaranteed Income that Smita will receive, for different combinations of premium payment term and Income Period

Pay for Income Period
5 years 7 years 10 years
5 years `1,42,457 `1,08,166 `83,266
7 years `2,14,053 `1,62,200 `1,23,676
10 years `3,40,541 `2,58,028 `1,97,884

Smita also has the flexibility to receive the Guaranteed Income either every year or every month during the Income Period.

Guaranteed Income on an annual basis for a premium payment term of 10 year and income period of 10 years is `1,97,884.

If she chooses to receive this income every month, the amount will be `2,03,821 for the whole year i.e. she will receive `2,03,821/12 = `16,985 every month for 10 years.

In case of an emergency that comes her way at the time of maturity or during the Income Period, Smita also has an option to take all future Guaranteed Income as a one-time lump sum.

Life Insurance Benefit (Death Benefit):

If the person whose life is covered by this policy (known as the Life Assured) passes away, during the term of the policy, the insurance cover amount will be paid out as a lump sum to the person specified (known as the Claimant) in the policy.

Life Insurance Benefit is highest of:

  1. Sum Assured on Death
  2. 105% of Total Premiums Paid up to the date of death
  3. Annual Guaranteed Income X Death Benefit factor for Income plan option, where,

Sum Assured on Death is 10 X Annualised Premium
In case of death of the Life Assured during the Income Period, the Claimant will continue to receive the income. The Claimant shall have an option to receive the future income as a lump sum.

Lump sum plan option

Under this plan option, you have to pay premiums for a certain period of time and at the end of the policy term, you will receive a guaranteed lump sum.

You can choose the premium payment term i.e. the number of years for which you have to pay premiums and the policy term i.e. the number of years after which you want to receive the guaranteed lump sum.

Details of the premium payment term and the policy term are shown in the table below:

You can choose to pay premiums for You can choose to get guaranteed lump sum at the end of
1 year (Pay just once) 5 or 10 or 15 years
5 years 10 or 12 years
6 years 12 years
7 years 12 or 15 years
10 years 15 or 20 years

Illustration:
Anmol is a 35 year old male, paying an annual premium of ` 1 lakh in ICICI Pru Guaranteed Income For Tomorrow. He wants to create a corpus to fund the higher education of his son.

The table below shows the guaranteed lump sum that Anmol will receive, for different combinations of premium payment term and policy term.

Anmol pays premium for Anmol will receive lump sum at the end of Anmol will receive a guaranteed lump-sum of
5 years 10 years `7,42,363
7 years 15 years `13,35,715
10 years 20 years `23,40,465

Do note that the above table shows only some of the combinations of premium payment term and policy term that you can choose from. The complete set of combinations available under this option is given in “Table 1” above.

Life Insurance Benefit (Death Benefit):

If the person whose life is covered by this policy (known as the Life Assured) passes away, during the term of the policy, the insurance cover amount will be paid out as a lump sum to the person specified (known as the Claimant) in the policy.

Life Insurance Benefit is highest of:

  1. Sum Assured on Death
  2. 105% of Total Premiums Paid up to the date of death
  3. Sum Assured on Maturity X Death Benefit factor for Lump sum plan option, where,

Sum Assured on Death is 10 X Annualised Premium

Plan at a Glance
Plan Option Premium Payment Term Policy Term
(in years)
Minimum Age at Entry
(in years)
Maximum Age at Entry
(in years)
Min/Max Age at Maturity
(in years)
Lump sum One Time
(Single Pay)
5, 10 or 15 18 minus Policy Term For Sum Assured on Death:
10X: 45
1.25X: 60
18/75
5 years 10, 12 60 18/80
6 years 12
7 years 12, 15
10 years 15, 20
Income 5 years 6 60 18/71
7 years 8
10 years 11
Early Income 7 years 8 60 18/71
10 years 11

 

 

People like you also read ...

1A guaranteed lump sum or regular income will be payable based on the plan option selected.

2This benefit is available under the Early Income plan option.

3For a female life assured, the rates will be those applicable to male life assured two year younger.

4Life insurance cover is the benefit payable on death of the life assured.

5Save the Date: You can choose to receive income on any one date succeeding the due date of first income to coincide with any special date.

6Tax benefits under the policy are subject to conditions under Section 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. The tax laws are subject to amendments from time to time. Please consult your tax advisor for details, before acting on above.

The frequency of Guaranteed Early Income is same as that of your premium payment.

Premium, premium payment term and policy term chosen at inception of policy cannot be changed. You have the flexibility to change the frequency of premium payment.

The proportion of applicable Sum Assured on Maturity or Guaranteed Income payable for monthly and half-yearly modes of premium payments, expressed as a percentage of the annual premium are given below.

Mode of Premium Payment Proportion of benefits
Monthly 94%
Half-yearly 97%
Yearly 100%

For further details, please refer to the policy document and the sales brochure.

ICICI Pru Guaranteed Income For Tomorrow (UIN: 105N182V01)

W/II/2778/2020-21

Back to Top